Research Konnection is one of the leading market research companies in Dubai that assists local and international companies to set up or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Development. Feel free to reach out to us on hello@researchkonnection.com
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Restoring Ties with Qatar will positively Impact Gulf Economy
- January 7, 2021
- Posted by: Waqas Siddiqui
- Category: Insights
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UAE Focuses on Achieving Zero Oil in GDP in the Next 50 Years
- October 29, 2020
- Posted by: Waqas Siddiqui
- Category: Insights
UAE Focuses on Achieving Zero Oil in GDP in the Next 50 Years
With COVID-19 pandemic bringing unprecedented challenges to people and the economy, the UAE government aims to diversify its economy by having zero oil dependency on GDP and refining policies in a bid to grow non-oil based sectors and facilitate investments in them.
Achieving Zero Oil Dependency in the Next 50 Years – UAE
UAE is aiming to become the first country in the world to achieve zero contribution of oil on its eGDP over the course of next 50 years. The country aims to enhance the investment opportunities in industries such as Information Technology (IT), Artificial Intelligence (AI), Blockchain and Robotics. In addition, UAE is also focusing on strengthening its position as a regional leader in finance, logistics, infrastructure for energy and other services which would help achieve the zero oil contribution to GDP.
Impact of FDI on Economic Diversification
Foreign Direct Investment (FDI) plays a critical role in the economic growth of UAE with the country leading the region in 2019. One of the major reasons for the increase in investments was the FDI law that was enacted in 2018, which opened up the UAE market to investors in certain sectors and relaxation of foreign ownership restrictions for 122 business activities. These initiatives cumulatively increased the FDI 52% reaching AED 50 billion (USD 14 billion) in 2019 compared to 2018.
Furthermore, the digitalisation strategies and promising business relations implemented by UAE has placed it 16th on World Bank’s Ease of Doing Business list. UAE will continue to refine its policies that will maximise competitiveness, increase collaboration and provide opportunities for FDI in a bid to achieve zero oil contribution to GDP.
Key Emerging Sectors
The Covid-19 pandemic has had a significant impact on FDI in UAE, it is estimated that the investments might start recovering by the year 2022. Some of the major segments that will see an increase in investments are e-Commerce, IT, Innovation, Healthcare, Manufacturing, Retail and Food & Beverage (F&B). Similarly, the emerging sectors that would see an increase in FDI are Communication Networks, Artificial Intelligence, Blockchain, 3D Printing and Machine-to-Machine Communication.
Research Konnection is one of the leading market research companies in Dubai that assists local and international companies to set up or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Development. Feel free to reach out to us on hello@researchkonnection.com…
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Importance of Business Plan Development for Entrepreneurs & Startups
- October 24, 2020
- Posted by: Waqas Siddiqui
- Category: Insights
Importance of Business Plan Development for Entrepreneurs & Startups
A majority of entrepreneurs and business owners do not believe in writing a business plan unless they are seeking external funding. Often excited with the idea or consumed in the thoughts of starting their business as soon as possible, they fail to understand the importance of making a business plan or doing market research to ascertain business success. Consequently, more than half of the businesses fail during the first five years of operations.
Some of the major reasons for new businesses to fail can be attributed to not properly investigating the market, understanding consumer need & demand and evaluating the business potential. Other reasons include failing to create a business model and business execution plan.
For any entrepreneurial venture, either upcoming or existing, a business plan should be considered as a critical document and therefore the benefits could not be undervalued. Some of the major benefits of creating a business plan are as follows:
Market Research
A business plan can be used to double check critical aspects of a business such as the existing market conditions, competition, cost of goods sold, sales drivers and revenue projections. A market research company could support in assessing market conditions and potential. The need for market research is even more important to assess the impact of the ongoing COVID-19 pandemic on business and economy.
Business Modeling & Strategy Formulation
Based on market research findings, a business model and plan can be devised and implemented. Furthermore, market research can also help in formulating and implementing a business, operations and market strategy.
