Latest News- Retail Market in Saudi Arabia: Non-food retail is expected to lead the Type segment during 2025-2029
The Retail Market in Saudi Arabia is being driven by Economic diversification under Vision 2030
The Retail Market in Saudi Arabia is expected to grow at a CAGR of 7.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 64.6 billion. In the dynamic retail market of Saudi Arabia, technology plays a pivotal role in enhancing consumer engagement and driving growth. Retailers harness advanced technologies such as AI and data analytics to gain valuable insights into consumer behavior, enabling personalized marketing strategies, targeted promotions, and enhanced customer service. The integration of technology in e-commerce platforms facilitates seamless transactions, secure payment options, and efficient order fulfillment, catering to the burgeoning demand for online shopping. Meanwhile, physical retailers leverage technology to create immersive in-store experiences through interactive displays, augmented reality applications, and smart shelves, providing customers with a more engaging and efficient shopping environment.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Type (Non-food retail, Food retail) Distribution Channel (Bakalas, Super markets, Hyper markets, Online) Geography (Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Retail Market in Saudi Arabia Research Report
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The grocery retail sector in Saudi Arabia has undergone significant evolution, with strategic developments shaping the market. A Customer Perception Map reveals shifting customer preferences towards specialized shopping experiences, with channels focusing on efficiency, innovation, and digital investments. Fragmentation persists, but scale and high-quality fresh products are key differentiators. Retailers offer premium experiences, unique assortments, and high-quality products to cater to diverse customer segments. Pricing capabilities, excellent service, and efficient supply chains are essential for success. Value specialists and high-quality offerings continue to shape the competitive landscape.
The retail market in Saudi Arabia is a significant segment of the global broadline retail industry, which encompasses companies generating revenue through discount merchandise, department stores, online retailers, and marketplaces selling consumer discretionary items. According to Technavio, this market's size is determined by the revenues of Internet retailing service providers, third-party online platforms, door-to-door retailers, department stores, and other general merchandise businesses, including those offering online marketplaces for consumer goods and services. Key growth drivers in the global broadline retail sector include the increasing use of advanced mobile devices and high Internet penetration, enabling consumers to access on-demand products and services online. In the context of the Saudi Arabian retail market, these factors contribute to evolving customer perceptions, diverse shopping experiences, and the expansion of retail channels and operations, leading to market fragmentation.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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