DUBAI — The retail industry in the Middle East is at a critical crossroad that threatens the old order and demands a new approach to every touchpoint in the retail ecosystem. From the harnessing of technology across the supply chain, to reinventing brands, adopting new business models and broadening channels, companies in the retail space are having to take new approaches to survive. This is clear from the agenda for this year’s Retail Leaders Circle MENA, the annual closed room summit for the industry on March 6-7, 2017 at The Address Dubai Mall Hotel.
The region’s biggest retailers, developers and brand owners will be participating in key discussions on the future for the industry.
Market industry reports on consumer sentiment in the MENA region will be presented by McKinsey & Company, providing critical insight for retailers in today’s market. The most successful retailers in the Middle East will be the ones that understand regional consumers the best, and adapt their models to generate unique, brand-defining experiences that keep customers coming back. Current bricks & mortar retailers are at risk of losing market share to online retailers if they do not begin to change their strategies and offer multiple channel experiences.
Digitization in the Middle East and its impact on retail is one of the key topics to be covered at the summit. Digitalization has begun and offers a significant advantage – a unified digital market across the Middle East. Citizens themselves are leading the Middle East’s digitization charge. As measured by digital consumer adoption, the United Arab Emirates, Qatar, and Bahrain are among the top countries in the world, with more than 100 percent smartphone penetration and more than 70 percent social media adoption.
In these times the Internet of Things will serve as a tool for getting to know the customer in a bricks & mortar store and enabling a personalized experience. Thanks to the latest technologies, advanced sensors and behavioral analytics will help retailers to design stores, facilitate customer navigation to required products, and adapt or tailor loyalty programs for the individual.
“An evolution is happening in retail. Customer demands and expectations are changing the game. The modern day retailer must truly understand their customer, and be ready to provide a seamless customer experience across all channels,” said Panos Linardos, Executive Director of the US-based New York Institute of Management, organizer of Retail Leaders Circle MENA. “We’ve created this platform to bring together the top leaders in retail, provide access to board level insights and grow the collective intelligence of those leading the change. This will ensure a healthy future for the industry.” — SG
