Vol 1 Issue 13
عربي SUNDAY, MARCH 17
Buy Now Pay Later has not only transformed the way consumers shop and pay but has also presented a myriad of advantages for businesses, creating a positive, self-reinforcing flywheel effect. In a recent report published by Tamara, it has been noted that Buy Now Pay Later stands out as the 5th most-used B2C payment method in 2022, both online and offline. In fact, the report also mentions that BNPL’s robust customer demand is expected to grow by an impressive 20% year over year, an increasing number of startups and established payment players are venturing into the space.
INNOVATION FOR GROWTH
Banking on the prospect of innovation Nine Soft Serve launches something new every ninth of the month. This is a big task and given the rising customer expectations.
To constantly innovate we always put ourselves in the customer’s shoe and try to anticipate what the customer wants by constantly engaging with them. Also bear in mind that the Saudi market is different, with every region the customer behaviour changes and that too month by month so we must be on top of our game to continue being a trendsetter.”
GROWING WITH CONVINIENCE
Customer expectations are evolving and listening to them to understand the need of the hour is important as it helps create the right strategy for growth.
Kitopi started off as a ghost or cloud kitchen model, enabling brands to scale up across the entire territory. The idea was born out of the pandemic, but we quickly realised that there’s more money to be made in this business, so we started acquiring brands. Now we have over 80 brands across the GCC, around 20 or so in KSA. Then we went on a journey of buying food and beverage companies. While our journey started as a tech powered startup initially, we have expanded the approach all the while balancing tech implementation with customer expectations.”
“Local brands and homegrown entities have a huge potential; we have lived with the realities of international brands and already know their strengths. However, now it is time for us to shift focus to homegrown names to nurture them and help them grab the spotlight. The KSA government is aligning the ecosystem with the 2030 vision, shifting focus to homegrown names to nurture them and help them grab the spotlight. Owing to their size, normally these brands are misunderstood and not given the right space in the brick-and-mortar landscape and shopping malls will not allow them to take center stage. But it is time for us to recognize the potential of the homegrown ecosystem to give them wings of growth.”
Gucci Beauty recently opened their latest store at Riyadh Park. This new store takes up the total store count for the brand to 5+ in the Kingdom of Saudi Arabia.
Cenomi Retail, in a strategic move has shifted its attention to the Uzbekistan market. In a series of new agreements, the company has signed new deals and are looking to grow in the new markets in Uzbekistan.
Tamimi Markets Company – one of the leading chains in the consumer goods and retail sector in the Kingdom has recently completed the acquisition of Al Raya Supermarkets. They now have a 100% stake in Al Raya.
/kaʃrap/
This term refers to the primary checkout area in a retail store where shoppers proceed to complete their purchases. It’s where retailers install their Point of Sale (POS) Systems to process transactions. Cashwrap often include merchandising shelves strategically placed to encourage impulse purchases.
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