Setting Priorities & Pivoting
A business plan helps in setting priorities with respect to business growth, operations and financial health. Additionally, a business plan is used as a document to pivot and revise priorities as the business evolves, matures and gets exposed to external factors (political, socio-economic, technological, environmental & legal).
Better Financial Planning
A business plan helps in computing the finances required, forecast cash flows, project cost, expenses and revenues. The plan also helps in understanding the investment required, profitability and return on investments. Managing cash flow is highly critical for any business and many entrepreneurs / business owners fail to understand the role of financial planning before and during business operations.
Risk Management
A business plan helps in identifying risks (i.e. economic, market, competition, end-user, demand & supply etc.) in initial stages. Likewise, the business plan also helps in periodically tracking different risks associated with a business (at present & in future) and helps with taking action to mitigate and treat them.
Obtaining Funds & Investments
A business plan is a must requirement for serious investors, venture capitalists, angel investors and lenders. The business plan not only reflects the passion of the entrepreneur / business owners along with the future growth, but also indicates the level of seriousness and professionalism.
Research Konnection is one of the leading market research companies in Dubai that assists local and international companies to set up or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Development. Feel free to reach out to us on hello@researchkonnection.com…
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UAE Announces 33 Initiative Strategy to Support Economy & SMEs
- October 22, 2020
- Posted by: Waqas Siddiqui
- Category: Insights
In an effort to contain and reduce the impact of the COVID-19 on the economy, the UAE government has taken several measures including allocation of flexible stimulus budget amounting to AED 256 billion (US$ 70 billion) and initiating the first phase of UAE’s “33-Initiative Strategy” to help recover the economy and draw investors in.
UAE’s 33-Initiative Strategy
On October 18th 2020, Under the leadership of UAE’s Ministry of Economy Abdulla bin Touq Al Mari; pioneered the first phase of 33-Initiative Strategy” for recovering and accelerating the country’s economic growth. With the support of 12 ministries, federal and local entities, a strategic plan aiming to provide immediate provision for business sectors and the economy through 15 major initiatives are being implemented initially. The six tracks of the plan include creating a new economy, opening of new markets, financing support, stimulating tourism, attracting talent & stimulating innovation.
The first phase is designed to generate a balance between the public health and economy, while the second phase plans on bringing support to accelerate economic recovery and the third phase will offer integrated support for vital sectors creating a development path for the economy and future.
Impact of 33-Initiative Strategy on UAE’s Economy
Implementing the first phase of “33-Initiative Strategy” is a good head start in ensuring that UAE’s economy recovers from the impact of the ongoing COVID-19 pandemic by providing support to SMEs in increasing their sales, providing accessibility to finance, latest technology and digital applications. While supporting the business activities of the SMEs, it will also focus on enhancing opportunities for advanced industries and critical sectors such as tourism, & hospitality, healthcare, IT, retail, etc.
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The Importance of Business Model in Entrepreneurship
- October 22, 2020
- Posted by: Waqas Siddiqui
- Category: Insights
The Importance of Business Model in Entrepreneurship
A Business Model is critical for the growth and success for every business and it needs to be created by entrepreneurs or startups that are planning to start a new business or expand an existing one.
Often undermined, a business model is essential for the success of any venture and requires careful planning and research to understand the market and consumer dynamics. A major advantage of business modelling is that it supports in realistic evaluation of any business idea and its potential.
Furthermore, the potential of any business idea, product or service can be validated by conducting a market research study. The research findings of market study can equip in better understanding the market dynamic and consumer demand, eventually helping entrepreneurs in formulating a Market Entry Strategy and Business Plan.
In the aftermath of COVID-19 pandemic and global economic slowdown, it is imperative to create a well-researched business model before investing in a new business while for an existing business it is equally important to modify and re-assess market conditions.
