We have set sail into 2022, and we brace ourselves for challenging yet exciting opportunities that will come our way. Covid-19 and its evolving variants will remain a central variable as we steer through. It is reasonable to predict that the longer the pandemic lasts, longer will be disruptions in ocean supply chains, and freight rates will continue to stay exceptionally high.
Keys to Success in 2022
We can already foresee supply chain issues, port congestions, driver issues, product shortages, and inflation. While the direct impacts of the pandemic may ease in the next quarter, we must prepare ourselves for the secondary effects. The global responses to these secondary effects of the pandemic may exert long-term impacts on supply chain functioning. Mitigating risks and responding with speed would determine our success.
At the CSS Group, we have consistently overcome challenges and are well equipped to face them. With our cumulative experience and varied skill sets, I am confident we are positioned to reach our vision for 2022.
Pandemic and The Growth of E-Commerce
We have set ourselves to exploring and providing new services in new sectors, expanding our foothold in new domains. Our foray into e-commerce is one of the many ways we seize the opportunities this pandemic has created. Pre-pandemic, the ecommerce sector reached a value of $22 billion by 2020. The coronavirus pandemic was a defining event, forcing businesses to rethink brick and mortar commerce. As many companies shut shop, ecommerce buoyed several others. By the end of 2023, the ecommerce market is expected to touch $62 billion in UAE.
UAE’s Strategic Weekend Shift
The UAE’s shift in its weekend classification to Saturday and Sunday from January 1st has aligned the United Arab Emirates with global markets. This move will positively impact businesses with increased ease in making deals and trade with clients overseas. More foreign investments, property transactions and liquidity at the local stock markets, with higher consumer spending, will boost UAE-based businesses across various sectors.
At CSS, this is a stepping stone to better productivity. We will be able to serve our international clients more efficiently and keep our UAE operations aligned with the rest of our offices across the globe. Historically, since UAE began its trading week on Sunday, a holiday for international markets, the interest in local markets and liquidity was low. However, we are set to see trading volumes are likely to go up once trading hours become more aligned with International business days. This is a welcome move and reinforces the innovative and progressive leadership within the UAE as they continue to roll out pioneering strategies within the region.
Bill Gates, the American software mogul, and philanthropist, said, “Success today requires the agility and drive to rethink, reinvigorate, react and reinvent constantly.”
At CSS, agility and drive should be the force of momentum as we move into newer sectors and embrace the opportunities that come our way. I commend each of you to be champions of speed and innovation, energizing us to conquer greater heights.