RetailMe Summit: $ 31.82 billion global digital retail market by 2025 – the economy – the UAE economy

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Dubai – the statement

Experts at a virtual retail conference yesterday in Dubai said that different online retail stores and electronic stores that cater to different product sectors will eventually merge into larger stores, which are connected virtual hypermarkets or digital market ecosystems.

The global connected retail market was valued at $ 3.16 billion in 2016. But future growth is very promising with the market value estimated to reach $ 31.82 billion by the end of 2025, according to a report by Market Transparency Research (TMR).

During the forecast period from 2017 to 2025, demand in the global connected retail market is expected to increase at an impressive compound annual growth rate of 8.19%. However, there are factors stifling growth affecting retailers.

The world is expected to recover from “Covid 19” more slowly than it was after the global financial crisis of 2008-2009. E-commerce is the right economic place where brands and consumers are rushing over the Internet, according to a report titled The Future of E-Commerce from Shopify.

Customer welfare and experience will determine the success of retail stores as they become more informed, and thus, they will decide where they want to buy groceries or other goods from, depending on experience and luxury.

The Digital Retail Conference “Future Connected Store” was organized by Images Retail Me in partnership with Honeywell, in which Piyush Kumar Chauhan, who is the Group Chief Information Officer, Lulu Group International, gave a speech; Ashish Punjabi, Chief Operating Officer, Jackie Retail LLC; Miroslav Kavdzhiev, Vice President and General Manager Honeywell Safety and Productivity Solutions; Philip Smith, Head of Digital Group, Kamal Osman Jamjoom Group, and Syed Habib, Director of Business Development, Franchise and E-Commerce, Danube Home.

The digital conference, hosted and moderated by Shruti Nair, Executive Editor, Images Retail Me, focused on the future of physical stores and the challenges of integrating technology into traditional retail.

“Just as the world has developed the convergence of all smart things – from phones to homes and whole cities – stores need to jump on that cart too, if you haven’t already,” said Shruti Nair. In this decade of retail, we will see artificial intelligence-driven personalization, augmented reality and virtual reality connections, and smart, sensor-guided environments that can transform today’s “shopping center” into a thriving, invisible platform for education, entertainment and a new digitally augmented community. She said, and business models we did not imagine before. ”

A transformative journey

“The product will not be the distinguishing factor anymore,” said Piyush Kumar Chauhan, Chief Information Officer at Lulu Group International. It’s the overall retail experience that counts. Technology, which is one part of the entire digital transformation, will be the main difference in this transformational journey. In the future, individual digital stores catering to different product segments will eventually merge into the ecosystem markets where customers will have everything in one place. This is the connected store and this is how I see the future of the retail industry. However, the technology must operate in a way that benefits consumers. ”

Said Habib, Director of Business Development, Franchise and E-Commerce, Danube Home Company, said: “The home improvement sector is doing better than before as sales at Danube Home have jumped during the Covid-19 pandemic. The customer demand has increased through our stores, partly due to the focus. Renewed on the home furniture and the level of comfort, as people spend more time at home than before.

Dubai – statement

Serco Institute, the new research institution in the UAE, revealed in a recent report on the satisfaction of citizens and residents of the United Arab Emirates about the quality of the public services they use.

The opinions of 90% of the respondents in the survey, which included citizens and residents from all parts of the Emirates, ranged between satisfaction and great happiness with the government services that they experienced during the past two years.

Serco, the global company for public services, opened this research institution within the framework of its main offerings for managing digital assets, data and manpower in the Middle East, with the aim of conducting research on the design, development and delivery of public services to individuals, in order to help governments find innovative solutions within a wide range of services. Citizens and residents.

“We are very excited about the opening of the Serco Institute in the United Arab Emirates, as its research will help the government and its partners, such as Serco, to provide services to citizens and residents to meet their needs,” said Phil Malm, CEO of Serco Middle East. In line with the Dubai urban plan aimed at attracting 5.8 million residents by 2040, the insights provided by the institute will contribute to identifying the sources of creativity, proposed ideas and problems of government services that residents will experience now and in the future. The UAE government will be able to know the opinions of citizens directly, and benefit from our vast global experience in the field of public services in order to shape a bright future for government services, by relying on an institution, Experience Lab, which focuses on the end user, along with the new Serco Institute. ”

Wider application

The research institution’s report, titled “Digital Transformation and Happiness: The Prevailing Public Opinion Toward Government Services in the UAE,” is the first report issued by Serco Institute in the UAE and the first of a series of reports and research prepared for publication throughout the year. The report referred to the participants ’description of services sometimes in general and non-detailed terms, as well as the possibility of addressing this problem by adopting digital means more broadly. The research, the first of its kind, found a strong correlation between the level of happiness of citizens and residents on the one hand and the level of quality of government services on the other hand. 85% of the participants expressed the impact of their experience with government services on their degree of happiness directly, and most of them stated that one bad experience with government services is sufficient to shake their confidence in it in general.

90 %

Residents of the UAE are happy with government services

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