UAE Retail Business Grew in Revenue by 20%: Adyen Retail Report


According to a retail research report released by Adyen, a fintech platform, UAE retailers expect to grow by 20% or more in 2022 and with so many planning to invest further, that number could be even higher. 73% of UAE businesses grew in revenue by 20% or more, last year, across the retail, food and beverage, and hospitality sectors, which is more than the 67% growth witnessed at a global scale, the report claimed.

Adyen commissioned Opinium LLP to poll 1000 consumers and Censuswide to poll 200 businesses in the UAE, and economic modelling by the Centre for Economic Business Research (Cebr).

Sander Maertens, Head of Middle East for Adyen, said, “despite challenges as a result of the global pandemic, our research shows that UAE retailers have performed remarkably well compared to their global counterparts. Digital transformation and streamlined operations via improvements in online, in-app and in-store payments channels, along with supply chain and inventory management improvements, resulted in enhanced business performance, which drove up sales by 54%.”

Adyen’s research shows that technology will play a significant role in helping merchants reach and exceed their growth expectations. When businesses incorporate technology across their functions, linking operations with payments and customer experience, the proportion of UAE businesses expecting to grow by 20% or more increases to 84%.

The reports’ findings also include:

  • The majority of UAE consumers (83%) say they are more likely to shop with retailers that use technology to improve the customer experience
  • Only 23% of UAE merchants allow customers to easily return items purchased online at their physical stores
  • 66% of UAE businesses having invested in digitizing their operations to improve operations during the pandemic, which is 20% higher than the global average

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