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Middle-East Retail Giants join forces to capitalize on the rise of E-Commerce
A recent study has shown that online sales are still the key growth market for retail.
September 1, 2009 12:00 by Aarti Nagraj
In a week where US Technology Goliath Yahoo has bought core Middle-East portal Maktoob. Online sales showed a significant increase this year capitalizing on the return of consumer confidence across the Middle-East. Shoppers spent $8.2 billion online in July, 15.7% more than was spent in June and 16.8% more than July 2008. The driving force for the increase appeared to be the clothing, footwear and accessories sector, which showed growth of 18% month on month and 17% year on year, the latest IMRG Capgemini e-Retail Sales Index said. Retailers across Middle East are predicted to sell $90 billion in goods and services online in 2010, up 37% from last year. Retail Giants will join forces in Europe at the iStrat program this October to capitalize on the growth of the Online Dollar.
Visionaries such as Babs Rangaiah, Global Director Communications Planning Unilever, Rikke Wivel, VP Global Advertising and Media Monster, Michael Donnelly, Group Director The Coca-Cola Company, Michael Buck, Global Head SMB Online Dell, Sarah Evans, Head of Mobile Advertising O2, Thomas Marzano, Creative Director Phillips will be sharing the innovative steps they have all taken to drive value through online investments.
This meeting further illustrates the migration to new media for retail giants. The growth of Web 2.0 has lead to far greater opportunities for such retail giants outside to the obvious sales growth. With more of us sharing personal information online through sites like Facebook, Linkedin, MeettheBoss and Xing, companies can monetize online investment through analyzing consumption patterns, behavioral targeting, cost effective online product testing and having direct contact with the consumer.
Online is still the key growth market for the Middle-East and in the midst of a Global recession it seems to be the main focus for its retailers.