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2022 was a year of great impact. But it also brought with it challenges and caused a big shift in people’s priorities.
There is a new urgency to net zero, health priorities continue to evolve, and customers continue to be brand skeptical, demanding brands that offer hybrid experiences and are purpose-driven. We have embraced this throughout 2022 while maintaining a deep commitment to understanding and meeting the needs of our customers.
We continue to expand our portfolio, especially online, launching seven new technology platforms, expanding into new geographies and entering new categories for the first time. Focused on omnichannel growth, this constant redesign of the customer journey enhances interactions across multiple touchpoints.
Keeping our customers at the center of what we do means we can’t ignore the anxiety brought on by economic inflation that has caused shoppers to reassess their spending priorities. Here we are starting to see the shit going from the “experience” economy to the “moment” economy.
Despite declining real spending, some categories such as cosmetics are experiencing double-digit growth globally.
This shows that there is still an opportunity to take bold action and deliberately bet on long-term growth. So we did just that. Majid Al Futtaim Lifestyle has moved into the beauty and skincare category through its recent partnership with iconic beauty leader Shiseido.
We also took the opportunity to expand our partner brands across borders by introducing CB2 into Saudi Arabia and expanding lululemon across the region and online.
The rising wellness trend has firmly established athleisure as a core fashion category and is therefore expected to see significant growth. In fact, after lululemon’s geographic expansion, it’s grown by a staggering 63% year-to-date.
Retail is a detail, not rocket science. We must remain opportunistic and flexible and respond to trends as they emerge.
Meanwhile, e-commerce continues to explode. In the UAE between January and September 2022 he increased by 34%, accounting for his 11% of total retail sales. In response, we are rapidly accelerating our digital presence, doubling his online revenue in 2022 alone, and predicting a further double in 2023. effect.
As such, we have built upon our brick-and-mortar proposition, opening 15 new stores in 2022. We recognize that the continued relevance of a “physical” outlet depends on its ability to serve its customers.
An experience that seamlessly blends the physical and digital with minimal friction.
Our own brand THAT concept store is a great example of this. Conceived as retailers that offer additional experiences beyond browsing and buying, customers can also use in-store smarts.
You can digitally request items to the fitting room, book a hair appointment via mobile app, or search our newly launched online platform.
What’s interesting is how all the touchpoints are interconnected. As customers use their phones to find product information, read reviews, and communicate with friends about purchases, mobile his devices have come to be seen as an extension of the brick-and-mortar store. The growing demand for transparency and engagement from retailers has resulted in us dialing up our social interactions.
As we look ahead to the year ahead, it’s clear that the moment will be the currency of the customer experience. Majid Al Futtaim will continue to focus on enhancing its omnichannel proposition across its operations.
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