// SCALING UP //
grow using tools like noon ’ s to reach even more customers . Noon is focused on driving growth and digital innovation in the region .”
According to a joint study by Dubai Economy and Visa , the UAE is currently the most advanced e-commerce market in the Middle East and North Africa , revealing an estimated annual growth of 23 % between 2018 and 2022 . With the outbreak of COVID-19 , the number of residents to jump on the online shopping bandwagon has increased , and and the retail industry was no exception . As countries were battling and implementing measures to control the spread of virus , retailers were scrambling to adapt ; preparing for the longer-term implications and remediate the shorter-term shocks .
The good news is UAE is viewed as one of the most opportunistic luxury goods market in the Middle East region and innovative brands see this country as the key longterm entry market . The consumers also have
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LIKE MOST DISRUPTIONS , DIGITAL RETAIL TECHNOLOGY HAD A SHAKY START BUT WITH THE OUTBREAK OF THE PANDEMIC IT GAINED IMMENSE
EXPOSURE AND REMAINED A
PREFERRED WAY OF SHOPPING . this trend is unlikely to subside as 92 % of respondents from a PwC GCIS COVID-19 Pulse survey said they are likely to continue purchasing online after the pandemic is over .
Launched in the UAE as a joint venture with the Chalhoub Group , the leading partner for luxury across the Middle East , b8ta is the first brick-and-mortar retailer that bridges the gap between traditional and online retail , placing consumer experience and the desire to discover firmly at the heart of its concept .
Ramit Harisinghani , General Manager – MENA , b8ta , talks to Intelligent SME . tech about the changes in the retail sector in the UAE .
What is the future of the retail sector in the UAE post COVID-19 ? How does your concept blend into it ?
The massive outbreak of Coronavirus sparked disruption across industries and sectors , cultivated a healthy appetite for luxury in their lives . People are enjoying much more material comfort in comparison to previous generations , resulting in a trend of a cultural shift for personal fulfilment and aspiration through experience .
Goldstein Market Intelligence analyst forecast the UAE luxury goods market to expand at a CAGR of 7.1 % during the forecast period 2017 – 2030 . Moreover , the market is projected to reach US7.8 billion by 2030 owing to rapid urbanisation and development of shopping centres and malls in order to expand their tourism industry and the government aims to develop UAE as one of the biggest shopping destinations across the globe .
Our brand , b8ta , launched in the UAE as a joint venture with Chalhoub Group at the start of 2020 with one physical store in the Dubai Mall . As the year progressed , we quickly introduced measures to act as a hybrid retailer
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