How big is the e-commerce market potential in this Middle Eastern country?
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Like other industries around the world, e-commerce has significantly changed consumer behavior in the retail industry’s business model. However, this megatrend still offers great potential for industry players in the Middle East and North Africa ( MENA ) region. In the Gulf Cooperation Council ( GCC ), several factors have made the region an attractive destination for e-commerce investments – high per capita income, well-developed logistics networks, and high internet penetration. The widespread penetration of social media has also contributed to the rise of e-commerce in the region. In Saudi Arabia, the vast majority of people are active on social media. As of January 2023 , the UAE has the highest social media penetration among the selected countries and regions. Bahrain and Qatar follow closely behind with social media penetration rates of 98.7% and 96.8% respectively . As of early 2023 , the global social media penetration rate is 59.4% . Nigeria, Kenya and Ghana have social media coverage rates far below the global average. Active social network penetration in selected countries and regions as of January 2023. Data source : Statista.com Saudi Arabia’s e-commerce market Saudi Arabia is the most populous country in the Gulf Cooperation Council ( GCC ) with a tech-savvy and growing young population, making it a key market player in the MENA region. By 2020 , approximately 90% of the population will have access to the internet. These factors have boosted the popularity of e-commerce among the population, with approximately 80% of active internet users in Saudi Arabia engaging in online shopping, the same percentage as in China. As a result, the e-commerce market is one of the largest in the MENA region and is expected to continue to grow. Internet penetration rate rankings of countries in the Middle East and North Africa in 2020. Data source : Statista.com Consumer Behavior While the COVID-19 pandemic has hit businesses around the world, e-commerce has seen tremendous growth. Saudi Arabia is no exception, with e-commerce sales expected to grow. Not surprisingly, the pandemic has impacted Saudis’ consumer behavior, and some trends are here to stay. More consumers are turning to online shopping when it comes to buying groceries. The current environment presents an opportunity for brands to develop new customer relationships and add value to existing ones. |
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