The Arab World overtakes Asia-Pacific region in e-commerce growth
According to recent reports, the United Arab Emirates (UAE) is registering a fast growth rate in the e-commerce sector. Statistics put the volume for e-commerce at $10 billion per year by 2018, an increase from $2.5 billion per year currently.
Interestingly, the MENA region is outshining and is ahead of the hitherto fastest growing market, Asia-Pacific. While men are the main driving force, making almost 71% of the payments (markets of Kuwait, UAE, Saudi Arabia and Egypt). Women, are yet to catch up at 28%.
However, regional instability is one of the biggest roadblocks in further bolstering the growth rate. Moreover, credit card companies, are you listening? We need more people with plastic money in the Arab World!
Hopefully, the concentration of e-commerce will penetrate to regional cities also apart from the capital cities only. And with women being empowered with credit cards, the rate of growth will head northwards.
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Payfort, which released the State of Payments report last spring has now come out with a neat Infographic – which highlights some of the key insights from the report and reveals some of the challenges in the ecommerce space in the Arab World.