E-commerce sector records sharp increase in sales

E-commerce sector records sharp increase in sales

It comes as no surprise that the e-commerce sector has been performing seemingly well, since the outbreak of COVID-19 forced retail centers to shut down, significantly increasing sales across various digital platforms. Being one of the fastest growing business in the region, e-commerce has witnessed a rapid growth in the last five years, especially considering the region is known to be one of the leading shopping destinations in the world.



The coronavirus pandemic also created an increase in online sales demand in the MENA beginning from March this year, recording approximately 300 per cent increase in sales.



According to a report published by Visa, the market size of ecommerce in the Middle East is set at $48.6bn in 2022 compared to $26.9bn that was set in 2018. The report further states that in 2019, UAE's ecommerce sales were projected to hit a $16bn, followed by KSA, with ecommerce sales expected to round up at $7.7bn.



In another report published by Statista.com, in 2019 alone UAE had recorded 93.9 per cent of internet penetration, the highest globally. In 2022, the forecasted value of e-commerce sales in the UAE will amount to $27bn, whereas ecommerce sales across the region are estimated to