Dubai Chamber of Commerce and Industry boss confirms the rise of 23%, fuelled by pandemic and evolving consumer demands

According to recent data by a senior official, Dubai has projected a 23 % jump in E-commerce sales. Driven by the Covid-19-led digital shift, soon it’s aiming to reach $27 billion in 2022.

Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, further states at The Retail Summit 2021, that changes in consumer demands are leveling the playing field.

The new forecast based on the recent market analysis shows a major opportunity for retailers in the Middle East to transform their business models. It will help them accelerate digital transformation and eventually will lead to finding innovative ways to connect with their customers.

Buamim further mentions, once Covid vaccines distribution starts, in 2021, it will start paving a way to retail’s recovery. In short term, this will undoubtedly shape the economy’s landscape towards betterment. Old playbook rules will no longer be of any significance. Bold and differentiated actions by retailers will be required if they want to stand out in the competition.

Supported by vaccination and other campaigns in UAE and other countries, in the ahead of 2021, paves away towards an improving outlook of the sector. There is increased competition among industry players followed by digital transformation and an uptick in innovation output.

The retail market in the Gulf Cooperation Council (GCC) is expected to increase more than double from $24 billion in 2020 to $50 billion by 2025.

The summit, which was co-hosted by the Dubai Chamber of Commerce and Industry and Meydan One, focused on key developments that are reshaping the global retail environment, as well as current challenges and opportunities on the horizon.

Retail's New and Resilient Future has highlighted e-commerce as an important driving force for the future of global trade.

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 were among the 1,000 attendees at the high-level summit.

A total of 30 discussions took place over the course of the two-day event, covering topics such as the evolution of luxury in times of crisis, the role of creativity and startups in developing a new retail environment, evolving consumer loyalty trends, sustainable fashion, and designing the store of the future.