Update KSA NOV 21 2023

Vol 1 Issue 3

عربي TUESDAY, NOVEMBER 21

FUTURE OF RETAIL

“Over 70% of individuals from the UAE and Saudi Arabia feel that they are in a stronger financial position now versus 12 months ago, which is a positive driver of retail spending.”

Bhavesh Morar

Consumer & Retail Industry Leader for Deloitte

“Retail spending across the Middle East market is on the rise. In 2022, across the UAE and Saudi Arabia, $233 billion were spent on retail that is expected to grow to $300 billion by 2027. Moreover, the percentage of retail spends by individuals in Saudi Arabia and the UAE stand at 27-30%, equal to the global average. These indicate that the UAE and Saudi Arabia are resilient and robust markets, less susceptible to macroeconomic factors that some of the other countries are dealing with,” Morar highlights when talking about the key themes influencing and impacting retailers across the Middle East at the Middle East Retail Forum 2023.

KSA BEAUTY MARKET GROWTH FUELLED BY GROWING DEMAND FOR CLEAN BEAUTY PRODUCTS

According to Expert Market Research, the Saudi cosmetic products market is expected to grow at a compound annual growth rate of 5.6 percent between 2023 and 2028.

The KSA market is showing great potential for innovative brands that focuses more on what the customer wants. There are many areas for growth (online/ offline) for different sectors (for example: wellness, entertainment, Fashion). there is also a huge shift toward local or homegrown brands. Moreover, the potential for growth for clean and conscious brands are way more as the customer today wants to switch to quality products that are good for them and the earth.”

Muzon Ashgar, CEO, MZN Bodycare

(MZN Bodycare is a Saudi brand, centered on creating Skin and Body care products that are natural, vegan & cruelty free for the everyday consumer.)

CX POWERED BY TECHNOLOGY DISRUPTION IS PUSHING THE ENVELOPE FOR HOMEGROWN

Immersive technology helps energise touchpoint experiences and is allowing KSA homegrown ecosystem build that special connect with its customers.

In an age where technology is reshaping the way people shop and interact with brands, we’ve embraced innovation with open arms. We’ve also embraced contactless payment technology, allowing shoppers to scan and pay with their smartphones, making their experience not only more convenient but also smoother. Furthermore, holograms have become an integral part of the Blooming experience, utilising holography’s innovative 3D capabilities to enhance the brand’s presentation, creating immersive experiences for its customers.”

May Bahjat Kanounji, CEO, Blooming

The Saudi Marketing Company, the owner of the “Farm Superstores” stores, achieved a net profit of 4.9 million riyals in the third quarter ending in 2023, recording an increase of +8% over the same quarter of the previous year.

Tamimi Markets, the leading supermarket chain in the Kingdom steps into the online retail domain with its e-commerce portfolio. With 90+ operational stores, the brand looks to expand and reach the 200-mark by 2030.

LuLu Group International has opened its largest hypermarket in the port city of Yanbu, located on the Red Sea coast of Saudi Arabia. Part of the Royal Commission Center this hypermarket extends over one floor with an area of 10,000 square metres.

BOPIS abbreviation

/ˈbəʊpis/

A fairly simple and straightforward word BOPIS stands for Buy Online Pick-up In Store. A common omnichannel jargon, this word defnes the new-age retail and resonates more with the customer seeking convenience.

29 April

18 April

24-March

13-March

11-feb

29-jan

22-jan

14-jan

28-dec

13-dec

6-dec

28-nov

21-nov

15-nov

Download Images RetailME Magazine