Vol 1 Issue 9
عربي MONDAY, JANUARY 22
Saudi Arabia is expected to reach ~$60 billion in digital economy sales by the end of 2023, consulting firm Redseer estimates, touching the $200-billion mark by the turn of the decade (2030).
KSA stands as a pivotal market, driving around 45% of the entire digital economy in the Middle East and North Africa (MENA) region. The impetus behind this growth includes a burgeoning population, robust government support and a flourishing entrepreneurial culture. Further, the rise of sectors such as online retail, foodtech and fintech, among others has contributed to the development of a resilient and sustainable startup ecosystem.
VALUE RETAIL SHINING
Customer seeks value not only in terms of the price tag, but also in terms of the value-added propositions the brands adds to its storytelling or product approaches.
In 2024, the landscape of value retail is set to expand significantly, with customers increasingly seeking cost-effective yet quality-driven products. This inclination toward value-centric shopping is indeed growing, reflecting a shift in consumer behaviour where customers are becoming more discerning about their purchases. The trend toward personalized shopping experiences is shaping customer preferences, were tailored recommendations and immersive engagement drive brand loyalty and satisfaction. At Brands For Less Group, the team recognizes these trends and is committed to evolving the offerings to meet the needs of customers seeking value, quality, and a personalized retail experience”.
Toufic Kreidieh
Founding Partner and CEO, Brands For Less
NURTURING THE OMNICHANNEL JOURNEY
There is no taking sides anymore, rather it is about adjusting and adapting to a strategy that is inclusive of all touchpoints, namely offline & online.
The thriving e-commerce landscape in the MENA region, particularly within the dynamic KSA market, is showcasing substantial growth. The KSA market adeptly manages this surge by making strategic investments in robust infrastructure, dedicated localization efforts, and meticulous customization to align with diverse consumer preferences. Balancing this growth, at NICE Homeware, the team not only acknowledges the vast potential within this space but also proactively engages in this transformative wave”.
Sanjeev Sharma
CEO, United Homeware Company – nice
“If you are building a brand for tomorrow and portraying your brand as the ‘brand of choice’ for GenZ then sustainability is not an option anymore, it is a must. In KSA pricing is a factor of consideration and customers don’t like to pay a premium or bear that extra cost when it comes to investing in a sustainable product. However, in this part of the world social responsibility is a big factor and sustainability is a key trend to align with social causes and responsibly stand up to the situation to create a brand that is futuristic and ready to have a youthcentric customer base.”
Operating with 15+ stores in KSA, Chaloub Group’s GUESS INC is all set to amp up its presence in the Kingdom owing to the trends pushing luxury retail manifolds. The brand has recently opened its new store in Tabuk Park.
/brɪks ænd klɪks/A word that originally came into existence and use in the UK is a frequently used word today within the retail parlance. Bricks and Clicks in easy words refers to a business model by which a company integrates both offline and online presences, sometimes with the third extra flips. While omnichannel is a more formal way of addressing this concept, but Bricks and Clicks helps establish the notion in a more informal way.
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