KSA’s e-commerce market to hit the $200-bn mark by 2030Internet Shopping, Sitting On Floor With Shopper Bags, Laptop And Credit Card
The Kingdom of Saudi Arabia (KSA) is positioned as a global leader in digital maturity with internet penetration exceeding 95%. Saudi Arabia is expected to reach ~$60 billion in digital economy sales by the end of 2023, consulting firm Redseer estimates, touching the $200-billion mark by the turn of the decade (2030).
KSA stands as a pivotal market, driving around 45% of the entire digital economy in the Middle East and North Africa (MENA) region. For perspective, the Kingdom is projected to surpass 20 million digital economy users by 2030. The impetus behind this growth includes a burgeoning population, robust government support and a flourishing entrepreneurial culture. Further, the rise of sectors such as online retail, foodtech and fintech, among others has contributed to the development of a resilient and sustainable startup ecosystem.
Interestingly, even though Saudi Arabia is a large country, the majority (>70%) of the online market is fuelled by cities such as Riyadh, Jeddah and the Eastern region. Both digital natives, including noon, Jahez, Hungerstation, Amazon, Careem and Tamara, as well as omnichannel operators such as Carrefour, Cenomi, 6thStreet.com and Centrepoint to name a few, have played pivotal roles in shaping KSA’s digital economy.
Looking ahead, Redseer anticipates the digitisation of the upstream value chain in sectors such as logistics, B2B sourcing and payment solutions. Having said that, challenges persist, specifically the limited demand for online services beyond large cities and the insufficient supply of a workforce to meet evolving consumer needs.
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