The Middle East market is gearing towards the adoption and implementation of disruptive technologies. As a result, many businesses have taken steps towards these digital developments to optimize organization practices, reduce incurred cost and meet customer trends and preferences. Furthermore, the launch of various smart government initiatives has also significantly impacted the retail landscape. These initiatives simplify the process of enhancing current or starting new organizations in the highly dynamic industry.
Growth and Impact of Big Data
The growth of technological advancements and market opportunities has enabled Information Technology (IT) to emerge as a vital organizational function. Statistically, corporate IT spending is expected to reach $973 billion across the Europe, Middle East and Africa region. As a result, firms have started to invest in developments such as Big Data Analytics and Artificial Intelligence to stay relevant in the highly competitive market. According to industry experts, Big Data Analytics will enable businesses to enhance product offerings and generate client satisfaction by more than 25 percent. As a result, the Big Data industry in the year 2019 is expected to grow by more than 20 percent.
The growth and inclusion of the Internet of Things (IoT) will significantly impact big data analytics. IoT assists retailers to seamlessly and accurately transfer the collected customer data across various devices. As a result, this technological advancement allows firms to incorporate smart initiatives for overall market success.
Despite the significant benefits of Data Analytics, over 65 percent of the business leaders are concerned about the influence of online threats on customer data. But with the launch of various cybersecurity measures and appropriate training, retailers can generate awareness, tackle online issues and promote privacy and security of organizational data.
Technological Advancements in Retail
Nowadays, customers are highly knowledgeable and rely on technology on a daily basis. According to a recent survey, over 50 percent of the customers prefer companies that offer personalized product offerings. Retailers can collect, process and utilize information on customer tastes and preferences to provide personalized products and services. According to research, over 70 percent of the business leaders consider data analytics as a critical element in organizational growth. As a result, within the next ten years, over 45 percent of the firms are expected to incorporate data analytics into their store infrastructure.
Retailers can also utilize the benefits of analytics to generate insights on customer purchasing habits and develop appropriate strategies to target various target segments successfully. Moreover, it allows businesses to differentiate themselves from competitors and offer customers more personalized shopping experiences.
Data has become a crucial element in driving overall industrial growth. Today’s, data-driven economy urges retailers to step up their game and utilize the opportunities presented by the advancement. In addition, they must also incorporate safety measures to protect data critical to the business. In order to introduce these developments, firms must remain at the forefront of innovations in the field of AI. Furthermore, they must always strive to work towards future-proofing the organization.
Written By: Binoy Matthew
Lead Code Architect