Update KSA Dec 12, 2023

Vol 1 Issue 6

عربي WEDNESDAY, DECEMBER 12

CHANGING ECONOMIC DYNAMICS

In a survey released in mid-November, 71% of the kingdom’s population expressed their confidence in the future, far above the global average of 43% (Toluna Global Consumer Barometer).

“Beauty market in the Middle East is worth over $10 billion and has since 2020 gone through a major shift becoming today more dynamic than ever” – stated Chalhoub Group’s ‘Decoding the Beauty Consumer in the GCC’ report. While traditional retail remains the main touchpoint for purchase, in terms of category, fragrance remains an integral part of Arab culture and remains a top category by spend for both male and female consumers.

BUILDING A CUSTOMER-CENTRIC APPROACH

Customer acquisitions are fuelled by a dual banner strategy, which enables all socio-economic classes to be targeted through a personalized approach.

Our customer profile is unique. We do not indulge in fierce competition with other players in the market as we operate with a strategical focus and work towards creating and maintaining brand value which help us achieving brand loyalty with our valuable customers. Entering into a price war with other players will not add value as it will not make the customer loyal and retention ratio will also be distorted. BinDawood Holding is enjoying the preferential treatment in real estate sector also due to higher footfall of customers, that induced the real estate developers to secure the presence of their stores at their locations”.

Eng. Yasser Joharji

CEO, Nahdi Medical Company

E-COMMERCE IS A BOOMING SECTOR

Saudi Arabia ranks eighth globally among the best-developing economies in e-commerce, and the total expected revenues are about to reach 260 billion riyals by 2025, while the total orders that were delivered during the past year reached 190 million.

Given how new e-commerce was to the region when we started many things were not present to support an e-commerce business. Starting from talent to infrastructure and the right partners for different aspects of the business like last-mile delivery and others was a big challenge. We had to creatively navigate these challenges to turn them into opportunities to grow, learn and shape the market. However, fighting all odds we have always been hyper-focused on customer satisfaction. From communication and 24/7 customer service channels, the customer always comes first us. And the high customer satisfaction levels and loyalty have been a true testament to that dedication”.

Malik Shehab

Co-founder & CEO, Golden Scent

The Saudi Arabia retail market size was SAR 581.3 billion
in 2022. The market is expected to grow at a CAGR of
more than 4% during 2022-2027.

To get more insights into this report

In 2022, Saudi Arabia’s luxury market was valued at $8.3 billion, with an anticipated CAGR (Compound Annual Growth Rate) of 11.6% from 2023 to 2028, proving it to be a growing fit for luxury goods.

To get more insights into this report

In 2022, the Kingdom’s fashion industry contributed 1.4% of GDP, or US$12.5 billion (SAR 46.9 billion) and employed 230,000 people – equivalent to 1.8% of Saudi Arabia’s total workforce. From 2021 to 2025, fashion sales in Saudi Arabia are expected to surge by 48% representing an annual growth rate of 13%..

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VIEW FROM THE TOP
RETAIL ARCHITECTS OF VISION 203

On Board the Panel

CEO’S AGENDA
UNLOCKING THE TREASURE CHEST OF RETAIL OPPORTUNITIES

On Board the Panel

CIO’S CONCLAVE
RETAIL TECH VISION 2030

On Board the Panel

GROWING SOCIAL SPACES
LET’S DEEP DIVE INTO THE FUTURE
LANDSCAPE OF SHOPPING CENTERS IN KSA

On Board the Panel

CULINARY PLAYBOOK
A JOURNEY THROUGH FLAVOUR

On Board the Panel

FASHIONABLY FUTURISTIC
PEEKING INTO THE GROWING SAUDI FASHION & LIFESTYLE MARKET

On Board the Panel

LOCALLY BORN, READY FOR THE GLOBAL SHORES
A LOOK INTO THE THRIVING HOMEGROWN ECOSYSTEM

On Board the Panel

THE CX DNA
CUSTOMER BEHAVIOR AND CUSTOMER JOURNEYS

On Board the Panel

THE DYNAMICS OF E-COMMERCE IN KSA

On Board the Panel

United Electronics Company (Extra) has entered a commercial alliance with Panda Retail Company (Panda) for a period of ten years, under which Extra will manage the electronics and home appliances department in Panda markets under the Clix brand.

BinDawood Holding Company received an honorary shield from the General Authority for Competition, for being one of the first companies to obtain a compliance certificate in the Kingdom of Saudi Arabia.

Beside Group has announced the opening of two new boutiques of the iconic Parisian fashion house – Longchamp, across the Kingdom! The first boutique opened its doors in Riyadh Park followed shortly by another beautiful store in Jeddah’s Red Sea Mall.

WEBROOMING verb

/webrʊmɪŋ/

Antonym for showrooming this concept refers to the practice of researching for products online before heading to physical stores to make their purchases. It’s a great strategy for ensuring you get the best deal and understand what you’re buying before committing to the purchase..

10 Sep

06 Aug

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03 Sep

KSA 17 (30 July)

KSA 16 (15 July)

29 April

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15 July

24-March

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22-jan

14-jan

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