Consumer habits are constantly changing, but today they\u2019re shifting faster than ever. A rise in technology use, an increased focus on sustainability, and drastic lifestyle changes, especially following the COVID-19 pandemic, are reshaping consumer industries, large and small. Customers, especially in Singapore, place greater importance than ever on convenience and affordability, leading businesses that once seemed untouchable to fail.<\/p>\n\n\n\n
One such business is Nanyang Optical, which has been around for 65 years. Growing up, they seemed untouchable \u2013 their prominently placed outlet at Parkway Parade was one of the largest, and there was always a constant stream of customers. A recent visit last year revealed that the shop had shrunk, with a Beard Papa\u2019s outlet occupying the vacated space since 2024. The optical retail chain had also reportedly reduced the hours of its part-time staff following slower sales and rising rents.<\/p>\n\n\n\n
Read Also: Rent Hikes: Why Landlords Are Not Always To Blame<\/a><\/em><\/strong><\/p>\n\n\n\n Despite all this, the news last month that Nanyang Optical was winding up its operations and entering liquidation was still shocking. After all, the demand for optical businesses has continued to rise over the years. Prior to Nanyang Optical\u2019s sudden winding up, Parkway Parade\u2019s Basement 1 level was home to eight different optical stores, including my childhood optician, Emperor Optics, which has been around since 1986.<\/p>\n\n\n\n What has changed? The biggest disruption would arguably be the entry of fast-fashion brand OWNDAYS into Singapore in 2013, the Japanese company\u2019s first international expansion. Their fixed-price model revolutionised a market that relied on high margins for frames and lenses<\/p>\n\n\n\n Today, fast-fashion eyewear brands like OWNDAYS and Lenskart (which essentially acquired OWNDAYS in 2022) offer stylish glasses at fixed, affordable prices. Consumers now view eyewear (pun intended) less as a medical necessity and more as a fashion accessory, disrupting the traditional premium-pricing model.<\/p>\n\n\n\n In Singapore, where car ownership is getting more out of reach, ride-hailing, car-sharing, and other subscription services provide flexibility without the burden of ownership. This is not to say that these disruptive industries have it all figured out, unfortunately, with the recent \u201cpauses\u201d of rental services like BlueSG and Shariot.<\/p>\n\n\n\n Read Also: Guide To Car Sharing Options In Singapore<\/a><\/em><\/strong><\/p>\n\n\n\n Streaming services have replaced physical sales and cinema dominance. Gone are the days of CDs, DVDs, or even Blu-Ray; instead, customers prefer to pay monthly fees for (almost) unlimited access. This has disrupted traditional distribution channels and forced artists and studios to rethink revenue streams or even entire business models, with Disney choosing to create their own streaming service, and Netflix expecting to acquire Warner Bros. this year.<\/p>\n\n\n\n Read Also: Mergers and Acquisitions: What the Race for Scale Means for Grab, Coursera, and Netflix<\/a><\/em><\/strong><\/p>\n\n\n\n Patients increasingly expect healthcare to be accessible on demand. Telemedicine received a huge bump during the pandemic, while health apps and wearable devices allow consultations and monitoring from home. This disrupts traditional clinic-based models and pushes providers to integrate digital services.<\/p>\n\n\n\n Dining and grocery habits are shifting toward convenience. Meal delivery apps, plant-based alternatives, and direct-to-consumer grocery services are disrupting restaurants and supermarkets. Legacy chains must adapt to demand for healthier menu options and eco-friendly packaging.<\/p>\n\n\n\n Online booking platforms and DIY itineraries have reduced reliance on traditional travel agencies. The vast accessibility of information online means you can even request a generative AI-powered itinerary, and it would be relatively accurate and reliable. Consumers prefer flexibility, comparing flights and accommodations themselves, often prioritising unique experiences over predetermined travel packages.<\/p>\n\n\n\nSubscription And Fixed-Price Models<\/h3>\n\n\n\n
#1 Optical Industry<\/h4>\n\n\n\n
#2 Automotive Industry<\/h4>\n\n\n\n
#3 Film & Music Industry<\/h4>\n\n\n\n
Digital Platforms That Promote Convenience<\/h3>\n\n\n\n
#4 Healthcare Industry<\/h4>\n\n\n\n
#5 Food & Beverage<\/h4>\n\n\n\n
#6 Travel Industry<\/h4>\n\n\n\n