Technology has been evolving faster than ever today and so are consumers. While existing business models are still playing catch up, new business models are emerging rapidly to cater to this widening gap. As both traditional and online businesses are getting disrupted and challenged, the recipe to success is no longer a clear formula. The fundamental pillars of retail – assortment, engagement, experience, channel & fulfilment, may still be the same but digitization has certainly disrupted each of these pillars. We aim to shed light on some proven trends that have created value in the recent years, such as leveraging data and AI or Connected Commerce, as well some promising upcoming ones, such as the Metaverse, that players in MENA retail industry should pay attention to in order to survive disruption. Further, we would like to share our perspective on what are some fundamentals that businesses can anchor themselves on today as they look to pivot towards the future as well as some common challenges & pitfalls to avoid on this long journey ahead.
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