As part of its Future of Luxury Retail Startup Incubation Program, Dubai Future Foundation (DFF) has launched a new, first-of-its-kind challenge to promote and support tech startups, by utilizing the latest technologies and innovations and contribute to the development of quality and innovative experiences for the luxury brand customers.
The program, organized by DFF’s Dubai Future Accelerators, will showcase ideas and innovative solutions for global entrepreneurs and startups to take the retail sector forward for global entrepreneurs and startups in collaboration with Switzerland-based luxury goods holding company Richemont Middle East, India & Africa.
Innovative solutions will be developed as part of the Luxury Retail Challenge through startups participating in Dubai’s Innovation Ecosystem Area 2071, which brings together the world’s brightest minds.
The challenge aims to redesign the luxury customer experience and enable Richmond to use modern technologies for data analysis, study customer behavior and interaction, as well as enhance communication through digital and traditional channels.
The solutions that emerge from this will contribute to the development of customized experiences that meet the needs of customers according to their preferences and will enable brands to improve the quality of their experience, develop marketing and sales strategies, and increase revenue in the short and long term. Entrepreneurs and startups wishing to participate in the challenge can register through the Dubai Future website.
“The Future of Luxury Retail challenge is part of Dubai Future Foundation’s efforts to strengthen partnerships with the private sector at the local, regional and global levels and to provide an opportunity for entrepreneurs and innovators to launch new tech-enabled solutions from Dubai.”
Mr. Al Jaziri further added that, “Retail is a key sector in Dubai, and the innovative solutions that will be developed at Area 2071 in collaboration with Richemont will help advance the sector, which can utilize the latest technologies to enhance Dubai’s position as a global hub for incubating, testing and developing innovations.”
For his part, Mr. Pierre Fayard, Chief Executive Officer at Richemont MEIA, remarked that “We are proud to partner with Dubai Future Foundation in launching this unique initiative in Dubai, which is considered one of the best global hubs in the trade, retail and shopping sectors, and a preferred destination for customers looking for a luxury retail experience.”
Entrepreneurs and startups can submit their entries before the last week of April 2022 in the Future of Luxury Retail Challenge, which began earlier this month. It covers Challenge 1 on the interactive product experience through in-store activations, and Challenge 2 on data-based personalization in interpreting insights into building customer relationships.
Launched in 2016 as part of the Dubai Future Foundation, the Dubai Future Accelerator program integrates a platform to shape the future of strategic sectors, incubate businesses, create economic value, experiment with future innovative solutions in Dubai and the UAE, and attract the best global minds to experiment with their innovative ideas.
The Dubai Future Accelerators Program, Area 2071 hosts a series of specialized workshops, meetings, and various professional and knowledge events. It also provides an opportunity to address various challenges by exploring, developing and utilizing future technologies.