Vol 1 Issue 22
عربيTUESDAY SEPTEMBER 10
According to a report by Saudi Central Bank (SAMA) issued recently, the point-of-sale transactions in the Kingdom decreased by about 14.1% during the period from August 18 to 24, compared to the previous week.
The POS transactions recorded, amounted to 11.66 billion riyals, compared to 13.57 billion riyals in the previous week ending on August 17, 2024. The number of POS transactions executed during the past week decreased by about 9.2% to 185.43 million transactions, compared to 204.27 million transactions in the previous week. Consumer spending through point-of-sale operations in the Kingdom during the past week was concentrated in the restaurants and cafes sector; with a value of 1.59 billion riyals through the implementation of 53.57 million operations, followed by the food and beverage sector with spending amounting to 1.54 billion riyals through the implementation of 43.53 million operations.
AGENDA FOR GROWTH
IKEA Alsulaiman’s focus is on enhancing customer experience through technology while advancing our environmental goals.
Tomorrow’s tech agenda for MENA based retail organisations revolves around leveraging artificial intelligence (AI) and big data to create hyper personalised customer experiences and sustainable operational models. AI and machine learning (ML) will play pivotal roles in understanding and predicting customer preferences and behaviours at an unprecedented scale. By harnessing this data, retailers can offer highly personalised shopping experiences, tailored product recommendations and optimise supply chains that not only meet customer expectations but also reduce waste and improve efficiency.”
Mohamed Kattuah
Chief Commercial Officer, IKEA Saudi Arabia & Bahrain
TREND STORY
How customer dynamics across the globe is changing. How customers’ pocket size and spending habits are evolving basis their growing needs?
When it comes to comparing the spending and purchase intent for the UAE and KSA, it is easy to note that the spending capacities of both regions are growing and are not too different from each other when it comes to spending habits. However, spending on housing and education is slightly lower in KSA as compared to the UAE. On the other hand, both regions have scored considerably well for three main sectors of retail including food & beverage, clothing & accessories and personal care. These sectors are looking promising and are some of the segments that local consumers are eyeing to seek value for their money.”
Adgild Hop
Market Lead, Partner Retail for Deloitte
RetailME presents SHELF TALK
Ali Sharif | CEO | Al Othaim Life
JD Sports opens its doors for the first time in KSA at the Riyadh Park. This is also the largest shop of the brand in the Middle East.
Just within few weeks of opening a store in Abha, Parfois recently opened its new store in Panorama Mall at Riyadh. With this new state of the art inclusion, the brand’s store count in the Kingdom goes up to 16+.
The homegrown athleisure brand Kayanee, opens its new destination at the Riyadh Park Mall in Riyadh. With a strong online presence, this marks the brand’s very first offline pop-up store.
/presˈtiːʒˈpraɪ.sɪŋ/Prestige pricing, also referred to as premium pricing or image pricing, is a strategy wherein a retailer or brand sets a high price for its product to convey a sense of exclusivity and superior value to consumers. Typically, businesses adopt this approach to attract customers who aspire to associate themselves with a higher status or a more luxurious image.
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