“As we transfer into 2021, we’ll undoubtedly proceed to really feel the consequences of the pandemic as a neighborhood and as a worldwide inhabitants,” mentioned Shahram Shamsee, CEO of Merex Funding, a three way partnership between Dubai Holding and Brookfield Asset Administration that owns and operates a number of retail property, together with The Seaside, Metropolis Stroll and La Mer.
“Within the context of the rising migration to on-line procuring and experiences, it will be important for the retail sector, particularly for way of life locations and malls, to re-imagine and rethink the shopper’s procuring expertise by elevating this with a brand new that means – one which they can’t discover on-line,” he mentioned.
He added: “In mild of the pandemic and the security protocols that have been in place since its outbreak, we witnessed a surge in uptake for options resembling curbside pickup amongst our prospects. Within the 12 months to come back, we anticipate an uptake within the variety of homegrown manufacturers that can step in to fill within the gaps left by mega worldwide retailers. To counter the huge disruptions triggered in 2020, retailers might want to embrace the alternatives that lie forward in making certain future preparedness.”
“Earlier than the pandemic, 27 per cent of Center East customers have been searching for groceries completely or primarily on-line whereas after the outbreak of Covid-19 this quantity grew to 51 per cent with 92 per cent of these customers indicating they may prone to proceed to purchase groceries primarily on-line even when social distancing measures are totally eliminated. This reveals that there are extra and new customers making the most of e-commerce platforms,” mentioned Norma Taki, transaction providers companion and shopper markets chief, PwC Center East.
Working with a brand new regular
Consultants have famous that the worldwide retail trade, at the moment valued at $25 trillion, won’t ever be the identical once more, even with the provision of the Covid-19 vaccine. Whereas vaccines would possibly convey again normalcy in life, the retail sector will proceed to evolve, resulting from a technology-led disruption the place information analytics, synthetic intelligence, machine studying, perceptive analytics, and altering shopper behaviour will reshape the retail trade panorama to strengthen buyer expertise.
The GCC’s e-commerce sector is anticipated to greater than double to $50 billion within the subsequent 5 years, up from $24 billion this 12 months, as pandemic-related motion restrictions result in a shift in procuring habits within the area, in keeping with a brand new report by international consultancy agency Kearney. Amazon, a comparatively new participant within the area, noticed its gross sales within the GCC develop by 26 per cent to $76 billion within the first quarter of 2020.
“By way of the Covid-19 disaster, on a regular basis life modified, and we modified with it,” mentioned Mudassir Sheikha, co-founder and CEO of Careem. “2020 resulted in a a lot faster digital adoption that certainly had a optimistic impact on our Tremendous App’s utilization, but it surely additionally accelerated the necessity for digital funds. We strengthened Careem Pay because the glue that binds all providers on the platform collectively, masking peer to see funds, cellular recharges, in addition to invoice funds.”
Offline to on-line migration, he famous, is now extra necessary than ever. “Earlier than the pandemic, we coated the mobility of individuals, with automobiles, taxis and bikes. However in the course of the pandemic, our mobility of issues enterprise obtained a lot better significance. This concerned meals deliveries, internet hosting catalogs of outlets on our platform, and giving individuals the chance to ship and obtain objects with out having to depart their home, or placing family members in danger. When individuals throughout the area have been below lockdowns, we have been in a position to present for his or her important wants, with the Tremendous App.”
Expo 2020 Dubai brings the world to Dubai
“With Expo 2020, Dubai is about to convey tens of millions of holiday makers to the town and provided that we function a few of Dubai’s hottest locations, together with Metropolis Stroll, The Seaside and La Mer, Merex Funding believes that individuals will proceed going outside to take pleasure in procuring and eating, and extra importantly, share experiences with each other to really feel related as a part of a neighborhood,” mentioned Shahram Shamsee.
For vacation spot operators, it’s now extra necessary than ever to work collaboratively with tenants to maximise the potential of leased areas to boost neighborhood experiences, in keeping with the ever-evolving way of life wants of the town, he defined.
“The 12 months 2020 has been a curler coaster 12 months full of latest learnings, fast pivoting and unprecedented challenges, because the pandemic has created a brand new algorithm for the survival and success of retail trade,” mentioned Renuka Jagtiani, chairwoman and CEO of Landmark Group. “However we as a group take Covid-19 as a possibility to show ourselves in powerful occasions. It’s only potential if we do correct teamwork, because the buyer expectations have been modified, and the best way we’ve to method them needs to be much more inventive and personalised in order that we will simply develop the belief and curiosity in our buyer.”