This report combines insights from research conducted on UAE consumers, businesses, as well as industry experts, to uncover how retailers can find the perfect balance between customer experience and business efficiency.
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Tipping point
Welcome to our annual retail report, where we analyze a full year of market data and consumer behaviors from the UAE to uncover the latest retail trends, identify challenges, and suggest solutions. In 2023, the UAE's economy and retail sector demonstrated remarkable strength, achieving its highest GDP growth since 2006, with a figure of $507.53 billion —a 22.29% increase from the previous year. What does this mean for UAE retailers? This surge in growth offers new opportunities to adapt and flourish as consumer habits continue to evolve. Boosted by a 19.4% increase in tourism in 2023, which attracted 17.15 million visitors, the potential for the UAE's retail market is at an all-time high. This report aims to identify strategies that enable retailers to stand out and succeed in this competitive market. As technology advances and customers expect more, the retailers who stay ahead will benefit the most. The key to success is meeting customer demands without introducing unnecessary complexity to your business, which poses the question: How can retailers win at both customer experience and operational efficiency?
How can retailers balance amazing customer experience with operational efficiency?
of UAE consumers will abandon a purchase if they can’t pay how they want
of UAE businesses that connect their backend systems reported increased sales
higher revenue growth is predicted in 2024 by businesses that know the majority of their shoppers
of consumers in the UAE feel more unsafe shopping today than they did 10 years ago because of payment fraud
Make buying easy
How do you offer a variety of great payment experiences without adding complexity?
The moment of payment, whether in-person or online, perfectly illustrates the line retailers must walk between efficiency and customer experience.
“When it comes to speed vs customer experience, finding the right balance is crucial. On the one hand, you want to get your customers through the checkout as fast as possible with minimal friction, and on the other hand, you want to sign them up to a loyalty program or have them engage with you in some way.” Holly Worst, Vice President of Retail, Adyen.
Payment technology can help, both in terms of ensuring a smooth experience and fostering further customer engagement. But, the payment landscape is evolving fast, with new methods and channels being added all the time. The challenge is to provide the best payment method and channel mix for your customers without weighing yourself down with too many complex integrations.
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Customer experience and business efficiency are often seen as opposing forces. However, our research finds that combining the two can unlock exciting growth opportunities.
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