UAE sees 21% jump in online shops

UAE sees 21% jump in online shops

The UAE recorded an increase in online consumer spending primarily driven by a 21 per cent jump in the number of online shops as the world witnessed an exponential boom in retail eCommerce with an additional $900 billion being spent in 2020.The UAE, one of the leading online retail market in the region, also witnessed a 44 per cent year-on -year jump in the number of high-volume eCommerce trading partners from 2019 to 2020, according to Mastercard's latest Recovery Insights report.“As Covid-19 kept consumers around the world at home, nearly everything from groceries to gardening supplies was purchased online. Put another way: in 2020, e-commerce made up roughly $1 out of every $5 spent on retail, up from about $1 out of every $7 spent in 2019,” the report said.According to the Dubai Future Foundation the UAE's digital economy prior to Covid-19 contributed 4.3 per cent to the country's GDP. Given the current trend, the e-commerce industry in the country is set to reach $62.8 billion by 2023.The Mastercard's report noted that roughly 20-30 per cent of the Covid-related shift to digital globally is expected to be permanent.The Gulf region's booming regional online shopping market is expected to grow by