Dublin, Aug. 21, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Ecommerce Market Report By Types (B2B Ecommerce, B2C Ecommerce) and Company Analysis 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia E-Commerce Market is forecast to reach US$ 41.59 Billion by 2032, up from US$ 11.79 Billion in 2023, with a CAGR of 15.04% between 2024 and 2032.
Driving forces for Saudi Arabia's E-commerce
Rising Internet penetration:With nearly 100% of the population using the Internet, Saudi Arabia is a developed country with a high level of Internet penetration. This is according to data from the World Bank. This suggests that many people are aware of internet purchasing, which fuels market expansion. The increasing popularity of internet-based services can be attributed to the developments in broadband, smartphones, and mobile internet technologies. Additionally, as more people use the internet, e-commerce platforms can reach customers in remote locations where traditional retail infrastructure might not be as robust. Increased market growth and rivalry among e-commerce companies due to this broader access are pushing innovations in services, logistics, and customer experience.
Government Initiatives:According to the analysis, the nation's increasing governmental support for using digital technologies by the Vision 2030 plan will accelerate market expansion throughout the projection period. For instance, the Ministry of Commerce in Saudi Arabia initiated ten projects in September 2022 to build e-stores. According to the ministry, ten initiatives were chosen to advance this sector based on recommendations from the general public.
Rise in disposable income:The e-commerce market in Saudi Arabia is experiencing notable growth due to increased disposable income. The IMF reports that the nation has recorded a high per capita GDP, which is expected to continue growing, and a high individual net income. The nation's purchasing power may rise due to the per capita GDP growth, predicted to fuel demand for the clothing and fashion sectors. Higher disposable incomes also drive consumers to look for ease and variety when making purchases, which makes e-commerce platforms a desirable choice because of their affordability, wide selection of products, and competitive pricing.
Homegrown e-commerce platforms boost the market: Homegrown e-commerce platforms are essential to the expansion of the e-commerce industry in Saudi Arabia since they are tailored to the country's tastes, demands, and legal restrictions. In addition to providing a large selection of products, websites like Noon, Souq (now Amazon. sa), and Jarir.com are aware of the particular cultural quirks and shopping habits of Saudi Arabia. In addition to supporting Arabic-language user interfaces and offering localized customer care, they also include payment choices like cash-on-delivery, which are popular with Saudi customers. These platforms also aid in economic diversification by generating jobs, assisting regional suppliers and logistics companies, and fostering innovation in digital technologies specifically suited for the Saudi market.
Riyadh E-commerce Market
Several contemporary trends fuel the substantial expansion of the Riyadh e-commerce business. There has been a noticeable movement in favor of mobile commerce, or m-commerce, with many customers shopping via smartphones. This has made mobile-friendly platforms and apps necessary. Furthermore, e-commerce companies must improve their logistics capabilities and provide same-day or next-day delivery choices due to the growing demand for rapid and dependable delivery services.
Additionally, there's a noticeable shift toward customized shopping experiences and marketing strategies that make use of data analytics as well as artificial intelligence to understand consumer preferences better. Anticipating the future, augmented reality (A.R.) and virtual reality (V.R.) technologies are expected to be more integrated into the shopping process, improving customer interaction and product visualization.
Saudi Arabia Ecommerce Company Analysis
The top e-commerce companies in Saudi Arabia are Amazon., eBay., Emaar Properties Namshi, Noon, Alibaba, Jarir Marketing (Bookstore), and Carrefour.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamic
4.1 Growth Drivers
4.2 Challenges
5. Saudi Arabia Ecommerce Market
6. Saudi Arabia Ecommerce Market Share Analysis
6.1 By Types
7. Types - Saudi Arabia Ecommerce Market
7.1 B2C E-commerce
7.2 B2B E-commerce
8. Porter's Five Forces Analysis
9. SWOT Analysis
10. Key Players Analysis
- Amazon
- eBay Inc.
- Emaar Properties Namshi
- Noon
- Alibaba
- Jarir Marketing (Bookstore)
- Carrefour
For more information about this report visit https://www.researchandmarkets.com/r/u1xam0
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