Casting a gaze into the future of retail

April 24, 2024 | By RetailME Bureau

Akshay Jayaprakasan, Associate partner, REDSEER at ICS MENA 2024

Akshay Jayaprakasan, Associate partner, REDSEER in his research presentation at the Internet Commerce Summit (ICS) MENA 2024 highlighted how the regional e-commerce market is one that showcases resilience and power, standing tall in the face of adversities. Delving into the distinctiveness of the MENA e-commerce landscape, Jayaprakasan shared pointers to cast a gaze into the future of retail.

He highlighted that the market in the UAE is unique and presents a very significant and distinct opportunity as compared to the global space. “Incidentally, when it comes to e-commerce, the global market is ruled by digital natives and they dominate the lion’s share of the market, pushing its growth in every way. However, the GCC market is different and so is the UAE. Here the omnichannel businesses and the traditional players dominate the market alongside the digital firsts.”

Jayaprakasan also mentioned that foodtech and travel e-commerce is facing maximum push from consumers as compared to the other segments. Here convenience rules as the biggest fuel for growth. Moreover, the dynamics of customer acquisition has also changed and today brands not only acquire customers through their targeted marketing but also through social media. It is the democratisation of the e-commerce landscape that makes this region’s e-commerce market unique and meaningful.

Customers today are spoilt for choice when it comes to e-commerce brands they want to shop from. They have multiple options to choose from and Jayaprakasan hinted that the difference between the top brand in any category from the median brand has only reduced over the years, highlighting that the ecosystem is becoming more a level playing field with each passing day.

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