Elizabetta Camilleri, London Business School alumna and Founder and CEO of SalesGossip, comments:
“The retail market in the UAE is still very young, yet it is quickly positioning itself as a strong competitor to more established retail sectors in more advanced economies. Retailers in the GCC have great potential to reach a strong position in the global retail market through innovation and making the most of the latest solutions and data before established retailers in other parts of the world, such as Western Europe.
“In the next five years, the UAE will see more sophisticated and segmented offerings to adapt to different customers’ needs and maximise sales in each. This approach will range from luxury brands to mid-range and low-end value retail alike.
“An important factor to take into account is diversification: as retail choice expands, the need for residents to shop abroad diminishes, resulting in higher demand in the local countries. Offerings should be expended through different price ranges, as shopping tourism – which will continue to be a substantial business driver – evolves into a much more globalised phenomenon.
“As demand increases, the demand for operational and marketing optimisation increases. This means that current and future retailers will be using more sophisticated data insights to improve business performance.
“Online and mobile commerce is also a growing force in the region. However, e-commerce is not just driving online sales. More and more customers research products online before purchasing them in-store. GCC retailers can play this trend to their advantage by introducing more sophisticated digital content, retail solutions, and products, which will drive sales online and in stores alike.”