E-commerce sales in Dubai are projected to jump 23 percent to reach $27 billion in 2022, driven by the Covid-19-led digital shift, according to a senior official.
Changing consumer demands are levelling the playing field, said Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry at The Retail Summit 2021.
The forecast, based on new market analysis, reflects a major opportunity for retailers in the Middle East and around the world to transform their business models, accelerate digital transformation, and find new ways to innovate and connect with their customers, he said.
“As we look ahead to the rest of 2021, the rollout of Covid-19 vaccines will be crucial in paving the way for global retail’s recovery and undoubtedly shape the economic landscape in the short term. One thing that is certain is that the old playbook and rules no longer apply, and bold, differentiated action will be required by retailers if they want stand out from the competition,” said Buamim.
He pointed to an improving sector outlook for the rest of 2021, supported by vaccination campaigns in the UAE and other countries, digital transformation, an uptick in innovation output and increasing competitiveness among industry players.
Referring to the GCC in particular, the region’s retail market is projected to more than double from $24 billion in 2020 to reach $50 billion by 2025.
The summit, organised in cooperation with Dubai Chamber of Commerce and Industry and Meydan One, took a closer look at key trends that are reshaping the global retail landscape, as well as existing challenges and opportunities emerging on the horizon.
Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry.
Held under the theme, Retail’s New and Resilient Future, the summit highlighted e-commerce as a fundamental pillar driving the future of global retail trade.
The high-level summit brought together 1,000 participants representing regional and global industry leaders, including Amazon, Manolo Blahnik, Mercedes-Benz, Huda Beauty, New Balance, Jimmy Choo, Burger King, L’Azurde, Lulu Group International Mulberry, and Fawaz Alhokair Group Fashion Retail.
During the two-day event, a total of 30 discussions tackled a wide range of issues such as the evolution of luxury in times of crisis, the roles of innovation and startups in creating a new retail ecosystem, the changing dynamics of customer loyalty, sustainable fashion, designing the store of the future.
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