UAE is aiming to embrace business growth for 2021 leaving the past year where the Pandemic created havoc in the world. Businesses are back to Normal following strict Covid-19 Protocols.
There is growing market confidence due to the launch of the Stimulus package initiated by the UAE Government and Central Bank.
Also, with the availability of Vaccines to curb the spread of the Pandemic, the business scenario in UAE is showing a positive outlook in 2021.
Changing Consumer Behaviour – A Challenge & Opportunity for most Businesses in UAE
Consumer Behaviour globally has drastically changed over the past year due to the Pandemic. Online Marketing and Shopping Carts saw unprecedented traction due to the Governments imposing lockdowns and people not stepping out for buying things due to the pandemic.
On the flip side, many industries witnessed downtime and have to cut down on staff especially the airlines, tourism, retail sector, as most people stayed indoors.
Business Challenges & Opportunities
Businesses have a challenge as well as an opportunity with more consumers adopting the online channel. The challenge is that companies must be technology ready and available to serve customers in the online space.
The Opportunity is the wide scope of the online world can be tapped effectively to expand business across geographies and find new customers.
Business Scenario in UAE
Sectors like tourism, hospitality, and international trade were greatly affected due to the Pandemic. These were the major growth drivers of the UAE. Both Oil and Non-Sectors across the world has a hit in 2020.
Businesses in UAE are anticipating a positive growth rate in 2021 with enormous Government support in the form of initiating the stimulus packages, managing the Covid-19 situation, implementing vaccination drives, and more.
Financial Experts in UAE Forecast a steady growth rate in all sectors once the pandemic gets controlled and life gets back to normal.
Also, with ‘Expo 2020 scheduled for the end of 2021, it throws hope for a total market revival as more tourists and visitors will start arriving in UAE to participate in the show.
How are Businesses in UAE Getting Equipped to Sustain and Grow?
Companies in UAE are all set to scale up and grow. To tap the new opportunities amidst a crisis such as Covid-19, technology adoption seems to be a crucial strategy every business is heavily relying on.
With most of the services moving completely online, it helps people to experience things at an ease and by being at the comfort of their homes.
From Banks to Grocery Delivery, to pharma companies, all have an active digital presence and help customers with satisfying their requirements.
There are some ‘New Normal’ Trends shaping up as more companies are moving to the digital space.
1. Sustainable Businesses
Many businesses especially in retail, aviation, tourism, etc., were on the verge of closing down, or downsizing; this is where a sustainable business model comes into action.
In UAE, with the Government Support and Banking Network’s financial assistance, these companies were turned around and business strategies were restructured so that the companies could run with a lean ecosystem.
Also, with the investors ready to fund the ailing companies in the form of crowd-funding, incubators, venture capitalist funding, etc., will help in sustaining the business ecosystem in the region.
2. Working Remotely
Working remotely is a productive and cost-efficient strategy for most industry sectors. Sectors such as IT, Marketing, Trading, Services, etc., where employees can work on their own and coordinate with the team online without the requirement of physical presence.
3. Restructuring of Food & Beverage Sector
The Food & beverages sector is one of the worst-hit by the pandemic. However, the demand is still on track. Online food delivery and aggregator apps are on high traction due to their convenience. There is a huge business opportunity for investors in the F &B sector.
Concepts like virtual kitchen, organic food delivery, home-cooked items, etc., are receiving likes among the digital consumers.
4. Adoption to Financial Technologies
The digital payment industry is on a surge as more businesses are moving online and the payment methods are changing from traditional cash-based transactions.
Also, the bank is moving to complete digital services via the app, website, and chat facilities. The modern technology of contactless payment, Artificial intelligence, blockchain, etc., is making the banking sector more efficient and user-friendly.
5. Customer Service
Customers are the center of any business. There must be constant measures to enhance customer service in the digital and offline world to keep customers delighted.
Brands must adopt a hybrid strategy for customer service to deliver personalized attention when communicating with the customers.
6. Technology Adoption
For the brands to stay completive in the modern world, technology adoption is essential. Businesses must have the certain infrastructure in place to be actively present in the digital space and serve customers better.
So, with companies getting ready for the transformation by giving importance to the employees like never before, servicing clients efficiently, etc., are positive signs of market recovery. Businesses are transforming their operation by bringing in new changes to the working environment.
Read more about “How Businesses in the UAE are Scaling Up After the Lockdown?“.