Page 34 - June 2021

RLI RETAIL INSIGHT

Growth Hidden in Value

After a tumultuous year that has been unlike any other for many
industries, Toufic Kreidieh, CEO & Co-Founder of BFL (Brands For
Less) Group spends some time here highlighting that growth is still
there for many companies, but that it is hidden in what consumers now
put value on during these unusual times.

he pandemic may seem like all doom and gloom with most uncertainty of jobs and business. However, when they can still get
businesses around the world continuously experiencing their most-loved brands at competitive prices, customers will not
a slow down or reeling under the pressure to revamp hesitate to spend, knowing that it is a wise buy.
Tbusiness strategies overnight. However, all is not lost if
we begin to study what consumers value at this time and make the How to sustain e-commerce growth?
immediate transition to effectively deliver their needs. With the huge turnover on e-commerce, building a fulfillment centre
When the footfall in brick-and-mortar stores decreased following solely dedicated to online orders could be a smart move, especially if
the implementation of lockdowns, it was a natural response for the sales growth is speaking in volumes. This will help prepare the
retailers to move towards e-commerce and open shops online either retailer to keep up with the momentum and fulfill customers’ needs in
to enhance their presence or to kick-start their digital journeys. It no time. Investing in technology such as robotics is worth it if it brings
is true that investments in technology are non-negotiable but also, a more efficient and faster turnaround. Accuracy in products delivered
it is important to reflect on existing business practices and re-align to customers is another reason to invest in modern technologies,
priorities, considering the new reality. because a wrong order can lead to a very dissatisfied customer,
possibly gone forever.
Revisiting business strategies amid crisis Apart from ensuring the continuity of operations, it is also
The trend in e-commerce has already been growing in the Middle necessary to ensure customer satisfaction. There are several ways to
East even prior to the pandemic and while it is now essential for every achieve customer satisfaction and setting up a well-defined customer
store to have online presence, it is not the only factor to succeed experience strategy can lead to higher customer satisfaction rates
and achieve remarkable growth. E-commerce in Middle East, Africa and increased revenues. Ensuring the safe delivery of packages to
and South Asia regions is predicted to grow by USD148.5bn by 2022. customers on the heels of the pandemic outbreak, for instance, is
However, when the pandemic hit, the Arab Gulf region alone saw a there one thing consumers are very particular about, and so making
214 per cent year-on-year increase in cross-border online sales by sure this is met with great caution opens the door for a repeat order.
mid-2020. Whether in traditional or online shopping, customer satisfaction
With these figures, it may seem too attractive to pour the must be the top priority, and innovative approaches to serve them are
investments in this emerging sector. However, retail companies highly appreciated by customers. Even as digital operations gain pace, a
can still launch an ambitious expansion strategy that both serve the high percentage of customers in the UAE and other Arab Gulf nations
traditional offline shoppers and the online market. The necessity of the are now returning to offline shops. Given a chance, with safety in mind,
traditional offline shopping should not be underestimated, especially customers in this part of the world still want to see the real thing when
in the Middle East markets. Rather, it is best to explore the value of it comes to shopping.
both worlds on how they are serving customers at this time and what Lastly, having a dynamic structure and innovative approach is what
unique propositions they can truly give to shoppers. will keep your business alive and enhance its growth. Being able to
As an off-price retailer, BFL Group has a wide range of customers show to your customers your excellence amidst difficult times is a rare
and took advantage of the unique value offered to them. In a time chance in life. Remain ambitious and optimistic about the future. The
of crisis, consumers would naturally restrict spending especially with journey has just begun and there is a lot more to come.

34 RETAIL & LEISURE INTERNATIONAL JUNE 2021