Recent research indicates that by 2023 the current $ 55 billion retail industry will grow to $ 63.8 billion. Over the past few years, the UAE has emerged as one of the fastest-growing e-commerce markets in the world.
Ahmed Al Khaza, CEO of Dubai Festivals & Retail Establishment (DFRE), said that the retail industry is undergoing a major transformation, highlighting some of the key factors that will shape the future of retail.
Technology development and their role in the offline retail market
The Fourth Industrial Revolution (also known as 4IR or Industry 4.0) is having an impact on the future of the UAE, the way of life, and almost every business sector. It is a combination of Artificial Intelligence (AI), robotics, the Internet of Things (IoT), and other technologies that blur the boundaries between the physical, digital and biological worlds.
Shopping mall operators and retailers want to come up with the latest technological advancements for their stores to gain customer attraction and cater to customer needs and improve the customer shopping experience.
Let’s take a look at some exciting examples of UAE digital malls and retail shops that have used technology to deliver a new shopping experience.
Personalize the shopping experience with AI
Personalized offers instead of endless product listings: Especially in online retail, the challenge of receiving customer expectations regarding unique customer experiences is growing. Recommendations and products should be tailored to the preferences and needs of the customers before they know what they want.
Personalization beyond just product recommendations
Online retail personalization solutions based on AI are not just limited to product recommendations; They are very versatile. Whether it’s menu navigation, newsletter, or editorial content, AI-powered systems can be used to optimize customers’ personal shopping experience on many levels, for example:
a) Personalized address using different welcome texts or product descriptions.
b) An online shop navigation sequence tailored to demographics. characteristics or visitor history.
c) Analysis of customer reviews for better gear products and product suggestions for the target group.
Digital screen to increase brand awareness.
To successfully get marketing messages in an active and fast-paced corporate environment, you need to be direct and timely. Corporate digital codes provide targeted content through room codes and fixed screens in reception areas and other parts of the building. It strengthens brand messages and fully optimizes communication with employees, clients, and visitors.
Types of digital brand awareness
a) Create a memorable brand experience
b) Receive a digital logo for your brand and target group
c) Display Advertising
d) Schedule content to tailor your messages to different groups
e) Send the right message at the right time with Ariadne
Augmented Shopping — Connects customers using augmented reality
What exactly is augmented reality (AR):
Overlaps digitally created content in the user’s real-world environment; Features include transparent optics and an environment where users can learn about their surroundings and themselves.
Allows customers to interact with brands and products through digital experiences that allow them to try, try, interact or personalize their products; These experiences help provide more detailed, intuitive product information than standard web experiences.
Accepting blockchain security and cryptocurrency as payment
Mall. Global — The first true hybrid model of the offline store and e-commerce experience in areas offering a combination of online experiences and a ground experience for customers. They used the security of the blockchain to supply source authentication and accept leading cryptocurrencies for payment transactions. This is a strong and important step in the retail sector, where you will see the integration of multiple technologies for the customer and the business.
Shopping Malls Tourist places and meeting places. Furthermore, retailers who act as franchisees are interested in maintaining a direct relationship with shoppers. We have considered all these factors that affect how technology affects retail in the UAE. Pure players will inevitably attract a certain range of the market, but the growth of e-commerce will act as a catalyst, enriching the brick and mortar retail experience without completely replacing it.