Turning Qatar Micro and Small Scale Vendors to Online e-Commerce Players

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Digital Transformation is overturning enterprises internationally and the retail sector, once resistance to waves of disruption, is now colossal weight following the rise of e-commerce. Beside guidelines that are not especially positive for online organizations, the Qatar population is skeptical of online shopping due to poor buying experience in the past, concerns about the online payment and delivery deficiencies.

Online Explosion

The online expansion will become a necessity to meet customers evolving demands and to stay significant in a changing market environment. Bricks and mortar players can't fulfill new customer needs in the future, especially in Qatar. This prompts extensive travel to shopping centers which are frequently stuffed and hard to shop with kids.

Around three-fourths of online shoppers are 18 to 34 years old and they mostly purchase household and electric goods.
Qatar’s online retail market is still in the embryonic stage. It has only barely penetrated the online retail market.

Qatar’s Vision

Qatar Development Bank was established to grow Qatar’s private sector and diversify its economy. Now, Qatar Development Bank is a centerpiece to achieving the Qatar National Vision 2030. Qatar Development Bank worked with a large number of Qatari entrepreneurs and enterprises, providing financial and non-financial support to both fresh startups a well-established as well as SME’s. In the days to come, embracing our national responsibility. QDB will continue to empower the nation’s citizens to take advantage of the most recent flood of economic globalization and evolve Qatar’s economy.

Qatar Development came up with an initiative to bring the small and medium-sized enterprises online, and this is where we came in. We've designed and developed a multi-vendor ecommerce website MATAJERCOM for Qatar Development Bank, which is a free platform for small to medium-sized enterprises to establish and drive their products.

They had one thing in mind, and that was to improve the national economic development cycle by providing local entrepreneurs, small and medium-sized ventures with a wide range of financial & non-financial, promotional, developmental, and advisory products under one roof.

Under the initiative, micro-business owners can utilize the services offered by different entities to grow their business and create an impact on the overall economic development of Qatar. The initiative empowers business owners to access information and resources, to develop and sustain their businesses.

The following support was provided by QDB to micro, small and medium-sized enterprises :

  • Direct and indirect financing, with a special emphasis on local businesses operating in industries, deemed vital for Qatar’s diversification push, namely: manufacturing, healthcare, education, tourism, agricultural, livestock, fishing, and services sectors.
  • Business support through the provision of initiatives and services associated with real estate development and housing loans to citizens.
  • Enhancement of technical skills and capability.
  • Promotion of Qatari exports.
  • Provision of matchmaking opportunities domestically and globally.

Benefits

Some of the benefits of the e-commerce site provided initiated by QDB were :

  • Availability of subsidized services and benefits through QDB and initiative partners to grow the business.
  • Access to an online portal to upload and sell products.
  • Large audience reach.
  • Increased access to retailing networks to sell the businesses products in established supermarkets and other retail stores/outlets.

THE TAKEAWAY

Micro businesses are the engines of growth for Qatar’s business community. Operating a business at home has its perks - flexibility and convenience. Existing and potential micro-business owners can maximize their chance of success by registering with the initiative and availing the benefits associated with it. QDB along with its partners help micro-businesses to achieve this objective.

by Excrin

Future of e-Commerce in the Fashion Industry

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What is the future of e-commerce going to look like? That's the question brands need to be asking themselves If they want to stay ahead. Although brick-and-mortar stores still hold the greatest piece of the overall industry, in reality, they are losing ground, while online stores are gaining it.

E-commerce market share has been growing at a fast rate, and valuations of online retail players are a lot higher than those of traditional retail companies. Major advancements are expected to be seen in e-commerce over the coming years.

Think about this, online shoppers have plenty of options. What separates one brand from the other?

The demand for custom and one of a kind experience is only constantly rising. Convenience is expected now more than ever before. How will this look on me and what could I pair this with? Technology enables brands to convey instinctive experiences to customers.

FASHION E-COMMERCE WEBSITES ARE A COMPLETELY DIFFERENT PLAYGROUND

While being beautiful and mesmerizing, fashion e-commerce is an extremely competitive online business. To stand out from everyone else, knowing customer needs and using several tools of the trade of both fashion and online commerce business is absolutely necessary.

Some things to be taken into account to stay ahead of the competition:

  • Immersive and interactive experiences
  • Attentive service features
  • Viewing products in 3 dimensions, VR, AR, and Mixed Reality.

Smartphones, tablets, smart tv’s and smartwatches can play a huge part of all online retail sales. The future looks increasingly portable and multi-device.

AI WILL BE THE NEW NORMAL

Machine learning in retail is on the rise, so it’s no surprise that AI is becoming an integral part of technology in the apparel industry. Companies like Amazon, Alibaba, Myntra and a few others have already implemented the technology in different areas of the chain.

Here are some of the ways that artificial intelligence is transforming the future of fashion.

1) Manage inventory :

Machine learning algorithms use historical data to make predictions which helps retailers know how much stock to maintain to keep the business moving.

2) Connects with customers :

Virtual Stylist helps shoppers find the right fit, rise, and stretch that's best for them. The chatbot uses processing technology to reply to customers.

3) Tailor recommendations :

By gathering and analyzing purchase data, brands can better predict customer preferences. Using this information alongside AI and machine learning, fashion retailers can create clothes that customers want to buy.

4) Reducing returns :

AI can help personalize the shopping experience, leading to making more informed purchases. In addition to elevating the customer experience and satisfaction, this reduces the return rate.

5) Search experiences :

Visual search makes it easier for shoppers to discover and purchase the products they want. Simply snap and upload a photo of the product, then AI identifies the pictured product across several sites. Another type of search would be voice-driven search using NLP (Natural language processing).

CLOSING THOUGHTS

It’s clear that the fate of fashion will be molded in large part by advancements in AI and machine learning technology. Retailers will probably keep using artificial intelligence to increase efficiency, save on costs, and, at last, create a top tier shopping experience for customers.

It's important to stay updated when it comes to changes in the e-commerce landscape.

by Excrin