Media ININ Economy We Trust
Dubai 02-10-2019 / WAM
During a panel discussion entitled “Evolution or Destruction” organized by the Retail Summit Foundation in cooperation with Dubai Chamber of Commerce and Industry and Meydan One, experts stressed the importance of making changes in the mechanisms of trade in line with the requirements of the future. The performance of the retail sector will enable companies to achieve greater gains and take advantage of opportunities for online expansion and communication technologies to gain a larger segment of consumers.
The session was organized in preparation for hosting the second edition of the Retail Summit 2020 under the slogan “Consumer patterns and accelerated communication” to be held in Dubai next March.
His Excellency Hamad Buamim, Director General of Dubai Chamber of Commerce and Industry, said that the retail sector is witnessing a fundamental transformation globally linked to the developments brought by the output of technology and we are witnessing increasing global trends towards taking advantage of the adoption of solutions of artificial intelligence technologies and the Internet of things and we seek by hosting the summit in Dubai in 2020 to explore the most important These opportunities and contribute to enable the sector actors to keep pace with these global changes and enhance their competitiveness on the map of the retail sector locally, regionally and globally.
He added that the retail sector is a major contributor to Dubai’s economy, accounting for more than 26% of GDP in 2018. With Expo approaching, Dubai is emerging as a premier retail hub and the emirate will play a key role in highlighting and examining key trends that contribute to shaping the future. For retail. Gary Thatcher, CEO and co-founder of the Retail Summit, said that retailers should pay attention to the importance of leveraging the expansion prospects that e-commerce brings to reach wider segments of consumers through the adoption of digital marketing systems for impact products. Direct on accelerate sales pace.
He added that the studies show the size of promising opportunities in local and regional markets, pointing to the spread of the Internet by 99% in the UAE, which means that more than nine million people use the Internet daily .. 93% of them use the Internet service for 8 hours a day on average, which provides an opportunity Great for retailers who are experienced in the digital field to take advantage of these behavioral patterns of consumers and their interactions on the Internet.
Fahad Kazem, Vice President of Meedan Malls, said that the accelerated trends towards enhanced technology patterns in retail trade are capable of making changes and improving the performance of businesses and should take advantage of these opportunities to enhance the consumer experience and reach it in different ways more in line with Its requirements.
