E-commerce
Starting with a global perspective, the worldwide e-commerce retail sales are expected to reach nearly $7 trillion by 2024. The global forecasted growth rate for 2023 is 8.9%, bringing e-commerce sales worldwide to $5.9 trillion in 2023 to reflect a 1.8% increase from 2022.
The MENA region, which saw its market size reach $37 billion in 2022, is contributing to the overall projected growth, as the region’s e-commerce market size is estimated to reach $57 billion in 2026.
Multiple factors have contributed to this forecast including recovery from the pandemic, the region’s economic stability, modern infrastructural development, innovative technological advancement and several government-led initiatives. Furthermore, the rise of apps dedicated to easy and fast e-commerce services is proving to be a catalyst driving growth and digital usage.
Prior to the COVID-19 pandemic, MENA’s e-commerce sector was expected to reach $20 billion in value. However, the onset of a lockdown with heavy reliance on online shopping saw 91% of consumers in the region become digital converts. This more than doubled previous expectations to elevate MENA’s e-commerce value to $55 billion in 2020. What’s more, the UAE has been cited as the world’s fastest-growing e-commerce market not only in MENA region but across the globe.
Insights by B2B marketplace Tradeling.
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