Retail Businesses Must Appeal To Hyper-Connected Consumers To Stay Relevant
Retail businesses risk irrelevance and potential extinction if they don’t embrace change and adapt to the convergence of retail and technology in catering for the ‘hyper-connected’ modern-day consumer. The ‘evolve or disappear’ message was delivered by an assortment of retail industry professionals during an exclusive preview event for The Retail Summit 2020, which will take place in March at Atlantis Hotel, The Palm.
The Retail Summit, an annual gathering of local and global retail professionals designed to showcase inspiring brands and explore the latest trends in the market, will take on the theme of the ‘Hyper-Connected Consumer’ for its second edition in 2020. Keynote presentations, panel discussions and TED-style talks by international industry leaders will explore how modern ‘always-online’ culture is impacting the retail sector in terms of operational excellence, technology adoption and spurring sales decisions.
H.E. Hamad Buamim, President and CEO of Dubai Chamber of Commerce & Industry, said: “The Retail Summit 2020 comes at a time of great transition for global retail as industry players navigate the Fourth Industrial Revolution, deal with disruption and embrace advanced technologies that are improving the customer experience.”
“As a top-ranking retail hub and a city with its eye on the future, Dubai is an ideal setting to host these discussions and examine key trends reshaping the global retail landscape. The high-calibre of speakers and participants in the upcoming summit only adds to the significance of the event as a platform for industry leaders to share their insights and examine key trends that are reshaping the global retail landscape,” H.E. Buamim added.
“The inability to engage today’s hyper-connected consumer means your relevance and business are in danger of becoming extinct,” said Gary Thatcher, CEO and co-founder of The Retail Summit. “We live in a time where a company’s approach to technology and how products are marketed digitally has a direct impact on sales. This trend is global and Gulf-based retailers need to wake up to the fact. First-mover status is already gone, but the race for relevance is heating up.
“Examining the local market, the UAE has a 99% internet penetration rate – accounting for over nine million residents online every day. Out of those, 93% use the internet for an average of eight hours per day. There’s huge potential for digital-savvy retailers to tap into these evolving consumer habits and online interactions.”
“We have positioned ourselves as the only event in the world that explores the convergence of retail with technology, experience and hospitality,” added Thatcher. “Last year, our retail sector focus cascaded into interconnected parallel industries. We welcomed speakers from hotel groups, who spoke alongside cinema operators, luxury cruise line operators, F&B brands and ecommerce disruptors.”
The evening preview, organised in partnership with Dubai Chamber of Commerce & Industry and Meydan One, is the second international event hosted by the summit’s organisers in the build-up to the 2020 summit. A previous preview event held in September 2019 gathered speakers in London. Both preview events saw presentations delivered to an audience of C-level delegates by influential executives from the real estate, retail, fashion, finance and tech markets.
Panel discussion highlights key challenges for regional retailers
The Retail Summit 2020 preview featured a prominent panel discussion explore how disruptive technologies are redefining how retailers interact with consumers. The panel included high-level officials from Meydan Group, Liwa Trading Enterprises, Novo Cinemas and Girodano.
Fahad Kazim, VP, Meydan Malls, Meydan Group, said: “We approach it in two ways. One is with the tenant mix and how we partner with the right retailer – who has that reach, who’s in the know, who’s trendy. Trends can be short-lived and fall off the radar in months, so brands need to be updated and relevant. The other aspect is engaging customers in the mall; we need to be very close to them when it comes to social media or personalised offering – we must adapt to what’s happening in the market. We have to evolve the product and avoid regurgitating a traditional offering which is not what today’s customer needs.”
Debbie Stanford-Kristiansen, CEO of Novo Cinemas, added: “At present, 45% of our business is conducted online. We have a very young and tech-savvy audience, so it’s about personalisation and understanding and adapting to customer profiles and needs. We’re focused on upgrading our app because it’s a very competitive market; things change fast and you can be left behind.”
Mark Tessyman, CEO of Liwa Trading Enterprises, believes research and relevance play crucial roles in retail success: “The region deserves to be recognised for its unique challenges and opportunities – they are multi-faceted in every essence,” said Tessyman. “Historically, retailers buy in experience from abroad and they repeat what they’ve done elsewhere – that’s not the right thing to do. You have to research and build models applicable to different countries because laws and cultures differ per market – get that right and retail will not struggle. There must be groundwork; retail has been around for hundreds of years – it will continue – but people must go into granular detail to get anything out of it.”
Conversely, Ishwar Chugani, CEO and Managing Director of Giordana, believes retailers must not forget the roots of their industry and always prioritise customer interaction. “Retail has existed for centuries; it will never die, but we shouldn’t forget the basics of why retail works. Retail will continue to evolve, there will always be news things to adapt to, but the customer is the constant. No matter how much technology or data there is at hand – data can be obsolete – understanding your customer is vital to building trust and, ultimately, surviving,” said Chugani.
The Retail Summit 2020 returns with support from partners: Dubai Chamber and Meydan One; Silver Partners: CBRE and Xpandretail; and Strategic Partners: braze and numberly.
