Dubai, UAE: E-commerce sales in Dubai are projected to jump 23 percent to reach $27 billion in 2022, driven by the Covid-led digital shift and changing consumer demands, which are levelling the playing field, H.E. Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry said during his opening remarks at The Retail Summit 2021 on Tuesday.
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.
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.
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, among others.
A total of 30 thought-provoking discussions during the two-day event tackled a wide range of timely topics and 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, success stories and lessons from market leaders operating across the Middle East, Europe, Asia, North America and Latin America.
“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 H.E. Buamim.
Dubai Chamber’s President & CEO pointed to an improving sector outlook for the rest of 2021, supported by remarkable progress made in 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, H.E. Buamim said.
In addition, he noted that Dubai Chamber’s support for The Retail Summit falls in line with its efforts to attract international events to Dubai and promote Dubai as a preferred destination for global retailers, adding that the first-ever Retail Summit held in Dubai two years ago elevated the city’s global profile and attracted tremendous interest among regional and global retailers.