Technology is changing the way the retail industry operates. As online shopping grows and traditional stores adopt new technologies, HKUST’s Digital MBA program not only trains leaders to navigate these shifts but also emphasizes evergreen skills essential for long-term success.
The digital era is reshaping the core evergreen skills needed in the retail sector. In an age of innovative business strategies and evolving consumer behaviors, retail business leaders must be adept at blending traditional retail wisdom with new-age digital acumen (Wertz, 2022).
Exploring the complex intersection of digital technology and retail, the Hong Kong University of Science and Technology (HKUST) Digital MBA (DiMBA) is an unmatched program for aspiring retail industry professionals. And individuals like Cathy Yuen are at the forefront of this change, harnessing the power of digital transformation through DiMBA.
Cathy is the Merchandise Planning Manager at China Duty-Free International. The Hong Kong native proudly notes that HKUST’s “Digital MBA is the first digital MBA program in the world, and it has a well [balanced] combination of digital hardware and software for teaching and learning.” (00:56)
It’s essential to grasp that contemporary retail extends beyond the confines of physical brick-and-mortar store walls. With the proliferation of online shopping and the boom in mobile e-commerce, there have been major changes across the retail landscape. But as the digital landscape reshapes retail, what does this mean for the skills that professionals need to hone?
Throughout her career, Cathy has witnessed the power of new technologies. “I’ve seen that online shopping, mobile e-commerce, and omnichannel retailing have transformed the traditional brick-and-mortar retail mode, making shopping more convenient than before.” (00:52)
Cathy elaborates, “More and more retailers are now focusing on personalization, enhancing customer experience, leveraging advanced data analysis with so-called big data, with customer profiling techniques to make marketing more precise to the target customers. So, technology such as AI, AR, or VR are also used to improve the shopping experience in many different companies.” (06:16)
Physical stores currently aim for a blend of online and offline experiences. Beyond mere sales, big data allows retailers to personalize shopping experiences. Advanced analytics can enhance and promptly update personalized offerings as part of a smooth customer journey.
DiMBA’s focus on advanced technology courses, such as AI, prepares students to leverage these tools effectively. Cathy points out that her favorite elective so far was Cryptocurrency and Blockchain. (10:39)
Technology is undeniably shaping the future of retail, but another equally crucial aspect is sustainability. Modern leaders need proficiency in both.
Cathy remarks on the growing focus on ESG (environmental, social, and corporate governance) initiatives in recent years. “Retailers are working on this aspect enthusiastically to have better branding on their own company. Sustainability and ethical considerations have become a competitive advantage in the retail industry.” (06:47)
MBA programs like DiMBA are acutely aware of these industry shifts. They cover relevant topics like ESG and ensure their graduates are primed for the future.
While the tools of the trade are evolving with technology and sustainability concerns, the human aspect of business, such as networking, remains invaluable.
Gaining technical knowledge and evergreen skills are, of course, vital for those aspiring for an MBA. However, exposure to a global network of peers and industry leaders shouldn’t be understated.
One of the things that attracted Cathy to the Digital MBA program was joining HKUST’s extensive alumni network. Access to a diverse network can offer fresh perspectives and foster collaboration, making it an integral component of professional growth.
For professionals in demanding roles, the flexibility DiMBA offers is unparalleled. Cathy was grateful for the opportunity to expand her credentials without pausing her career.
“The Digital MBA program offers me a very low opportunity cost where it provides me the great possibility for me to keep my job but to end and also do my business travel while learning something useful at night.” (03:38)
In the ever-evolving retail landscape, the practical application of classroom insights can be a game-changer. As professionals like Cathy navigate the complexities of the industry, integrating the advanced techniques and knowledge from the DiMBA program into their roles becomes essential for staying ahead and ensuring sustained growth.
The Digital MBA’s influence on Cathy’s retail trajectory underscores its broader applicability. Beyond retail, the program’s evergreen skills resonate across diverse industries, arming graduates with the technological prowess and global networking opportunities essential for modern leadership.
As the business landscape undergoes rapid transformation, DiMBA is guiding professionals toward a future marked by innovation, sustainability, and success.
Curious what it takes to lead the next wave of innovation in your industry? Speak to HKUST’s ambassadors today!