Some of the key elements to consider before creating a business model includes but not limited to assessment of market, competition, consumers, supply chain, value proposition, resource availability (human, financial and technical). A market research company can be hired to prepare a comprehensive market and financial feasibility study inclusive of business modeling and plan development.
Research Konnection is one of the leading market research companies in Dubai that assists local and international companies to set up or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Development. Feel free to reach out to us on hello@researchkonnection.com…
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Importance of Conducting a Feasibility Study
- October 15, 2020
- Posted by: Waqas Siddiqui
- Category: Insights
Importance of Conducting a Feasibility Study
A feasibility study is conducted in order to examine if the proposed business idea or venture can be applied practically in a highly volatile and unpredictable market. With almost all the industries seeing a radical change due to the COVID-19, the need to conduct a feasibility study before setting up a business has increased. It provides a head start for the business and streamlines it, saving time and money. The key function of a feasibility study is to assess and evaluate whether it is financially feasible to invest in a business / venture etc.
There are several reasons why a feasibility study is conducted.
Conducting a feasibility study helps in determining if the proposed business / venture can sustain itself for a long term and endure different kinds of risks (economic, financial, market etc.) that may incur. It can help identify the changing consumer requirements in a post-pandemic situation and provide insights on the additional services to be provided to satisfy the consumer needs. Feasibility study also helps in identifying business opportunities and/or potential threats that can hence enable business owners, investors and companies make informed decisions.
A feasibility study (market research) is usually conducted when business owners, investors and companies intend to establish or expand new business / venture in either an existing or new market.
There are several key components of a Feasibility Study which are often combined with a Business and Financial Plan.
- Business / Venture Overview
- Economic Overview (Assess socio-economic conditions and GDP growth rate etc)
- Market Overview (Assess industry size, trends, growth and potential)
- Impact of COVID-19 on the Industry
- Post COVID-19 Situation
- Competition Overview (Evaluates major competitors, market share and positioning)
- Consumer Overview (Assess needs and demands of consumers)
- Business Model Overview (Location / Licensing / SWOT / PORTER Analysis)
- Operations Overview (Management Structure / Controls / Production / Supply Chain)
- Marketing Overview (Market Segmentation / Target Audience Profiling / Marketing Plan)
- Investment Overview (Cost & Revenue Projections / Profitability / Return on Investment)
- Opportunities & Risks
- Recommendations
Research Konnection is a market research company in Dubai that assists local and international companies to setup or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Developments. Feel free to reach out to us on hello@researchkonnection.com…
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Why Market Research Matters
- October 13, 2020
- Posted by: Waqas Siddiqui
- Category: Insights
Why Market Research Matters
COVID-19 has impacted almost all the sectors and has made the market highly volatile and uncertain. The unpredictable conditions have further increased the need for conducting market research to be highly critical for the long-term success of any business. Organisations that fail to conduct market research tend to drown. Though some organizations conduct internal research, they tend to lose sight of the consumer market research that is required for the growth of their business.
There are several reasons why market research is considered to be of top priority for businesses in the post Covid-19 scenario.
Changing Needs of the Consumers
The consumers needs are changing at a rapid pace and are adapting themselves to the post pandemic market. Organizations are required to understand the changing social / economic dynamics and incorporate significant changes in their products / services to retain their customers and stay in business.
Market research can help the organizations identify the changing dynamics and provide strategies that will help prioritize consumer needs.
Prioritizing Consumers as a core to Business
Businesses are greatly influenced by the agendas, brand priorities and internal politics. It is necessary to understand that customers are much more important and they must be placed before anyone else.
Market research provides an opportunity to understand the expectations and demands of the customers. It also helps in continuously monitoring our progress in meeting these demands.
Focusing on Consumer Needs
Businesses today have a tough job multitasking, often playing many roles within their organisation. With the help of a market research exercise, organisations can identify what is most important to their customers and also help in prioritizing and maximizing time and efforts effectively.
