UAE retailers are on a steep trajectory to push retail sales higher than expected in 2022

  • Date: 23-May-2022
  • Source: Zawya
  • Sector:Retail
  • Country:UAE
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UAE retailers are on a steep trajectory to push retail sales higher than expected in 2022

UAE: Research released by Adyen (AMS:ADYEN), the global financial technology platform of choice for leading businesses, reveals UAE retailers are optimistic for growth for 2022. More than three-quarters (84%) of retailers expect to grow by 20% or more in 2022 and with so many planning to invest further, that number could be even higher. Last year, 73% of UAE businesses grew in revenue by 20% or more, across the retail, food and beverage, and hospitality sectors, which is more than the 67% growth witnessed at a global scale. It shows how focusing on digital transformation would help accelerate retailers’ growth and customer loyalty.

Adyen commissioned Opinium LLP to poll 1000 consumers and Censuswide to poll 200 businesses in the United Arab Emirates, and economic modelling by the Centre for Economic Business Research (Cebr).

Adyen research shows that technology will play a significant role in helping merchants reach and exceed their growth expectations. When businesses incorporate technology across their functions, linking operations with payments and customer experience, the proportion of UAE businesses expecting to grow by 20% or more increases to 84%. Additionally, Cebr’s economic modelling found that accelerating digital transformation would add an additional 4.7 percentage points to the UAE’s retail sector’s