< Previous20 Vol. 25/09, August 2024 Retail How Gen Z and millennial consumers are shaping the future of retail BY GIAN PAOLO, CO-FOUNDER OF VISION INDUSTRY The retail sector has always been a dynamic arena, constantly evolving to meet the demands and prefer- ences of its consumers. However, the advent of Generation Z and millennials has catalysed a seismic shift in how retail operates, setting new standards for the industry that are as innovative as they are transformative. Considering the generation has grown up in an era dominated by tech- How Gen Zhe retail sector has alwaysnology, their comfort with digital tools has pushed retailers to innovate at an unprecedented pace. E-commerce, once a novel concept, is now a staple, with a significant portion of shopping moving online. This demographic expects seamless, omni-channel expe- riences where they can shop, interact, and engage with brands across multiple platforms effortlessly. Retailers like us are responding by investing heavily in technology, from ABE_2509_20-21_Retail - The Future_13345590.indd 2024/07/2024 17:48arabianbusiness.com 21 Retail Community and social influence play an important role in the purchasing decisions of Gen Z and millennials robust online storefronts to sophisti- cated mobile apps that offer personal- ised shopping experiences. Innovations like augmented reality (AR) fitting rooms, virtual try-ons, and create-your- own products in-store have emerged, enabling consumers to make more informed purchases without stepping into a physical store. The rise of social commerce, driven by platforms like Instagram and TikTok, allows users to buy products directly through social media, blurring the lines between browsing and buying. For Gen Z and millennials, shop- ping is not just about transactions; it’s about experiences. This shift in mindset has given rise to experiential retail, where the shopping jour ney is as important as the products themselves. Physical stores are evolving into inter- active spaces where consumers can engage with brands on a deeper level through events, cross-collaborations with brands that share values, work- shops, and personalised services. Pop-up shops, concept stores, and immer sive brand exper iences are becoming increasingly popular, offer- ing unique and memorable interactions that go beyond mere purchasing. This trend underscores the importance of building emotional connections with consumers, fostering brand loyalty in an age where options are abundant and attention spans are short. The demand for personalisation is another hallmark of Gen Z and millen- nial consumers. They seek products and experiences tailored to their indi- vidual preferences and needs. Retailers are leveraging data analytics and arti- ficial intelligence to deliver highly personalised shopping experiences, from product recommendations to targeted marketing campaigns. Subscription services and customis- able products are thriving in this envi- reviews holding significant sway over buying choices. This demographic values authenticity and relatability, often turning to social proof before making purchases. Retailers are tapping into this by engaging with influencers, creating user-generated content campaigns, and fostering online communities around their brands. This strategy not only drives sales but also builds a sense of belonging and loyalty among consumers. To sum it up, Gen Z and millen- nial consumers are not just reshaping the retail sector; they are driving a renaissance. Their preferences for technology, sustainability, experi- ences, personalisation, and commu- nity are setting new benchmarks that the industr y must meet to thrive. Retailers that embrace these changes and innovate accordingly will not only survive but flourish in this new era of consumerism, where the customer is not just king but a co-creator of their shopping experience. ronment, offering consumers the ability to tailor their purchases to their specific tastes and lifestyles. This level of custo- misation not only enhances the shop- ping experience but also helps retailers build stronger, more meaningful rela- tionships with their customers. Community and social influence play an important role in the purchas- ing decisions of Gen Z and millennials. Social media platforms are powerful tools for discovering new products and brands, with influencer and peer Pop-up shops are becoming increasingly popular, offering unique and memorable interac- tions that go beyond mere purchasing ABE_2509_20-21_Retail - The Future_13345590.indd 2124/07/2024 17:4922 Vol. 25/09, August 202422 Vol. 25/09, August 2024 ABE_2509_22-27_Cover story_13340503.indd 2224/07/2024 17:49arabianbusiness.com23 THE BUSINESS OF SIMPLICIT Y arabianbusiness.com23 At just 31, Abdulwahab Al Maimani has taken Oman and the world by storm. We sit down with the founder of Abdul Wahab Office for a masterclass in time management and business expansion, investigating his rapid rise and uncovering the true meaning of success. BY K ATE-LYNNE WOLMARANS ABE_2509_22-27_Cover story_13340503.indd 2324/07/2024 17:4924 Vol. 25/09, August 2024Vol. 25/0099, Augusst 220244 bdul w ahab Al Maimani is a man in a hur r y. It’s only 11am, b ut the 31-year-old taking Oman and the world by stor m has five meetings to cram in before his 5pm flight back to Muscat. From a transnational investment corporation, which has expanded into seven countries in just five years, the Abdul Wahab Office is fast becoming the playbook for how to start, run, and grow a business from scratch. Little wonder it has already secured a spot in the top five places to work in Oman, and contributed to the nation’s Vision 2040 plan, all in the