In response to the surging growth of the retail industry in the Middle East and North Africa (MENA), Oliver Wyman is fortifying its Retail & Consumer Goods (RCG) practice in the India, Middle East, and Africa region. This strategic initiative combines global expertise with localized experience, providing tailored guidance to businesses aiming to transform and flourish in this dynamic market. The move is a strategic response to the burgeoning retail industry in (MENA), particularly across the thriving e-commerce landscape of the Gulf Cooperation Council (GCC) countries, fueled by a youthful and affluent population and high digital consumption rates.
Experts from Oliver Wyman highlight the sector’s transformation, driven by the blurring boundaries between retail, entertainment, hospitality, food, banking, and payments. An analysis conducted by the firm indicates that consumers in the region increasingly seek an omnichannel and personalized shopping experience. Notably, 87% of GCC customers utilize online and offline channels for shopping, demonstrating a growing trend.
Joe Abi Akl, Head of India, Middle East, and Africa Retail and Consumer Goods practice at Oliver Wyman, emphasizes the emergence of ‘service clusters’ due to the parallel integration of offline, online, and omni-channels. These clusters, responding to the evolving lifestyle needs of customers, could contribute to a substantial revenue pool of USD1 trillion across the MENA region.
Despite the growth potential, Abi Akl acknowledges challenges that RCG organizations must overcome, including intense competition, digitally-driven disruptions, complex regional regulations, and a need for economic integration across MENA markets. Developing the right growth strategy becomes imperative in navigating these challenges successfully.
