March 5, 2024
Business GCC Retail

Oliver Wyman consolidates its RCG practice in India, ME and Africa

87% of GCC customers are adopting an omnichannel approach

Global management consulting firm Oliver Wyman, a business under Marsh McLennan, has strengthened its Retail & Consumer Goods (RCG) practice in India, the Middle East, and Africa region by combining the company’s global expertise in transformation, development of retail solutions, and more with extensive local experience

This move integrates Oliver Wyman’s worldwide proficiency in transformation and retail solutions with local insight to offer strategic counsel for businesses looking to evolve and expand in the region.

The Middle East and North Africa (MENA) region, particularly the Gulf Cooperation Council (GCC), are witnessing rapid growth in the retail sector, driven by a youthful and affluent population with high digital consumption rates.

The boundaries between industries like retail, entertainment, hospitality, food, banking, and payments are increasingly blurring, transforming the sector.

Oliver Wyman’s analysis shows that 87% of GCC customers adopt an omnichannel approach, blending online and offline shopping.

Moreover, consumers expect personalised experiences to surpass global averages by more than 30%.

Joe Abi Akl, Head of India, Middle East, and Africa Retail and Consumer Goods practice at Oliver Wyman, highlights the emergence of ‘service clusters’ due to the parallel integration of offline, online, and omni-channels.

These clusters aim to meet evolving lifestyle needs, offering diverse services. Abi Akl suggests embracing this ecosystem approach could unlock a substantial revenue pool of $1 trillion across the MENA region.

Despite the promising outlook, Abi Akl acknowledges the challenges RCG organisations must navigate for consistent and sustainable growth.

These challenges include fierce competition, digitally driven disruptive business models, a complex regional regulatory environment, and a lack of economic integration across MENA markets. Overcoming these hurdles requires organisations to formulate well-defined growth strategies.

Oliver Wyman has more than 7,000 professionals worldwide who work with clients to optimise their business, improve their operations and risk profile, and accelerate their organisational performance to seize the most attractive opportunities.

Featured image: RCG organisations must navigate several challenges for consistent and sustainable growth. Image: Clay Banks

    Arnold Pinto

    Arnold Pinto

    Arnold Pinto is an award-winning journalist with wide-ranging Middle East and Asia experience in the tech, space, aerospace, aviation, defence, luxury watchmaking, business, fashion, and automotive verticals. He is passionate about conserving endangered native wildlife globally and protecting the world’s oceans from plastic pollution, overfishing, and climate change. Arnold enjoys 4x4 off-roading, camping and exploring global destinations off the beaten track.
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