Ramadan is a significant time of the year for Muslims, with many observing the month-long period of fasting, prayer, and spiritual reflection. For retailers in the Middle East and Southeast Asia regions with significant Muslim populations, this period can be a lucrative time, with an expected $150 billion in retail sales.
While Ramadan remains the best time to launch a new product/service, retailers should also be aware of the changing consumer landscape. Impulsive buying behavior has declined, and consumers are increasingly turning to community channels for product discovery. This presents an opportunity for retailers to engage with consumers through these channels and provide personalized recommendations and offerings Moreover, Consumer preference for social commerce is expected to be high while buying products online.
To unlock this discovery opportunity, retailers should focus on building strong relationships with their customers and creating a sense of community around their brand.