Technology has witnessed a remarkable surge in the last ten years or so. This has also retailers to reimagine current strategies and come up with different tactics to survive in the ever-so competitive market.
Recent research revealed that $55 billion worth current UAE retail industry will rise to $63.8 billion by 2023. These numbers are staggering, and one is assured to witness these numbers with the current scenario. One of the primary reasons for these numbers growing might be the rapid shift to online retail amid the pandemic and continued increase in mall space meaning companies need to consider options carefully.
Modern technology is thriving every now and then for its users. For the last few years, UAE has remained one of the rapidly growing e-commerce markets around the globe as people in the UAE are more adaptive to technology.
Ahmed Al Khaja, the CEO of Dubai Festivals and Retail Establishment (DFRE), admits that the retail industry is on the verge of a huge transformation, and pointed out some of the prominent factors that could help in shaping the future of retail business.
Role Of Technology In Retail Marketing
Technology keeps on taking giant leaps, and mobile app development has made one of the most prominent impacts in the world. People’s way of living has also seen an enormous transition due to a fusion of technological advancements in the field of Artificial intelligence (AI), the Internet of Things (IoT), and robotics.
Technologies like these have made retailers rethink their strategies, and this is perhaps one of the major reasons for selling goods and services online or with the help of dedicated mobile apps.
Online services have the upper hand in the current market structure of the UAE. Below are some of the best strategies UAE has adopted to go digital in terms of retail marketing.
Also Read, How IoT is changing the way we travel?
Enhancing Shopping Experience With AI
One of the prominent examples of enhancing shopping experience with AI is Intouch. The Ireland-based retail personalization platform has developed an AI integrated in-store personalization platform for grocery and other retailers.
It helps the retailers to influence customers’ buying decision by providing automated product recommendations in the store that increase sales massively.
Connecting Customers With Augmented Reality
Dates for Dubai’s much-awaited Expo 2020 has been announced, but technology in the middle-east has always been on a rampage. The Galleria mall in Abu Dhabi offers a refreshing new shopping experience to its customers via pop-up stores.
These pop-up stores help customers to try different clothing and accessories of different brands in one go. This innovative experience has made customers thrilled resulting boost in sales. Besides sales, this also helps retailers to gather more information about the customers’ preferences and behavior, whereas, customers have truncated their chores of trying clothing and accessories physically. Retailers can also make use of the customer data to create a personalized online marketing strategy.
Use Of Digital Screens To Raise Brand Awareness
Giant LED’s promoting a product or service is often witnessed in malls and highways. But, brands like Hollister, Abercrombie, and Fitch are using this technique with a relatively new approach.
These brands use a huge digital screen on their new outlet at the Mall of the Emirates. There is no wall in the outlet, but giant wall displays of Californian beachfront giving a perfect brand awareness about what lies inside the store in a dark environment that takes customers’ curiosity to a whole new level.
This new concept has made the store draw massive numbers in sales and customer’s visit as well.
Blockchain Security And Accepting Cryptocurrency As Payment
Blockchain is a record-keeping technology behind the bitcoin network. It is the chain of blocks, and these blocks are made up of digital pieces of information that allow data to be stored globally on thousands of servers.
The Mall Global in Dubai has been using blockchain and cryptocurrency technique to a great extent. The company is responsible for the development of true hybrid experience that combines technological and operational practices including VR, AR, micro-influencer reviews, brand immersion, AI and Machine learning, multi-cryptocurrency acceptance, etc.
This is a strong move in the direction of boosting the online market structure for good. The retail sectors have already taken a cue from this and have merged their business with multiple technologies that benefit their business and customers.
Time To Wrap Up
The global pandemic courtesy of COVID-19 has surged the need for e-commerce massively. The future looks bleak for those who haven’t transformed their business online and still being reluctant in adopting technological changes with android app development.
UAE has always been a rapidly growing e-commerce market and its fourth industrial revolution strategy has made them global technology leaders. Therefore, the retailers who haven’t yet started recognizing and implementing technological changes, it is high time to do so.