Saudi Arabia has set ambitious targets for its economy under its Vision 2030 plan, with a focus on diversifying the economy away from oil and gas and fostering new industries. One sector that has been identified as a key growth area is retail, with the 2030 vision in retail aimed at transforming the sector by 2030.
The 2030 vision in retail aims to increase the contribution of the retail sector to the country’s GDP from 5% to 20% by 2030. To achieve this goal, the Saudi government is focusing on four key areas: digitization, local manufacturing, enhancing the customer experience, and empowering women in the sector.
Digitization is a key focus of the 2030 vision in retail. The Saudi government aims to increase e-commerce sales from 3% to 20% by 2030, making it easier for consumers to shop online. The government is also encouraging retailers to use advanced technologies such as artificial intelligence, virtual reality, and big data analytics to enhance the customer experience.
Local manufacturing is another area of focus for the 2030 vision in retail. The Saudi government aims to increase the production of locally made products to 50% by 2030, reducing the country’s dependence on imports. This will create new jobs in the manufacturing sector and boost the economy.
Enhancing the customer experience is also a key focus of the 2030 vision in retail. The Saudi government is encouraging retailers to invest in innovative store designs, better customer service, and new technologies to improve the shopping experience. This will help to attract more tourists to the country, boost retail sales, and support local businesses.
Empowering women in the retail sector is another key component of the 2030 vision in retail. The Saudi government is working to increase the participation of women in the sector by offering training programs, supporting women entrepreneurs, and encouraging retailers to create more job opportunities for women. This will help to increase the number of women in the workforce, boost the economy, and promote gender equality.
In conclusion, the 2030 vision in retail is a bold plan to transform the retail sector in Saudi Arabia by 2030. By focusing on digitization, local manufacturing, enhancing the customer experience, and empowering women in the sector, the Saudi government aims to increase the contribution of the retail sector to the country’s GDP and support economic growth. The success of this vision will depend on the willingness of retailers to invest in new technologies and processes, and the ability of the government to provide the necessary support and infrastructure to facilitate this transformation.
