MarkaVIP expands across Middle East
Dubai, August 2, 2011
E-commerce in the Middle East is poised to gain further momentum with MarkaVIP, a home grown private sales website, announcing its expansion across the region.
The company, which has adapted the tried-and-tested flash sales model to suit local consumers and retailers, says its e-tail platform is well placed to boost the adoption of online shopping throughout the Middle East.
The flash sales model, already well established in the US and Europe, works on the forces of time urgency and scarcity. MarkaVIP sources excess or introductory inventory from premium brands worldwide to be sold to its private members within a limited period of time.
In return, the customer gets much lower prices than they would normally be offered and opportunities to purchase products they may not otherwise have.
The convenience, value and quality offered by MarkaVIP quickly captured the attention of savvy shoppers across the Middle East when it launched in Jordan and Saudi Arabia in November 2010.
Eight months later, the company is rapidly approaching half a million members and attracts between 2,000 and 4,000 new members daily.
Membership to MarkaVIP is by invitation only. Customers must be invited, referred or approved to join the site, presenting suppliers with an exclusive and discerning online audience. Once accepted, MarkaVIP members gain access to deep discounts of between 40 to 70 percent on men and women’s apparel, accessories, children’s items, electronics and home decor.
They also have the opportunity to access new-to-region brands that use the site to run introductory launch campaigns as a means of market testing.
Having recently raised $3 million in funding from high profile U.S, European and Middle Eastern investors, MarkaVIP has expanded to the rest of the GCC countries and Lebanon. It now enjoys seven-figure monthly revenues and is on track to become the fastest growing Middle East e-commerce brand. It already is the fastest growing Middle East brand on Facebook with close to 140,000 fans.
According to founder and CEO Ahmed Alkhatib, the key to MarkaVIP’s success has been market localisation. Despite the nascent state of e-commerce in the Middle East, he says the untapped potential of the region far outweighs the current barriers to entry.
“There are around 385 million people living in the Middle East and North Africa and 135 million of them are online currently. Internet penetration is expected to grow very quickly over the next few years, so we see a significant opportunity to provide the market with a convenient and secure online shopping platform that also delivers great value,” he said. TradeArabia News Service
More Retail & Wholesale Stories
- Acer launches new pocket projector
- Samsung launches Chromebook 2 Series
- Emaar to list shopping malls & retail subsidiary
- Acer targets double digit growth in Saudi
- Origin offers a chance to win luxury doors
- Big jewellery show opens in Abu Dhabi
- Casio offers G-Shock in camouflage patterns
- AdvanTag to launch mobile app in Dubai
- Bahrain Duty Free plans $2.6m revamp
- Sennheiser unveils new microphone system
- Centrepoint opens 100th store in Dubai
- Panasonic to showcase top AV solutions in Dubai
- Alhokair eyes US, UK buys; plans debut sukuk
- 20 countries back Abu Dhabi jewellery show
- SanDisk launches 128GB memory card
- Canon launches 30x zoom PowerShot
- Bin Hindi unveils new 'Twenty20' sales plan
- Nokia tops UAE mobile handsets market
- Spinneys to set up distribution centre at Kizad
- P&G wins product innovation awards
- Xerox names MEA general manager
- India's Bharti group mulls Carrefour tieup
- Etisalat opens retail shop in Dubai Mall
- Ultra wealthy to spend more on luxury goods
- Kuwait group inks JV deal with China jeweller
- MAF in deal to set up retail academy
- Samsung, UPB sign deal to supply AC systems
- Samsung showcases latest UHD monitors
- Unilever named 'employer of choice' in Saudi
- New Nokia Asha range arrives in Bahrain