Digital transformation, data to drive Gulf’s retail sector recovery – Gulf Today

Digital transformation, data to drive Gulf’s retail sector recovery – Gulf Today

The GCC retail sector was earlier projected to grow at a rate of 4.0 per cent from $253.2 billion in 2018 to $275.4 billion in 2020. WAM



Sajjad Ahmad, Gulf Today

Migration to the latest technology and digital transformation will play a crucial role in shaping the future of the $275.4 billion retail sector in the Gulf Cooperation Council (GCC) countries, retail sector officials and experts told thousands of audiences at a webinar organised by RetailME, the region's only dedicated retail sector market intelligence provider.

Consumer behaviour in the GCC countries has seen a drastic shift towards online payment following the outbreak of the COVID-19 pandemic.

The GCC retail sector was earlier projected to grow at a Compound Annual Growth Rate of (CAGR) of 4.0 per cent from $253.2 billion in 2018  to $275.4 billion in 2020 and to $308 billion in 2023, according to a report published by Alpen Capital in 2019.

Data will not be oil, but soil for the retail sector, they say, as apps will track consumer habits to generate sales leads.

"Data will be the new soil - the new engine for growth in the retail sector,“ said Piyush Kumar Chowhan, Group Chief Information Officer, Lulu Group