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Online Retail Set for 95% Growth in the Middle East

Posted by trinda On April - 4 - 2013

Online retail sales are expected to grow by 95% in the UAE over the next five years, according to Euromonitor International.

The research shows rocketing sales online will be driven by consumers becoming more sophisticated and confident with online purchases in the UAE.

Internet retailing in the UAE will benefit from a “surge in consumer enthusiasm and confidence” to 2018, Euromonitor said.

“With Internet users in the Arab world tipped to reach over 170 million by 2016, Internet retailing in the region is clearly set for staggering growth,” he said.

Looking ahead, Euromonitor market research indicates Internet retailing in the region is expanding across other channels, with new products such as home care and DIY and gardening recently gaining their first significant presence in Internet retailing.

Players from the UAE have already started expanding elsewhere including Saudi Arabia where forecast growth over the next five years is 136%.

Euromonitor also said it expects this to be followed by huge expansion into other countries such as Egypt.

Payments firm PayPal said in November it expects to sign up to 25,000 merchants and capture 10% of the MENA region’s e-commerce customers in the next two years following the launch of its local operation.

PayPal, now available in seven markets across the Middle East and North Africa, has 1 million customers in the region but expects to grow “exponentially”, said Elias Ghanem, its regional chief.

This is a very important time for businesses to evaluate their current digital solutions and be sure they are meeting the demands of the changing market otherwise potential customers will be lost to other businesses. Add a digital solution to your business, bolt on a digital services to your existing business or have the ability to offer digital solutions and own your own business.

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