Thursday 13 June 2024

Saudi Arabia records over 32pc growth in e-commerce in Q1

RIYADH, May 9, 2023

The e-commerce industry in the Kingdom of Saudi Arabia has shown remarkable growth, with an annual increase of over 32% during the first quarter of 2023. 
According to the Ministry of Commerce's business bulletin, the number of commercial registers issued during this period soared to 4,093 from last year's figure of 3,499.
The bulletin stated that Riyadh had issued the most commercial registers at 13,195, followed by Makkah with 8,605, and the Eastern Region with 5,294. Madinah and Al-Qassim issued 1,649 and 1,107 registers, respectively.
The growth of the e-commerce business system is one of the objectives of the National Transformation Program, which supports the realization of Saudi Arabia's Vision 2030.
As one of the top 10 growing countries in the e-commerce field, with a growth rate of 17% in Q1 2023, the Kingdom recognizes the importance of e-commerce in enhancing the national economy, reported SPA.
The Saudi e-commerce system supports entrepreneurs willing to transition from regular trade to e-commerce through entities that offer electronic payment, digital marketing, and technical solutions services. 
These entities also provide services related to electronic markets, logistical solutions, and platforms for developing electronic stores, stated the report. 
Saudi E-Commerce Council of the Ministry of Commerce aims to strengthen the reliability of e-commerce, boost its contributions to the national economy, and stimulate and develop e-commerce activities in the kingdom, it added.


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