Analyzing the Growth of E-Commerce in the Region
The digitization of the marketplace has taken the region by storm. With apps and e-commerce portals emerging by the week, most industries are migrating to a more digital style of functioning. There are several factors that have nurtured this environment, enabling the digital market to thrive. Let’s explore some of the key elements that have contributed to the digital boom in the Middle East:
Having an online business gives you the flexibility of working from home and on the go. With apps and websites providing real-time data that can be accessed through the owner’s mobile, one does not need to be in the office to conduct his/her business. Client interactions can also be done online, thereby saving time and effort.
Online businesses do not require a large amount of investment as compared to traditional retail setups. Entrepreneurs have the freedom to cut down on costs of operations, hiring, real estate and other expenditures that are incurred by traditional businesses. Most e-commerce businesses do not need to maintain a stock of the goods they are selling and can supply after a sale has been made.
3) Support Systems
The online marketplace has several support systems in place to help businesses grow and reduce costs. One can outsource various elements of running a business to other companies that take care of logistics, accounts, PR and much more. Online stores have seamless payment gateways for customers set up by third parties as well as apps that connect with users on a mobile device.
4) Growing market
The internet is a great way of dissolving borders, especially when it comes to e-commerce. A research company named Forrester predicts that cross-border purchases will comprise 20 percent of all worldwide ecommerce in 2022, with sales of $627 billion. Digitization of the economy has prompted a growing number of businesses to shift their focus to an online model of business and sell to customers all over the world. There is a growing amount of trust in online shopping worldwide, thereby expanding the online marketplace exponentially.
5) Social Media
Social media has become an inseparable part of most people’s lives. Companies such as Facebook and Twitter have been able to come up with comprehensive advertising systems that help you speak to your audience. Getting through to your target marketing has become surprisingly easy with detailed audience segmentation, geo-targeting and native advertising. Several businesses have thrived on social media by effectively utilizing online advertising tools.
‘Google it’, is a term used almost too frequently these days. People looking for goods and services are more likely to look for it on google rather than directly go to the seller’s website. Search Engine Optimization (SEO) and Google Adwords services help buyers locate their seller online. Advertising on Google helps you target people specifically searching for you.