UAE first! E-commerce spending in the Middle East and North Africa will increase by 15% in 2023!
E-commerce spending in MENA to increase 15% in 2023, UAE leading
BusinessDialogue has learned that according to B2B e-commerce platform Tradeling, e-commerce spending in the Middle East and North Africa (MENA) region is expected to grow by 15% year-on-year in 2023.
Tradeling pointed out that the trend of adopting digital technology across multiple industries, which was triggered by the COVID-19 pandemic, will continue, and the relatively young and technology-savvy population will drive this forecast.
It is predicted that by 2030, the Middle East and North Africa region will add up to 125 million digital users, and the digital economy in the region will increase from $100 billion in 2022 to an astonishing $500 billion.
The UAE market is driving strong growth in the digital economy in the Middle East and North Africa region. The country’s internet penetration rate of over 90%, the growing group of smartphone users, and the increasing demand for online shopping will make significant contributions.
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In addition, the UAE government has implemented multiple measures to promote entrepreneurship and innovation in the country’s e-commerce industry, while developing rules to protect consumers and businesses, including regulating payment systems and establishing dispute resolution mechanisms.
The digital economy in the Middle East and North Africa region has further promoted the development of emerging markets such as Indonesia and India, with the current market size of these two markets valued at approximately $70 billion and $135 billion, respectively.
Marius Ciavola, CEO of Tradeling, commented: “The development of e-commerce and the digital economy in the Middle East and North Africa will be at the forefront in the coming years, and the UAE will be the leader. Its strategic geographic location, diverse economy, and innovative infrastructure have led to explosive growth in e-commerce, and there are no signs of slowing down.”
Editor ✎ Nicole/AMZ123
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