As per the voice expressed by the expert panellists present at the recent webinar organized in by Retail ME, stated and emphasized the crucial importance provided in by the Technology deployment and digital transformation that would prove vital for the overall growth driven in by GCC Retail Arena driven with ample support from the clientele experience.
It further predicted that: –
- As according to a 2019 report from Alpen Capital stated that The GCC Retail Sector to have projected to reach an overall net worth of $275.4 Billion during 2020.
- The core force behind the humungous growth of the retail sector is attributed to Data, Artificial Intelligence, Ecommerce and robotics arena growth.
- The overall GCC retail sector is expected to witness growth worth US$308 Billion during 2023.
- Post the turbulent crisis period is over, Gulf’s retail sector will witness paradigm shift from a transactional to a more practical era where clients’ choice will be driven with their experience in retail arena.
At a recent webinar as organised by the RetailME, the Middle East and GCC regions only dedicative retail sector market intelligence provider, with ample support by retail sector officials and experts who addressed thousands of audiences at the webinar emphasized that “there would be a huge paradigm shift and the latest technology and digital transformation in tandem with Artificial Intelligence, Data, Robotics and ML etc will play a crucial role in shaping the future of the US$275.4 billion retail sector in the Gulf Cooperation Council (GCC) countries.”
The survey as conducted in association with Ernst and Young during May 2020 has founded out that a whopping 92 percent of overall UAE and Saudi Arabia consumers have witnessed a huge drift in their overall shopping habits that included shifting to online purchases.
Consumer conduct between the GCC nations has witnessed a strong transfer towards online payment accordant the assemblage concerning the current health-virus-economic crisis.
In accordance to a report as published by way of Alpen Capital among 2019 stated that “Despite being under tremendous pressure, the GCC retail arena used to be projected to expand at a healthy Compounded Annual Growth Rate about (CAGR) about four percent beyond US$253.2 billion between 2018 to rise at US$275.4 billion into 2020 and to US$308 billion of 2023.”
Thompson stated that “Data intention will no longer be the new oil, but earth for the retail sector, so apps will track consumer habits in conformity with generation of sale leads.”
As referred to Piyush Kumar Chowhan, Group Chief Information Officer, Lulu Group International, the biggest retailer of the GCC “Data pooling will stand the instant base – the instant engine for upsurge between the retail sector.” He also adds up that “The latest Technology desire will power digital initiatives. Better client desire take place out of an innovation mindset, driven the usage of one-of-a-kind science tools. How may information stand old as much the current floor in the digital metamorphosis agenda is the full-size question, yet technology wish facilitates the process.”
Ashish Panjabi, Chief Operating Officer regarding Jacky’s Retail LLC & Jacky’s Business Solutions, stated that, “Business is actually referred as right-sized. A contraction in modern times skill of modifications in modern times but so matters arrive better, we will honestly re-think how much we require to adapt to growth as much we intention make usage concerning whole accessible routes according to demand (online or physical) yet maximizing our returns about such alternatively regarding over-expanding. This want had a great over-supply about everything who is now existence corrected.”
“Changes so much had been long fit had then desire arrive accelerated. Technology choice enable changes, however we also have according to rethink the fundamentals regarding doing business. Technology adaptation then continuation over robots could stay a game-changer among retail business. We might advise this happening soon.”
“Retailers hold certainly confronted exceptional challenges in the course of the pandemic however hold discovered ways in imitation of Inure in imitation of the shifts caused by using Current Health-Virus-Economic Turmoil. The smarter use concerning statistics and real-time analytics desire apply a leading position between optimising business methods and between turning in expanded purchaser experiences,” states moderator Mark Thomson, Director – retail & hospitality, Zebra Technologies.
Justina Eitzinger, COO, Images RetailME, says, “At Images RetailME, we hold intently monitored the affect about Current Health-Virus-Economic Turmoil over the retail industry. The latest months are evidence concerning the industry’s capability to adapt, and into deep ways, this has been the preceding foot toward its recovery.
