The Middle East is on the cusp of a retail revolution. Driven by ambitious economic diversification plans and a growing young population, the region offers a dynamic opportunity for retailers and innovators. As consumer expectations evolve and reshape the industry, Fast Company Middle East’s Next Big Things in Retail summit, scheduled for 12th November in Riyadh, will serve as a crucial platform to explore and shape the future of retail in the region with a deeper focus on Saudi Arabia.

This event marks a significant moment for the region’s retail sector, bringing together industry leaders and visionaries to discuss trends, challenges, and opportunities defining the sector’s future. 

With over 300 global and regional retail leaders, innovators, and customer experience experts attending the summit, the agenda will explore the key trends shaping Saudi Arabia’s retail industry. 

A major focus will be Saudi Arabia’s Vision 2030 and its impact on the retail sector. Vision 2030 aims to diversify the economy, reduce oil dependency, and promote innovation across various industries, including retail. Retailers that align with this vision can leverage growth opportunities and attract global investments.

Discussions will also explore strategies for profitable growth and drive economic progress within the evolving industry. Key themes include harnessing digital transformation to improve operational efficiency and elevate customer engagement.

Additionally, sessions will examine innovations in point-of-sale (POS) systems, emphasizing the adoption of mobile POS solutions and omnichannel strategies that blend digital and physical retail experiences. 

Experts will also analyze the impact of dynamic pricing strategies on consumer perceptions and purchasing behaviors, providing insights into how retailers can strategically implement these approaches to enhance sales performance.

The summit will include discussions on the latest developments in contactless payments and cashier-less checkouts, utilizing sensors, blockchain, NFC, and biometrics to improve convenience and streamline transactions. Sessions will delve into strategies for converting satisfied customers into brand ambassadors through innovative loyalty programs and engaging experiences, highlighting the influence of word-of-mouth recommendations.

Also, there will be a focus on retail design innovation, emphasizing creating immersive store environments and transforming service teams to deliver exceptional customer interactions.

Participants will also explore strategies for regional retailers to thrive in the Middle East’s digital marketplace, adopt sustainable practices, and embrace a circular economy. Key topics will include automated customer service solutions, AI in retail, influencer marketing, and insights into Gen-Z consumer behaviors. Effective storytelling tailored for the Saudi Arabian market, leveraging cultural nuances to strengthen brand narratives, will also be highlighted.

Oliver Wyman, a leading management consulting firm, has joined as the official Strategic Partner. This collaboration brings together deep industry knowledge to empower retailers to succeed.

Regarding the partnership, Joe Abi Akl, Partner and Head of the Retail and Consumer practice at Oliver Wyman, India, Middle East and Africa, said, “This partnership comes at a critical juncture for the retail industry in the Middle East. With key retail trends such as the growing demand for personalization, the continued increase of omnichannel shopping, the rise of AI as a catalyst for transformation, and the blurring boundaries with sectors like entertainment, hospitality, and banking, it is essential for retailers to embrace bold change and balance cash generation and reinvestment in growth. Those who do will unlock significant benefits and seize lucrative opportunities. We are excited to be part of the Next Big Things in Retail summit, which will shape the future of retail in the region and provide valuable insights for retailers to navigate this dynamic landscape.”

The Next Big Things in Retail summit aims to empower retailers to navigate the evolving industry and remain competitive in a rapidly changing market by focusing on driving innovation and shaping strategic insights.

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