Digital disruption is rapidly transforming the GCC’s $308 billion retail sector, with research report revealing business-to-consumer (B2C) e-commerce market in the Middle East and Africa to grow 12.58% on an annual basis It is predicted that $116.8 billion in 2023.
“The medium- to long-term growth story for the B2C e-commerce industry in the Middle East and Africa promises to be compelling,” said a research report from Business Wire, a Berkshire Hathaway company. “B2C e-commerce is expected to grow steadily over the forecast period, registering a CAGR of 9.64% from 2023-2027. $ to $168.8 billion by 2027.”
New age consumer behavior is evolving rapidly. According to Carney, in the Middle East and North Africa (Mena) region, he expects mobile wallet usage to grow by 147% by 2025. Additionally, one in two of his consumers in the Mena region is enthusiastic about the Metaverse experience, suggesting retailers are looking at artificial intelligence and machine learning to improve the customer experience. I’m here.
“We’re doing a pilot test at Papa John’s Pizza. For this project, we captured multiple images of each pizza prepared and served at the store, and the software scanned the images to determine the size, ingredients, and size of the pizza. , which measures ingredients to show if they’re perfect: , toppings, and even the placement of pepperoni and other ingredients, to show if each slice has the same amount of toppings.”) recently held in Dubai. 2023.
By the end of 2023, the e-commerce market size in the Mena region is expected to reach $100 billion.
There are many opportunities waiting to be explored within the realm of the digital commerce ecosystem. All industries must take advantage of this untapped horizon to reach great heights. Customers are becoming more and more demanding for their connected experiences. That’s the power of the internet, it’s just going to diversify,” said ICS founder and convener Bhavesh Pitroda.
Hosted by IMAGES RetailME, the first ICS 2023 was built as a powerful platform to explore technological transformation, innovation and disruption across the e-commerce domain for several business categories. The platform also brought to the fore future opportunities for industry stakeholders to benefit from.
Commerzify founder and CEO Sudhakar Adakar said: Pivoting a big success story that deserves your attention. The good news is that these companies span every industry and are driving the growth of the category like never before. ICS helps connect these powerful companies with the enabler ecosystem, which makes the story even stronger. Additionally, it is very encouraging to see an enabler ecosystem that is piggybacking on technological advancements and is always ready to provide customized solutions for brands and businesses doing business on the Internet. ”
At the inaugural edition of ICS 2023, over 150 experts shared their knowledge and insights with over 500 representatives from 300 companies to discuss digital transformation and the growth of the e-commerce sector. Transformational and innovative approaches – changing consumer behavior and the way people shop.
Mohammed Imtiyaz, regional head of business development for Amazon Payment Services, said his company has seen a 35% increase in merchant acquisitions, now reaching 4,000. “Businesses understand the need to move quickly towards digitization and innovation in order to provide the best customer experience,” he added.
Consumers born in the late 1990s and early 2010s are the driving force behind digital payments, thriving on innovation, convenience, and seamless experiences, according to a recent report by Amazon Payment Services. However, it is the millennials born between 1981 and he 1996 who have the highest purchasing power.
Savola Group Chief Information Officer Piyush Chowhan said:
The study found that 51% of Generation Z in the United Arab Emirates use a digital or mobile wallet for daily payments, compared to 48% in Saudi Arabia and 43% in Egypt. In addition, 20% of respondents in the United Arab Emirates report using less cash, and 50% of Gen Z respondents say they exclusively use cards for transactions.
Consumer Industry – Retail Principal Tamana Padi said: The Mena region plans to build a $360 billion economy around the Metaverse in 10 years. Mena’s overall consumer is mature. ”
ICS participants covered the entire value chain of digital commerce business in Mena, India, Europe and the United States.
Justina Eitzinger, Chief Operating Officer, IMAGES RetailME, said: As consumers, industry and government stakeholders in the Middle East evolve, it is important to give them the best knowledge, information and insight to help reshape the industry in response to consumer demand. It is important. ”
To catalog the growth of this market, IMAGES Group Mena has released its first-ever e-commerce yearbook on March 17, 2023. This year, to celebrate the launch of this unique compilation, IMAGES RetailME dedicated the book to the domestic digital commerce ecosystem. Through this volume, the yearbook traces the growth of the region’s e-commerce landscape through the journey and success of Indigenous brands across multiple categories. The yearbook features his 100 home country names in the e-commerce domain, highlighting how he disrupted, set trends and created unique business models in each category. increase.
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