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GCC e-commerce trade to reach $20bn by 2020 – Report

GCC e-commerce trade to reach $20bn by 2020 – Report
The GCC e-commerce market is set to reach $20 billion by 2020

Mubasher: The value of the GCC e-commerce market is forecast to reach $20 billion by 2020, according to a new study released by A.T. Kearney.

This market is set to see an unprecedented expansion as the number of online shoppers increase across the MENA region.

Over the past decade, e-commerce across the Middle East surged by as much as 1,500%, the report said, indicating that this growth is mainly due to the growing number of young people with high income, as well as the increased visits to e-shopping websites.

The total value of e-sales across the region amounted to $4.8 billion in 2016 and $3.8 billion in 2015, A.T. Kearney revealed, highlighting that e-sales are expected to reach $6.7 billion in 2017.

The sector recently witnessed US retail giant Amazon.com’s acquisition of Dubai-based Souq.com last month, while earlier in May, a technology fund led by Emaar Properties’ chairman Mohamed Alabbar announced its acquisition of UAE e-commerce website JadoPado.