span of a few short years. Wasting no time is a stable of the Al Maimani school of management: “The secret is time management. I delegate. I no longer attend meetings that do not provide any value to me or the client. I also use concentrated work hours. Everyone at Abdul Wahab Office works from 9am to 3pm. I do not attend many physical meetings. They are a waste of time. Most things can be done online. What would take an hour to discuss in person would take just 20 minutes online. No more, no less.” Al Maimani sure knows how to master his time in more ways than one – as well as building a mega business, he has two Master’s degrees – one in Industrial Engineering, and the other in Business Administration – he’s also the man behind the book “Business in Short,” which he wrote in just 24 hours. Despite his varied successes, Al Maimani’s journey has been no walk in the park. Reflecting on his initial foray into business when he was only in Grade 5 at school, he recalls, “The first thing I did was buy different types of toys at whole- sale from local grocery stores and resell them at school.” This early spark of business acumen continued in Grades 7-8 with freelance mobile phone programming. “I got my first cell phone, a Nokia N-Gage, in Grade 7 and started programming it. The phone broke after a week, so I moved on to the Nokia 6630. Programming wasn’t a daily activity, but it was my introduction to the world of technology,” he shares. During his university years, Al Maimani pursued a Bachelor’s in Industrial Engineering and transitioned from iOS to Android programming. In 2015, he founded Al Muhandis Integrated Ser vices, offering conference management and graphic design, marking a pivotal career moment. Two short years later, he had moved on into market- ing and events management, before turning his attention to renewable energy and techni- cal consultancies. Al Maimani’s no-fr ills approach to life and work could probably be must succinctly surmised by his brief foray into publishing. In 2019, he released his book, titled “Business Short,” a handbook to imple- menting business as a lifestyle, which is perhaps most accu- rately portrayed by its tagline – “Simplicity is the Ultimate Sophistication.” Business in Short champions the idea that simplicity is key to success ABE_2509_22-27_Cover story_13340503.indd 2424/07/2024 17:49arabianbusiness.com25arabianbusiness.com25 ABE_2509_22-27_Cover story_13340503.indd 2524/07/2024 17:4926 Vol. 25/09, August 2024 2011 — 2014 Focused on Android programming while pursuing a Bachelor's degree in Industrial Engineering "I diverted from iOS to Android, continuing this work until my graduation." 2015 Founded Al Muhandis Integrated Services, offering conference management and graphic design services "Al Muhandis Integrated Services was a turning point. It served my university and offered both paid and free services." 2015 — 2016 Led major student projects, gaining international recognition "I represented Oman at the UNESCO International Youth Forum in Paris and won the Best Student Project award at a conference in Malaysia." 2016 — 2017 Executed a large-scale government project for SME exhibitions "This project was a significant leap. I started with a capital of $600, but the project required $75,000, so I did crowdfunding to bridge the gap." 2017 Expanded into a group of companies: Kalima Marketing Services and Golden Leaf Events Planning & Management "We realised the need for specialised services, which led to the creation of Kalima Marketing Services and Golden Leaf Events Planning & Management." Opened an office in the UK and joined the Customer Success Council at GoDaddy "Expanding to the UK was a strategic move that opened up new opportunities." 2018 — 2019 Branched into renewable energy and technology "We ventured into the solar industry and technical consultancies, marking a new chapter in our growth." 2019 Launched Abdul Wahab Office and published "Business in Short" "I published 'Business in Short,' a book written in 24 hours, outlining key business concepts and their applications." 2020 Launched the first digital International Youth Forum and established a business centre “The digital forum was timely, coinciding with the onset of COVID-19, and it saw participation from over 70 countries." 2023 — 2024 Invested in raw materials, manufacturing facilities, and luxury products like Waqt Watches "Our focus shifted to investing in raw materials and first-stage manufacturing processes." 2025 Plans to mark a decade of business with significant milestones "We aim to accelerate our involvement in the energy transition, focusing on renewable sources and sustainable practices." A ttiimmeelliinnee ooff AAll Maaiimmaanii’’ss bbuussineessss jjoouurrnneeyy 26 Vol. 25/09, August 2024 ABE_2509_22-27_Cover story_13340503.indd 2624/07/2024 17:49arabianbusiness.com27aarabbiannbusinnesss.com Today, Al Maimani has moved on to the world of luxury products, launching Arabic-cal- ligraphy inspired timepieces under his new brand Waqt Watches. “Watchmaking is a passion. Since I have my Master’s in Industrial Engineering, I do enjoy the intricacy that comes with it. Watchmaking is an art. A science. We produce high-end, complex timepieces, including unique models with Arabic calligraphy and gemstones,” he remarks. With two Master’s degrees, it’s clear that education is important to Al Maimani. “You cannot remove education from success. Contin- uous self-improvement is key. Many influencers mislead people with oversimplified success stories. Real success comes from hard work, education, and practical experience.” In a plea to the next generation, Al Maimani said: “Do not be convinced