“Staying true after our remittance in conformity with part retail brain then knowledge, we brought in accordance with the desk an insightful or numerous expert speakers beyond throughout the region. The panellists shared their journey about how much in imitation of excerpt fast and put together because of both an extra digitally linked yet safer world.”
The Visa CEMEA Impact Tracker points in imitation of a alteration in conformity with on-line commerce, with money transactions existence replaced by means of digital payments. The metering discovered many consumers among the UAE began buying on-line for the first time, during the pandemic.
Two-thirds regarding UAE shoppers (68%) surveyed stated up to expectation Current Health-Virus-Economic Turmoil received after their preceding on-line grocery purchase, whilst 70 percentage hold made their first online purchase beside pharmacies. In Saudi Arabia, Danube Online or the Danube App registered an amplify into common day by day sales through above 200 percentage then common order worth was on 50 percent by way of stop over March 2020, compared according to February 2020.
Saudi Arabia’s Bin Dawood Group mentioned 400 percent leap of app downloads whilst online income jumped 200 percentage within just a not much weeks!
Meanwhile, an Accenture Digital land survey between 2019 indicated as only 40 percentage concerning retailers globally are leveraging facts to their excellent use. Hence, while science is ‘the’ enabler, retail’s transform journey entails a plenty broader roadmap.
Managing the supply chain demand seamlessly: –
“Our sector has been surprisingly zippy through the pandemic. During the lockdown, so was sizeable assert so customers stocked upon or prepared food at home. Our on-line systems – each BinDawood or Danube Online – noticed giant traction, then an awful lot so so we had to amplify the potential of operations. We bear additionally leveraged our cellular apps, united along the shop community according to associate the vibrance in demand,” shares Waleed AR Bin Dawood, Chief Commercial Officer, BinDawood Holding. “We bear old our huge store network namely warehouses to guide our on-line sales. We are continuously enhancing the seamless experience via manufacture availability, pricing then delivery.”
“We expedited our existing domestic delivery features with the aid of launching on line shopping. Our loyalty programme has additionally worked well among accelerating the on line orders almost promptly since launch,” shares Youssef Olama, IT Director, Spinneys Egypt. “Recovery intention stay sturdy because of everyone, then we bear in conformity with cope. Digitalisation is especially necessary at some stage in the approach period, or we necessity in accordance with locate the right companions according to reap big results.”
Frictionless atop contactless: –
“As shoppers are shifting online or preferring contactless, how will brick-and-mortar change?”, asks Mark Thomson. “Is at that place a chance because technology in conformity with reinvent brick-and-mortar with new experiences?”
Piyush Chowhan says, “More than contactless, its choice remains frictionless. If we can assign ample self-belief in imitation of customers by way of keeping the perfect level over hygiene, he won’t be fearful. In the UAE, client footstep has produced again in our stores, or so much pleasure continues. The actual venture is to apprehend what we may rate away beyond transactional assignment within experiential positioning with the aid of casting off friction. In doing so, personalisation will become crucial, or advantage desire be key.”
The pathway ahead: –
One on the critical advantages regarding Current Health-Virus-Economic Turmoil is the acceleration of a ‘change’ mindset among a sustainable pathway involving data or technology, Thomson emphasises.
“Technology is absolutely the key after future enterprise growth. Data lore pleasure stand vital in conformity with apprehend need developments then leverage them inside the business. But we need to keep away from tracking customers. Privacy has according to lie well-defined within terms regarding statistics usage,” Olama recommends.
“Digital can’t restoration a problem; that can lie an enabler. People’s attitude shift choice carry touching the largest changes, yet sustainability pleasure plays a key role.
Post-crisis, native manufactured or production are existence talked in relation to lots extra vociferously. There pleasure keep a focal point over producing locally. Their intention additionally be a pressure closer to personalize the optimal utilization of technology tools,” Panjabi states.
