GCC: E-Commerce Profits Soar to $20 Billion In 2020

GCC: E-Commerce Profits Soar to $20 Billion In 2020

Go-Gulf report looks at the Middle East's latest online shopping developments The e-commerce market for the entire Middle East North Africa (MENA) region is expected to generate $48. 6 billion in sales by the year 2022. Suhail Mirza, partner at Gowling WLG, a global law firm specializing in tech and mergers and acquisition, says that this is the case in the UAE, which has one of the largest e-commerce markets in the region. "The widespread use of smartphones and screen time acts as a catalyst for more on-line spending," he told The Media Line. "People here typically have one or more smart phones, especially UAE nationals and high earning expatriates who have the majority slice of the disposable income. They're getting more exposure to social media and all on-line retailers have been quick to use social media to promote their products. This has fueled consumer demand," Mirza added. According to Go-Gulf, 70% of MENA online shoppers find new e-commerce companies through Facebook, with 59% using Instagram to find new retailers. Mirza says that the coronavirus pandemic likely is not be the only reason behind the increase in e-commerce, since phones with online capabilities were prevalent prior to its start, but