01/12/11
By Karen Moss
IMRG has partnered with Visa to launch a new quarterly overview of the burgeoning e-commerce market across the Gulf Cooperation Council (GCC) countries. The GCC incorporates Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
The in-depth study identifies current levels of e-commerce performance and potential by assessing the breadth of existing research undertaking in the region. It covers trends, data and forecasts concerning e-commerce in the GCC as part of a world-class comparison to key markets.
Online shopping in the GCC region is still in its early stages, but IMRG is convinced that the future is bright. In 2010 e-commerce volumes in the region totaled $3.3 billion, but this is expected to grow exponentially in the coming years to reach $15 billion by 2015.
The United Arab Emirates accounts for the largest share: an estimated $1.9 billion or around 60 per cent, followed by Saudi Arabia ($520 miilion), Qatar ($375 million), Kuwait ($280 million), Bahrain ($175 million) and Oman ($70 million).
A young population, high disposable income, ambitious ICT investment programs, important e-government initiatives, a growing multi-channel offer by retailers, and development of better and more reliable delivery and payment options are the main factors expected to drive e-commerce spend upwards in the years to come.
“E-commerce is without doubt one of the crucial drivers for the world economy, and increasingly the region’s. With such a significant increase in internet usage, it’s no surprise that the internet is quick becoming the cornerstone for business and communication,” said John Andrews, Managing Director of IMRG. “However, there’s still some way to go if e-commerce in the region is to meet its full potential.”
Stephen Leeds, e-Commerce Business Leader for Visa Middle East, added: “Online shopping is still in its infancy in the region but all the signs are there that it will continue to grow, such as government commitment, retailer investment and –most importantly – a young population open to trying new technologies and innovations."
The report will be made available to businesses and the government to help them understand the significant trends in the region and plan their e-commerce strategies.
Other stories you may find of interest:
Phones4u turn to Fujitsu/Tata Consultancy Services
Fujitsu Technology Solutions has partnered with Tata Consultancy Services to deliver a PRIMERGY BladeFrame-based dynamic infrastructure to Phones4U, alongside NetApp V-Series storage
William Hill links up with paysafecard
William Hill customers can now use online cash solution, paysafecard, when spending money
Some cheer amongst the gloom
Retailers' IT budgets have been slashed by about 20 per cent over the past year, down from 1.3 per cent to 1.1 per cent as a percentage of sales, according to the latest Martec International IT in Retail report
It’s Not Easy Being Green …Or Is It?
Retailers no longer need to experience the pains of high monetary investment or an uncomfortable shift in normal operations to reduce costs and unnecessary resources.
