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5 reasons why UAE is one of fastest growing E-Commerce Markets

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5 reasons why UAE is one of fastest growing E-Commerce Markets

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  1. 5 Reasons Why UAE Is One of Fastest-growing E-commerce Markets

  2. 5 Reasons Why UAE Is One of Fastest-growing E-commerce Markets • As the e-commerce industry is gaining traction regionally and internationally, consumers can now get their hands on a huge variety of consumer products and services, all of which can be accessed by tap, click or swipe

  3. 5 Reasons Why UAE Is One of Fastest-growing E-commerce Markets • The UAE is making steady progress as the quickest e-commerce industry in the Middle East and North Africa (MENA), as per a joint report by Dubai Economy and the multinational payment processing firm Visa, which places first in Forbes' list of top firms in the world. • From the shift to the digital paradigm to the increased use of online comparison websites, below are 5 reasons why the nation is a pioneer in e-commerce in the region.

  4. 1. High digital penetration • Growth in e-commerce is eminent as digital has become the future of the UAE. • Smartphone penetration is already at a world record high of 210.9%, as per reports by Visa. • UAE people are also in the top 10 in the world in terms of spending time on the Internet and social media, with an average of seven hours and 54 minutes a day. • As the environment is becoming more interconnected and consumers' confidence in online shopping is evolving, we expect that customer spending across online retail channels will see tremendous growth in the near future.

  5. 2. Digital natives • The demographic of the UAE is almost 30% of the digital-native millennial generation (born between 1981 and 1996) and the increasing Gen Z population (born between 1997 and 2012). • These digital natives are still linked and are looking for on-demand, near-instant approaches. • Their demand for fast and easy shopping experiences is projected to increase the growth of online shopping.

  6. 3. Trust in digital payments • According to a new Visa-DED protection poll, which looked at customer perceptions of digital payments and online banking, 66 percent of respondents said they trust online shopping and 70 per cent said they trust online payments. • The opportunities for traders, financial institutions and customers are immense and it is also important that they strive to develop customer interest and develop the online payment system so that shoppers can benefit from more seamless, satisfying and safer shopping experience.

  7. 4. Average spend per transaction • The UAE shopper is one of the leading online spenders. • In the broader Middle East, North Africa and South Asia (MENASA) area, the UAE represents the highest annual spending per online shopper at $1,648, with growth expected to be 29.6 percent by 2020. • This is backed by Visa transaction results, which reveals that the UAE proceeds to retain a significant lead in the average size of transactions relative to developing and established e-commerce markets. • The UAE transaction size averaged $144 in 2018-19, compared to $79 in developed markets and $26 in developing markets.

  8. 5. Growing online shopping opportunities • On the digital retailer side, we've seen success both domestically and globally, including a host of digital companies with world-class in-app and smartphone shopping experience. • Around the same time, conventional retailers in all markets have also seen digital and multinational brands open distribution channels to the UAE, making it easier for shoppers to buy and collect products effortlessly. • Moreover, with the introduction and rise of online comparison websites likes GoBazzar, users are able to get the best price for the products they want to buy. 

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