UAE’s e-commerce market is world’s fastest growing

UAE’s e-commerce market is world’s fastest growing

The UAE ranks as the fastest growing e-commerce market in the world in 2022 as the online sales across the world continue to register phenomenal boom.

With its 1,448,471,400-strong online population, the UAE is expected to increase e-commerce spend by an additional 22.32 per cent in 2022, well on track to surpass $8 billion in online sales value by 2025 from $5 billion recorded in 2021.

In 2021, global retail e-commerce sales reached approximately $4.9 trillion, a figure Statista predicts will grow by 50 per cent over the following four years, reaching around $7.4 trillion by 2025.

According to data released by Statista, the UAE’s e-commerce spending as a percentage of GDP increased by 1.10 per cent since 2021, and in 2022 e-commerce is expected to account for 7.0 per cent of the total retail spend.

South Korea and Argentina are respectively the world’s second and third fastest growing e-commerce markets after the UAE while the Philippines ranks top on Statista’s list of 10 leading countries using mobile devices to shop, with 70 per cent of all e-commerce being completed on a mobile device. This is followed closely by China in second with 69 per cent, and South Korea ranking third with 66 per