that education is not important. Education is crucial. It is not just about formal education, but also continuous learning. The billionaires that you read about on those influential lists, they all read a lot and consult educated people. You don’t need a PhD to be clever, but you might need someone with a Master’s or PhD for specific, deep knowledge. Further education broadens your knowledge. It creates in-depth knowledge in certain areas, not just broadening your horizon.” This education does not need to be formalised. One example Al Maimani uses to illustrate this in action is Bill Gates, who famously dropped out of Harvard University to found Microsoft. “While he might not have a degree, Bill Gates never stopped learning. After estab- lishing Microsoft, he continued learning about new trends, technology, and programmability. If you bring him to a debate about technology, he will know how to answer it comprehensively.” Attributing his success to his love of educa- tion, hard work, and his ability to balance his personal and professional life, Al Maimani is less than impressed by the get rich quick life that seems to fill most social feeds. “Many current influencers focus heavily on mass consumption and fake news, often projecting different person- alities across various social media platforms. For instance, they may portray one persona on Twit- ter, another on Instagram, and yet another on Snapchat, while in reality, they might be intro- ver ted. This creates a misleading image of success based solely on materialism and social media presence.” “People will always want new toys, but they will always need the boring ones – like office spaces, pens – that’s where the money is.” — Abdulwahab Al Maimani He adds, “True success, however, should be measured by the positive impact one has on soci- ety, not by the superficial trappings of wealth. Many billionaires remain unknown because they choose to lead private lives, focusing on family and personal time rather than constant business engagement. This perspective shift that I had last year, helped me realise the importance of balanc- ing work with personal life. Now, I dedicate my working hours to business and reserve the rest of my time for family and friends.” A fan of “boring work”, Al Maimani believes that innovations require a purpose, else they will inevitably fail. “I’m not a fan of the word ‘entre- preneur’. Entrepreneurship is where it mixes with innovation-based processes, creating some- thing new and disrupting markets, creating something that was not seen before. Most of the time, the concept is not carefully thought out. I prefer boring work. For example, if you have a pen – all you need is a book and you are good to go. If you have a smart pen, you need a smart book. Why not release a device that caters to those who are visually impaired? It seems like a missed opportunity.” He adds, “People will always want new toys, but they will always need the boring ones – like office spaces, pens – that’s where the money is.” Speaking of money, Al Maimani explains that while he believes that monetary wealth can be seen as important, he feels that true wealth comes from time spent with loved ones, which led to the launch of his restaurant Hummingbird. “I own Hummingbird – it’s a fusion restaurant in Oman. We are involved in the entire supply chain process. It helps us ensure that what we serve is of absolute quality. So, rather than buying fruits, mixed vegetables, and meat produce, we set up our own farm in Oman – it’s about 300,000 square metres. We also own and operate a few cloud kitchens in Salalah and Muscat. We plan to expand globally soon.” Clearly, Al Maimani is a man with a vision that stretches across industries and lifestyles, but the key moment in his journey was criticism, not unbridled ambition, and a lesson that he plans to take into the future: “Someone once told me that no one would ever take me seriously unless I had white in my beard. I planned to prove them wrong. I believe I have, and I will continue to do so. I refuse to believe that age should be a defining factor of wisdom, or a deciding factor of some- one’s influence.” Waqt Watches produces high-end timepieces, which include models with Arabic calligraphy ABE_2509_22-27_Cover story_13340503.indd 2724/07/2024 17:4928 Vol. 25/09, August 2024 30 Under 40 / 30 Under 40 ABE_2509_30 under 40_The List_13341474.indd 2824/07/2024 18:36arabianbusiness.com29 30 Under 40 A rabian Business proudly presents its 30 Under 40 List, celebrating those who are redefining the business landscape. This list honours excep- tional leaders who embody entrepreneurial spirit and forward-thinking strategies, reshap- ing industries with their vision. The 30 Under 40 List brings together a diverse group of trailblazers from sectors such as technology, finance, retail, healthcare, and sustainability. United by their commitment to excellence, these individuals are at the forefront of trans- formative initiatives, pushing boundaries and challenging the status quo. Their achievements range from launching groundbreak- ing start-ups and implementing disruptive technologies to pioneering sustainable practices and leveraging data-driven strategies. Beyond their professional successes, these young leaders showcase resilience, determination, and adaptability, navigating challenges and seizing new opportunities. These remarkable individuals inspire and motivate, building bridges across generations and fostering a collab- orative, inclusive environment. Congratulations to all honourees; your extraordinary talents are shaping the future of the region. ABE_2509_30 under 40_The List_13341474.indd 2924/07/2024 18:37Next >