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

The post UAE Retail Business Grew in Revenue by 20%: Adyen Retail Report appeared first on The Integrator.

Flat6Labs claims to have successfully nurtured 18 start-ups, that have cumulatively received over AED18 million in funding, in the previous two cycles of Flat6Labs Ignite — a specialized AED120 million seed program run in partnership with DisruptAD, ADQ’s venture capital platform, to support up to 60 start-ups in Abu Dhabi over three years.

“Flat6Labs in partnership with ADQ is here to support this thriving start-up ecosystem and the resounding success we have had over the first two cycles — which have seen companies like RemotePass and Dharma rapidly grow to become dominant players in their respective industries — is testament to the effectiveness of our program,” said Ryaan Sharif, General Manager at Flat6Labs UAE.

The mentorship offered to the start-ups over the course of the Bootcamp includes insight on creation of the minimum viable product/service, customer discovery, marketing, go-to-market strategy development, and financial modelling. In conclusion of this training, each start-up will have the opportunity to present its pitch to a Selection Committee comprised of Flat6Labs Management, ADQ’s representatives, veteran venture capitalists and top executives from the region’s leading enterprises.

The companies that are chosen by the Selection Committee will be eligible for seed funding of up to AED1.15 million, and follow-on funding of up to AED2 million. Furthermore, inclusion in the Flat6Labs Ignite program gives selected start-ups tailored support, mentorship, and access to ADQ’s considerable network and resources.

The post Flat6Labs Conducts Bootcamp to Select, Invest, and Accelerate Start-Ups appeared first on The Integrator.