Technology will also expedite the actual growth of new players

Technology has altered our world and daily lives over the years. Furthermore, ageing technology has provided incredible tools and resources, placing vital knowledge at our fingertips.

Multi-functional devices such as the smartwatch and smartphone have been made possible by modern technology. Computers are becoming quicker, more portable, and more powerful than they have ever been. Technology has made our life easier, faster, better, and more enjoyable as a result of all of these revolutions.

The Retail Summit 2022, is a global content-led event being held at the Atlantis, The Palm, Dubai from March 14-15.

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance attended its opening today.

The event was also attended by Hamad Buamim, President and CEO of Dubai Chambers; Gary Thatcher, CEO and Co-Founder of The Retail Summit; and Marc Howard, Director, and Co-Founder of The Retail Summit along with more than 800 participants from around the world.

According to Hamad Buamim retail e-commerce market of UAE will reach a record value of US$8 billion by 2025.  He said huge opportunities are rising in the industry for Retailers.

He told Khaleej Times that huge changes in consumer behavior can be witnessed these days. They have all the knowledge they need regarding their wants and their expectations also have changed. They expect better service, faster service, and cheaper prices.

He also added about the technology that it will be the base that will bring new players into the market and, in some cases, out those companies that have been in this industry for a very long time.

According to Euromonitor, in 2020, the UAE retail e-commerce market reached a record value of $3.9 billion, 53 percent higher than 2019.

The market is customer-centric and technology-driven now, it is a key technology that can make or break a business is data analytics.

Buamim said that Data analytics is a powerful tool that can be used to meet customer needs by looking at their past purchases or their preferences.

“There is an opportunity for businesses to leverage data to drive customer behavior.”

There is no doubt that technology will continue to transform our lives in the future. In a few years, everyone may have access to self-driving automobiles, and factory robots will be commonplace. Future technology will undoubtedly affect our lives in incredible ways, but for now, we’ll focus on the many ways technology is already changing our lives.