Identifying lucrative Growth Opportunities
Organizations that specialize in conducting market research often tend to identify opportunities and prioritize them based on the highest revenue potential. It provides clear insights on strategies and plans that should be adapted and are well suited for business growth.
Keeping up with Current and Future Trends
Organisations that conduct market research have an advantage over their competition, as they are able to better adapt to current market conditions and changing consumer trends. The insights on consumers can be obtained by regularly conducting market research, also helping organisations to devise and/or modify short and long-term business strategies.
Minimizing Risks
Market research provides insights on several dimensions such as market (growth & trends), products / services, consumers and competition. The market research also allows organizations to understand potential opportunities and risks and take actions subsequently to minimize and mitigate risks.
Research Konnection is one of the leading market research companies in Dubai that assists local and international companies to set up or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Development. Feel free to reach out to us on hello@researchkonnection.com…
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The impact of millennials on UAE Fashion Industry
- August 20, 2020
- Posted by: Jivika Tulsiani
- Category: Insights
The Impact of Millennials on UAE’s Fashion Industry The revenue from the United Arab Emirate’s (UAE) fashion industry was estimated at AED 4.3 billion (USD 1.2 billion) in 2019. The values were expected to reach AED 5.3 billion (USD1.45 billion) in 2020. However, the COVID-19 pandemic has led to a decline in sales of most in-store retailers by nearly 50%. Consequently, e-Commerce has taken the center stage in UAE with the most significant consumers that contributed towards the growth of the fashion industry were millennials (29.2%). As a result, many fashion retailers in the UAE are becoming digitalized due to the increased demand from the millennial consumers. According to estimates, UAE millennials on average spend between 4.5-6.5 hours browsing social media and over 51% of them make their purchases online. NAMSHI, AWOK, NOON, Brands For Less and 6th Street are some of the most popular fashion e-Commerce retailers in the country. In an increasingly emerging trend, it has been witnessed that millennials prefer online shopping as it is convenient, easy and affordable compared to in-store shopping. Also, due to access to smartphones and WiFi, over 60% of millennials in the UAE research, read reviews, compare prices before purchasing a product. Moreover, businesses also understand the importance of social media influencers and their role in influencing purchase decisions of millennials. For instance, 63% of millennial consumers are more likely to buy a product which has been recommended by a social media influencer. Huda Kattan, Joelle Mardinian and Ola Alfares are some of the popular social media influencers in the UAE. In addition to technological advancements, millennials also expect a personalized experience from fashion brands. Recently, luxury fashion marketers have evolved their marketing strategy as they understand that millennials are no longer interested in the brand name alone but also consider the consumer experience provided by brands. Furthermore, due to the rising awareness of the environment, many millennials expect brands to be sustainable. Therefore, there is a spurt in the growth of sustainable brands in the UAE such as ATTUALE, The Luxury Closet but also fast-fashion retailers like H&M and Zara have become more sustainable. Overall, the millennial consumers are shaping the UAE’s fashion industry to become digitized, sustainable and also leverage e-Commerce platforms to effectively reach out to the target audience in UAE as they realize that online presence is key for success and growth in UAE. Research Konnection is a market research company in Dubai that assists local and international companies to set up or expand businesses in Dubai, Abu Dhabi and UAE. At Research Konnection, we specialize in Market Research, Feasibility Studies and Business Plan Developments. Feel free to reach out to us on hello@researchkonnection.com…
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Research Konnection’s Founder Reflects on the Company’s Success
- July 8, 2020
- Posted by: RKonnection
- Category: Insights
Research Konnection’s Founder Reflects on the Company’s Success
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Importance of Market Research in Post COVID-19 Pandemic - Duabi (UAE)
- May 11, 2020
- Posted by: Waqas Siddiqui
- Category: Insights
Importance of Market Research in Post COVID-19 Pandemic