Dubai Future Foundation [DFF] has announced the launch of a new, first-of-its-kind initiative in the region to encourage and support tech startups to participate in a special challenge to utilize latest technologies and innovations and contribute to the development of a quality and innovative experience for luxury brand customers.
The challenge is part of the Future of Luxury Retail startup incubation program, organized by Dubai Future Accelerators, an initiative by DFF, in collaboration with Richemont Middle East, India & Africa [Richemont], provides the opportunity for global entrepreneurs and startups to showcase their ideas and innovative solutions to advance the retail sector.
The innovative solutions will be developed as part of the Future of Luxury Retail challenge by participating startups at Area 2071 – the innovation ecosystem in Dubai that brings together the world’s brightest minds.
The challenge aims to redesign the luxury customer experience and help Richemont utilize modern technologies to analyze data, study customers’ behaviors and engagement, and enhance the communication through digital and traditional channels using innovative methods.
The solutions will contribute to the development of customized experiences that meet the needs of customers in line with their preferences, and help brands improve the level of their experiences, develop marketing and sales strategies, and enhance revenues in short and long term. Entrepreneurs and startups wishing to participate in the challenge can register via www.dubaifuture.ae/initiatives/future-design-and-acceleration/dubai-future-accelerators/challenges/
Abdulaziz Al Jaziri, Deputy CEO of Dubai Future Foundation, said: “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.”
He added: “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, Pierre Fayard, Chief Executive Officer at Richemont MEIA, said: “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.”
The Future of Luxury Retail challenge launched on March 21, 2022, and participating entrepreneurs and startups can submit their entries before April 26, 2022, 11:59 pm GST. It encompasses challenge 1 on interactive product experience through immersive in-store activations, and challenge 2 on data-driven personalization on interpreting insights to build customer relationships.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation, launched the Dubai Future Accelerators program in 2016, as part of Dubai Future Foundation to provide an integrated global platform for shaping the future of strategic sectors, creating economic value based on incubating and accelerating businesses and future technological solutions, and attracting top global minds to test and implement their innovations in Dubai and the UAE.
The Dubai Future Accelerators program organizes a series of specialized workshops, meetings and various professional and knowledge events at Area 2071 and provides an ideal opportunity for cooperation to find solutions to various challenges by exploring, developing, and utilizing future technologies.