The retail terrain of GCC countries is witnessing a transformative shift towards digital adoption. Surrounded by the Arabian Sea, the GCC retail sector consisting of Saudi Arabia, Kuwait, Bahrain, Qatar, UAE, Oman, and Yemen boasts a substantial valuation of $308 billion in 2023. This is almost double of the $218 billion retail market size in 2014.
The region is poised for an unyielding trajectory of growth, focused at enhanced ease of doing business and the facilitation of macroeconomic stability. These variables have generated a domino effect, optimizing retail spending and emboldening consumer experience. As a response, retailers are orchestrating deliberate endeavors to synchronize their strategies with these shifts. GCC countries are also renowned for their opulent lifestyles and rapidly evolving consumer preferences, which presents a dynamic yet complex arena for retail enterprises.
To navigate the intricacies of this landscape, it has become pivotal to build 360° sales and distribution visibility that connects all route-to-markets with a harmony of data, predictive analytics, and omnichannel finesse that redefines the contours of retail strategy.
In this context, the deployment of retail intelligence emerges as a transformative mechanism that empowers businesses to harness data-driven insights, enhance decision-making, and forge unparalleled competitive advantages. It encompasses a myriad of methodologies, technologies, and data-driven approaches that allow businesses to decipher consumer behavior, predict market trends, optimize inventory, and refine pricing strategies.
This report explains the multi-dimensional facets of this revolution in the GCC market, and its far-reaching implications for strategic growth.