The MENA region is having a virtual gold rush according to a recently launched Visa study reporting that the eCommerce market in the Middle East and North Africa is quickly growing.
The eCommerce report is one that Visa terms as the first of its kind in MENA, reports the Dubai Chronicle. It gives insight on how the region compares to other key markets around the world, and uses current performance to predict future growth.
The report indicated an estimated 45 percent year-on-year increase in the MENA region—jumping from $10 billion to $15 billion by the end of 2012. Moreover, Visa named MENA as the fastest growing eCommerce region in the world.
Visa’s general manager for MENA, Ihab Ayoub, said “eCommerce is one of the key drivers for the economy in today’s closely connected global environment, and is rapidly expanding here in the GCC. But rapid growth also means that both individuals and business organizations will have a natural level of concern about the security of online transactions.”
Increased Internet usage and more online channels have given merchants more sales opportunity, thus it has become almost mandatory for businesses to invest in eCommerce strategies. As the virtual space grows, merchants and providers will also be paying closer attention to technology infrastructure and security standards.
The MENA region reported a 1,500 percent increase in Internet usage since 2000. In 2010, there were 18.7 million Internet users, and according to Wamda there are now about 72.5 million users in MENA.
“The region has witnessed a significant increase in Internet usage and it comes as no surprise that the Internet is quickly becoming the cornerstone for business and communication. This in-depth study will go a long way in shedding light on the emerging trends on eCommerce across the region and beyond,” managing director of MENA’s first online shopping mall, Ayaz Maqbool told Dubai Chronicle.
To read the full story at Dubai Chronicle click here, or to read stats at Wamda, click here.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More