The retail market is growing more significantly with the establishment of e-commerce platforms which provide huge number of products without maintaining the huge inventory in the warehouse by retailers. The electrical retailing is prevailing in the recent trend with the increase in disposable income and growing urbanization and industrialization in the economy. The significant development in the technology of product making provide so many opportunities and make the product reasonable which lead the market growth more effectively and make the market more profitable and competitive. The busy lifestyles of the consumers is also driven the demand and make the market more efficient. Moreover, the suppliers of electrical facing challenges of storage but the effective introduction of e-commerce platform solved this problem very effectively as with this platform the retailer do not have to maintain the huge inventory and can attain the huge market share actively.
According to the report analysis, ‘ELECTRICALS RETAILING IN SAUDI ARABIA, MARKET SHARES, SUMMARY AND FORECASTS TO 2022’ states that some of the major key players which are currently functioning in this domain more effectively and can attain the handsome share which includes Jarir, AlNaghi, united Matbouli, Amazon, Saco, Al Sadhan, Emax, Axiom Telecom, Carrefour Hypermarket and several others. Whereas, Saco results the fastest growth supported by a growing store count and online sales meanwhile, Jarir is the main market leader which is supported by a growing store count and surging online store. A large young population, rising GDP, and significant increase in the wages in the economy will boost sales during the forecast period. Not only has this, the report also consist relevant information which include in-depth analysis of the new upcoming trends and new innovation, trends in consumer shopping, consumer insights, covering the factors driving shopping and market dynamics with the qualitative and quantitative insights of changing retail dynamics in electrical sectors.
Saudi Arabia retail market is forecasted to increase at a CAGR of 7.3% during 2017-2022 with the significant increase in adoption of latest electronic gadgets set to operate sector sales. Whereas, the specialists lose sales to the online channel due to the competitive pricing but the online sales is increasing more significantly due to growing internet penetration and ease of shopping. Moreover, the players are providing so many applications on the online channels which include chatbots, wishlists, and several others. The key players are also exploring the novel opportunities that allow to align product offering and making so many strategies & policies for meeting the demand by analyzing the wide economic and population trends, key consumer and technological trends which influencing the electrical market. Moreover, the establishment of online retailers the electrical retailing in Saudi Arabia is surging efficiently and the effective strategies and policies are made by the key players for forecasting the demands of the consumer and to enhance the product applications which can meet the demand of the respective buyer of the electrical. Therefore, in the coming years it is expected that the electrical retailing in Saudi Arabia will grow more significantly over the decades.
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Ankur Gupta, Head Marketing & Communications