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As Saudi Arabia advances towards achieving Vision 2030, the beauty industry emerges as a pivotal player in the Kingdom's journey towards economic diversification and societal evolution. This transformation extends beyond mere economic reforms, encompassing a broader societal shift towards enhancing quality of life and fostering a vibrant community. In response to this, the beauty sector has witnessed a surge of interest and investment, driving a wave of innovation and expansion.

As we continue to explore the rapid proliferation of advanced AI systems, the emergence of powerful technologies like generative AI (GenAI)and the prospect of artificial general intelligence (AGI) present both; immense opportunities, and intricate challenges for enterprises across sectors. While these cutting-edge AI systems hold the potential to revolutionize operations, drive innovation, and unlock new frontiers of productivity and efficiency, it is crucial to acknowledge that this powerful technology comes with its own sets of risks and complexities that demand a strategic and risk-conscious approach.

While AI has been around for decades, ChatGPT and other GenAI models have brought about a paradigm shift across industries. As we have recapped during Part 1 of this article, GenAI demonstrates the ability to generate human-like text, images, and other forms of content which has led to a surge in interest and investment in AI and its potential applications across industries.

The fashion industry, particularly the fast fashion segment, is known for its rapid changes and the constant need to adapt to shifting consumer preferences. In recent years, the move towards online shopping has become a pivotal force of change, challenging companies to evolve quickly or risk losing market share.

While risks like job losses or misuse of personal data are valid concerns, history shows that technology has created more jobs than it destroys. Just as automation in manufacturing led to increased productivity and economic growth, AI can elevate human capabilities and enable new opportunities. It does not seem far-fetched to envision AI will be an intrinsic part of the solution — helping in how the workforce will be trained, offering an array of opportunities for those displaced, etc.

In this article we share all the relevant information that will excite international companies in the consumer and retail space about the opportunity in the Middle East and North Africa (MENA) region. Our FJX research and advisory team provides a compact analysis with insightful facts and statistics to illustrate why this region is ripe for business expansion.

As the retail sector veered towards technology, I observed the integration of automated systems (e.g. in inventory management or CRM). A key challenge was ensuring technology remained centered on the consumer.

Discover how OKRs can serve as your compass in the business landscape by guiding alignment, fostering measurable results and cultivating an environment of collaboration and steady growth.