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Nearly All Saudi Gen Z & Millennials Will Be AR Users By 2025
A new white paper by Snap Inc and others reveals how immersive tech will transform the retail industry in Saudi Arabia.
Snap Inc, the owner of Snapchat, has partnered with PwC Middle East and Retail Leaders Circle (RLC) to commission a white paper entitled, “The shift towards immersive shopping: New opportunities for retailers in KSA”.
The study (which you can find here) focuses on the evolution of the typical Saudi consumer and how shoppers now desire more immersive retail experiences. The paper points out that businesses must embrace digital and hyper-responsive AR experiences as the backbone of their marketing strategies rather than simply adding to traditional methods.
Right now, a significant gap exists between the perception of AI by consumers and brands, with 94% of brands viewing AR as being primarily for fun, whereas only 53% of consumers view it the same way.
Not only that, by 2025, it is estimated that around 75% of people worldwide will be frequent AR users. And almost all of the Gen Z and Millennial population of Saudi Arabia will use the technology frequently.
As Saudi shoppers demand ever-higher levels of convenience, Artificial Intelligence (AI) will play a leading role in the future of retail, enabling hyper-personalization, real-time behavioral dat, and analytics to offer the right promotions and tailored messages to customers in real time.
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“Over the years, we have seen AR evolve from being just a mode of entertainment and self-expression to delivering true value for consumers and businesses. AR is already transforming the industry and is slated to metamorphose every shopper’s journey in the near future. Today, as we ponder the future of retail, it’s time to be agile and adapt wholeheartedly to the latest in commerce,” says Abdulla Alhammadi, Regional Business Lead for KSA Market, Snap Inc.
In a world where online shopping is focused more on product rather than the consumer, Snap Inc’s report shows us a retail future driven by customer self-expression. According to Snap Inc, AR can “showcase products, push creative boundaries, drive real sales, and help reduce returns.” The company also highlights that “250 million people already engage with AR on Snapchat each day, and Snapchatters now play with AR more than 6 billion times a day on average”.
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Lebanon Ministers Meet Visa Over National Digital Payment Platform
Finance and technology ministers say a comparative study and roadmap will follow before any decision on adopting a model.
Lebanon’s finance and technology ministers met representatives from Visa last week to discuss a proposed unified national digital payment platform for government services, according to a readout from the Ministry of Finance.
The meeting brought together Finance Minister Yassin Jaber, Minister of State for Technology and Artificial Intelligence Kamal Shehadeh, a Visa delegation, and experts from both ministries. Discussion focused on whether Lebanon could establish a single platform through which citizens and institutions would pay taxes, fees, fines and other official transactions electronically, using mobile phones and other digital channels.
The Visa delegation presented examples from countries that have adopted unified government payment platforms, including the United Arab Emirates, Singapore, Estonia and Jordan. According to the readout, the examples were presented as having increased collection rates and expanded financial inclusion.
Talks covered settlement mechanisms, direct transfer to the treasury account, financial reconciliation, risk management, cybersecurity, fees, and an operational model that would involve the private sector. The parties agreed to continue technical and institutional consultations, prepare a comparative study, and develop an implementation roadmap before any decision on adopting a model for Lebanon.
Jaber said the Ministry of Finance had already enabled citizens to pay using credit cards and e-wallets through transfer companies, but described the proposed platform as a further step. He framed the development of electronic payment and collection systems as a priority within the ministry’s modernization plan.
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Shehadeh outlined the citizen-facing concept as a single mobile application through which users could settle obligations to ministries, government institutions and other bodies.
“The idea, in short, is that any citizen downloads an application on their mobile phone, through which they can pay all service obligations for all ministries, government institutions, or those owned by the Lebanese state, and others as well, as the platform is not limited only to state institutions,” he said.
Shehadeh added that the platform would not displace banks and money transfer companies that currently provide collection services to the state, calling it complementary to their work.
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