Sunday 16 June 2024
 
»
 
»
INTERNET USERS SOAR TO 33.6m

Saudi e-commerce market set to hit $25bn within five years

RIYADH, May 11, 2024

Saudi Arabia's E-commerce market has been witnessing steady growth and is poised to reach $14.78 billion this year and with the number of Saudi internet users set to reach 33.6 million, its revenue is expected to surge to $25 billion by 2029, recording a Compound Annual Growth Rate (CAGR) of 11.08%, said Dubai-based E-commerce leader WebCastle Technologies, citing a report by Statista.com, a global market intelligence provider.
 
The kingdom is currently undergoing tremendous growth and transformation and will have to digitise its economy by deploying the best web developers, coders, mobile application and e-commerce platform developers that will help it achieve exponential growth in the next five to 15 years, said senior officials of WebCastle Technologies, at a key award ceremony where it won the prestigious Best E-Commerce Agency Award - KSA 2024.
 
WebCastle Technologies, which has recently entered the Saudi Arabian market, clinched the award for outstanding performance at the 6th Middle East Retail & E-Commerce Summit and Awards KSA held recently at the Marriott Hotel in Riyadh.
 
"The recognition comes within a few months after we entered Saudi Arabia armed with a business licence, office and an efficient team that is digitally transforming many Saudi companies to accelerate growth through their online platforms though its expertise," remarked Jabir ML, the co-founder and CEO and Suhail Iqbal, the Director and CGO of WebCastle Technologies, after receiving the award.
 
According to them, WebCastle Technologies plans to accelerate the business growth of its Saudi Arabian clients by migrating their online businesses to the Web 3 technology platforms.
 
"The award is a resounding recognition for WebCastle Technologies, which has delivered more than 1,000 projects including website development, mobile application and e-commerce projects to more than 800 satisfied clients in the GCC region, spanning over 15 years, by a team of more than 150 professionals working in the GCC and India," he added.
 
Jabir pointed out that this award was a testament to its expertise, dedication, professionalism, hard work as well as contribution to the retail services sector.
 
"We are one of the pioneers in the field of E-commerce. We help develop dynamic and engaging web-portals, mobile applications and E-commerce platforms – that help the businesses to grow manifolds. In this regard, we are growth enablers for our clients and business partners," he stated.
 
According to the US Department of Commerce, Saudi Arabia’s e-commerce channel is primed for continued growth.  By 2024, the number of Saudi internet users for e-commerce (selling and buying) is expected to reach 33.6 million, an increase of 42 percent from 2019.
 
"Saudi Arabia boasts one of the highest smartphone penetration rates (97%) in the world, its mobile broadband internet subscriptions are higher than the majority of advanced markets, it ranks tenth in the world for the fastest internet speed, and a relatively high share (72%) of its population that is over the age of 15 possesses a bank account," said a recent report by the International Trade Administration, part of the US Department of Commerce.
 
A Google Partner having a team filled with Microsoft Certified System Engineers, Webcastle Technologies is the company that built some of the most user-friendly and efficient web portals, e-commerce platforms and mobile applications that is driving the growth of these clients.
 
Iqbal, while delivering the keynote address at the summit, said: "If Saudi Arabia has to grow faster, its businesses will have to transform and become more digitally focused in order to acquire more customers and accelerate sales. This can only happen if Saudi Arabian companies strengthens their presence online and Web3 platforms – which is key to the Kingdoms economic growth and employment."
 
"We have started working with Saudi Arabian public sector and private sector businesses to help them grow to the next level. Although it is a daunting task, but we have already started our shared journey with Saudi businesses," he added.-TradeArabia News Service



Tags:

calendarCalendar of Events

Ads