Why 2022 will be a ‘gold rush’ for MENA-based brands with online shopping options – ArabianBusiness.com
- Date: 15-Dec-2021
- Source: Arabian Business
- Sector:Retail
- Country:Middle East
Why 2022 will be a ‘gold rush’ for MENA-based brands with online shopping options – ArabianBusiness.com
Driven by increased adoption – as a result of the global coronavirus pandemic – access to digital financing and improved delivery options, the MENA region’s e-commerce market is expected to reach $50 billion in 2022, according to a report by CNNB Solutions, a direct-to-consumer e-commerce and e-distribution enabler.
Within the region, the GCC will register the fastest growth in e-commerce between 2019 and 2022, with Saudi Arabia and the UAE leading the way at 39 percent and 38 percent CAGR respectively. The report described GCC consumers as “young, affluent and digitally connected with plethora of shopping options due to some of the highest internet penetration, smartphone and social media usage in the world.
“MENA’s e-commerce market is rapidly evolving and 2022 will be a gold rush for brands that can capture the increasing number of customers who prefer to shop online,” said Nicolas Bruylants, co-founder and CVO of CNNB Solutions.
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