This blog was updated on 28 May 2025, for more information connect with our team: https://www.easystore.co/contact 

Frost Chen Opens Retail Summit Asia 2024 with Visionary Insights on the Future of Retail

On 18th September 2024, the PJ Sheraton Hotel in Malaysia hosted one of the most anticipated retail gatherings of the year—Retail Summit Asia 2024. 

Setting the tone for the event, Frost Chen, CEO of EasyStore, delivered an insightful and forward-looking opening speech that examined the evolution of retail and the direction it’s heading. 

Bringing together business leaders, entrepreneurs, and industry experts, the summit serves as a platform to explore the dynamic landscape of retail—from its historical origins to the digital shifts shaping its future.

Retail Summit Asia 2024 – Opening Speech by Frost Chen

Good morning, everyone. Welcome to the first-ever Retail Summit Asia 2024, here at the PJ Sheraton Hotel in Malaysia. I’m thrilled to be here with all of you and honored to kick off today’s discussions around the retail industry.

Retail, in its essence—selling goods and products to end customers—has been around for 4,000 to 5,000 years, dating back to early human civilizations. 

Back then, people gathered to trade essentials like food, tools, and clothing in what we now call markets. This was the earliest form of retail—even before the invention of money.

Fast forward to the 18th and 19th centuries, the Industrial Revolution introduced mass production. However, manufacturers couldn’t sell in bulk directly to end customers. This is where retail as we know it took shape. 

The word "retail" comes from the Old French retaillier, meaning "to cut off, split, or divide"—a reference to selling in smaller quantities directly to consumers. 

The rise of small shops, department stores, and malls further propelled the industry’s growth.

In more recent decades, the internet revolution—spanning from 3G and 4G to today’s 5G—has reshaped how we buy and sell. COVID-19 and movement restrictions accelerated digital adoption, fundamentally changing retail behavior.

Before ecommerce, shopping was personal. We relied on local sellers, trusted their advice, and valued face-to-face interactions. It was all about the human connection.

With the rise of ecommerce, retail shifted towards efficiency and scale—optimized product listings, high-quality visuals, and massive promotional events like 11.11 and 12.12. The focus moved to conversion rates, logistics, and convenience.

At one point, many believed ecommerce—purely online retail with minimal human involvement—would dominate entirely, accounting for 80–100% of total retail sales.

But reality tells a different story.

Even after the ecommerce surge during COVID-19, online retail in Southeast Asia still makes up less than 25% of total retail sales. The landscape is still evolving—and it's not leaning entirely digital.

We’re seeing a shift. Retailers are moving away from excessive discounting and instead experimenting with interactive formats like live streaming and short-form videos to connect with their audiences.

More small and mid-sized retailers are expanding physical footprints—through pop-up stores or new outlets—rather than pouring all resources into ecommerce or digital advertising. 

But why?

Because many businesses are focusing on something deeper: customer experience, loyalty, and long-term relationships. They’re prioritizing repeat sales over short-term gains and digital ad ROI.

Rising customer acquisition costs (CAC) and thinning profit margins are pushing retailers to rethink. There's a renewed demand for human interaction and authentic experiences.

Here’s what’s interesting—when we talk about retail and business models, we’re all also customers in our daily lives. 

So let’s ask ourselves:

• Would you only shop from the cheapest sellers, ignoring service and experience?

• Would you exclusively shop online and never step into a physical store again?

• Would you only support large international brands and ignore our beloved local ones?

These questions bring us to three important reflections:

• Price-first or value-first?

• Online-first or offline-first?

• Is branding necessary for every business?

Customer behavior is constantly evolving—just like technology. 

But one core principle remains unchanged: retail is about connecting great products with people.

Yes, it may feel overwhelming at times. The options are endless, and there’s no one-size-fits-all answer. But here’s the good news—we’re not navigating this alone.

Today’s summit brings together professionals across industries—finance, payments, logistics, AI content creation, marketing strategy, workforce solutions, and more. 

Most importantly, we’ll hear from local retailers sharing real stories and lessons from their journeys.

This isn’t just a day to absorb knowledge. It’s a day to spark conversations, form partnerships, and build meaningful connections.

So I encourage you to participate fully—ask questions, engage with our speakers, partners, and homegrown brands. 

Together, let’s reimagine what retail can be and work toward a better, more balanced future for the industry.

Wishing you an inspiring and impactful day.

Thank you, and enjoy the summit.

Make Customers Love Buying From You

EasyStore empowers your brand to prioritize customers and enhance their experience, creating a unified customer experience (UCX) that makes customers love buying from you.

Over 50,000 brands have grown their businesses by embracing unified customer experiences (UCX) strategy through EasyStore across multiple sales channels - online store, retail outlets, marketplaces, and social media, ensuring consistency in product and service offerings for a seamless shopping journey.