Saudi Arabia E-Commerce Market (by Segments, Payment Methods, Device Types, Average Revenue Per Users, Penetration), Users, Major Trends, Company Analysis, Recent Developments - Forecast to 2026
発行: iGate Research Pvt Ltd
ページ情報: 英文 112 Pages
Saudi Arabia e-Commerce market is predicted to reach nearly US$ 24 Billion by 2026. The country has experienced a steady shift from offline shopping to online shopping in the recent past. Being the largest among the GCC countries, the Kingdom of Saudi Arabia has a population of over 34 Million. The population is highly urbanized as more than 84% of the country living in urbanized areas, with super-fast internet connections. With such an affluent population, Saudi Arabia is poised as an attractive market for e-Commerce offering huge potential for industry players. Moreover, Saudi Arabia has an overwhelmingly young and rich population as the country is ranked among the top 20 richest countries by spending power, the high-spending power of the country's citizens is a driving factor in the growth of e-commerce.
Realizing the potential of the e-Commerce market in the country, the Saudi Government has taken a number of steps to boost the market. The Saudi Ministry of Commerce and Investment ("MOCI") has introduced a new Electronic Commerce Law (the "E-Commerce Law"), effective as of 9th October 2019. E-commerce is recognized as one of the pillars of Saudi Arabia's Vision 2030 under the National Transformation Program and the government aims to increase the contribution of modern trade and e-commerce to 80 percent in the retail sector by 2030. Also, the Saudi Arabian government is planning an investment of over US$ 100 billion in the development of logistics infrastructure to boost ecommerce growth in the region.
On the basis of segments, the Saudi Arabia e-Commerce market is dominated by the Fashion segment. Availability of international brands and presence of trending products on such online platforms with varied offers and discounts are the major factors which have driven sales of fashion products on e-commerce portals. The demand for Electronics & Media products in Saudi Arabia is increasing at a rapid pace. The ability to compare product features, search for low prices and read reviews makes the web a good fit for electronic products. The growing number of real estate development, and increasing demand for residential property along with the governmental initiatives to develop socio-economic infrastructure is driving the whole Furniture & Appliances industry in the Kingdom. Personal Care products are no more restricted to being used on special occasions, but are gaining prominence as part of women's daily regimen. Moreover, backed by growing trend of workplace gender equality in the country, the women workforce is continuously expanding, which in turn, is aiding Saudi Arabia Personal Care products market.
Among the various methods of payment, Cash on Delivery is the most widely used method of payment by Saudi Arabian online shoppers. However, Cards and Wallets are expected to grow at the highest rate during the forecast period. During the past few years, several wallets that operate via smartphones were launched such as Apple Pay, Mada Pay, STC Pay, and BayanPay. While, Bank transfers as a means of payment are widely used by buyers who may not have credit cards or simply prefer to transact through a bank.
In terms of devices, Mobiles are the most preferred devices for online shopping as it held maximum share of the Saudi Arabia e-Commerce market. With one of the highest smartphone penetrations in the world, Saudi consumers are looking more towards their phones for product information and purchases. As technological savviness is rapidly growing due to the high mobile and internet penetration rates, a gradual decline in shopping via desktop is being observed in Saudi Arabia e-Commerce market.
iGATE RESEARCH report titled "Saudi Arabia E-Commerce Market (by Segments, Payment Methods, Device Types, Average Revenue Per Users, Penetration), Users, Major Trends, Company Analysis, Recent Developments - Forecast to 2026" provides a comprehensive assessment of the Saudi Arabia E-commerce Market.
This 112 Page report with 44 Figures and 7 Tables has been analyzed from 9 View Points:
iGATE RESEARCH employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. This report is built by using data and information sourced from Proprietary Information Database, Primary and Secondary Research Methodologies, and In house analysis by iGATE Research dedicated team of qualified professionals with deep industry experience and expertise.