Experts across the retail sector anticipate a positive rebound in the market as consumer spending rises and new customer behavior and preference trends emerge daily.
Retail companies succeeding today recognized that the business model has changed tremendously, and that they must continue to establish new visions, particularly with new sustainability plans in place.
GMG, a global wellbeing company, is one of those that diversified its portfolio to keep up with the new trends in the sector.
Speaking to TRENDS, Mohammad A Baker, Deputy Chairman and CEO, GMG, shared his thought about the new trends overtaking the industry and the shift in customer behavior.
“Segments like e-commerce are booming across nearly every category. What has emerged in 2021 is a more robust omnichannel model that leverages the digital innovations of recent years,” he said.
“Consumers today are not looking for just products when they come to a store or browse online; they are looking for an experience, and that is what the retail community has long excelled at delivering.”
Healthier and more active lifestyles
Consumer preferences have shifted dramatically in recent years. A growing interest in health is spreading to a variety of new industries.
Active-lifestyle retailers have figured out what it takes to hook consumers.
For Example, GMG has introduced into its markets more than 120 brands that promote healthier and more active lifestyles through four business verticals.
These verticals come together under a purpose-centric vision for GMG to inspire people to win in ways that make the world better.
According to Baker, this move was made to create better products and experiences to improve people’s lives.
“We know that consumers, communities, and governments all across the world are working to achieve sustainable development goals that are typically based on personal wellbeing,” he said.
“As a result, we’ve redesigned our company to reiterate our mission of promoting healthier and more active lifestyles.”
Recently, the company started various local wellbeing brands, including the prominent Middle-Eastern region’s sports retail chain Sun & Sand Sports, healthcare sector brand Supercare Pharmacies, and the food products brand Farm Fresh.
“We recognize that the industries in which we work are undergoing considerable change, whether because of climate change, fast digitalization, or other factors. Resetting a new purpose-centric vision for GMG made sense within this dynamic global environment. It is not just about the sustainability of our own business, but also of the communities we serve,” said Baker.
GCC wellness sector
GMG’s new approach is in line with the rapid growth of the GCC’s wellness sector.
GCC governments have established several measures targeted at raising awareness of healthy lifestyles.
The Health & Wellness Food & Beverage Industry Outlook for Saudi Arabia and the United Arab Emirates in 2020 research stated that the UAE and Saudi Arabia account for around 85 percent of the GCC’s health and wellness market.
The UAE cabinet has approved the National Strategy for Wellbeing 2031, which aims to make the country a world leader in quality of life by implementing a variety of strategic objectives and actions.
It has 14 components and nine strategic purposes, including improving people’s well-being by supporting healthy and active lifestyles, good mental health, and positive thinking.
And then, various projects and programs are ongoing in Saudi Arabia, such as My Saudi Wellness, which is dedicated to improving individuals’ lifestyles by developing healthy living habits.
Baker explained that the Quality of Life program, which was launched as part of the Saudi Vision 2030, mainly addresses many of the areas in which GMG operates as a company.
For example, the company is already working with public and private sector partners in the kingdom, such as the Saudi Sports for All Federation, to encourage physically active and healthy lifestyles.
“Improving people’s lives through active living, nutritious food, and good health has no boundaries. From an industry perspective, that is where we are directing our future investments as part of our new corporate strategy,” said Baker.
“We continue our work as a large startup firm that doesn’t believe in the impossible and is always eager to move forward and seek out more intriguing chances.”