Zbooni, a leading e-commerce platform in the Middle East and North Africa (MENA) region, recently released its highly anticipated 2024 MENA cCommerce Report. This report, which was revealed by prominent entrepreneur and Zbooni founder Ramy Assaf, highlights key discoveries and trends in the rapidly growing e-commerce sector in the MENA region.
One of the most significant findings from the report is the exponential growth of e-commerce in the MENA region. According to the report, the e-commerce market in MENA is expected to reach a staggering $48.6 billion by 2022, representing a compound annual growth rate (CAGR) of 20.2% from 2019 to 2024. This growth can be attributed to several factors, including increased internet penetration, rising smartphone usage, and a growing young population that is tech-savvy and digitally connected.
The report also sheds light on the changing consumer behavior in the region. It reveals that consumers in MENA are increasingly embracing online shopping, with 73% of respondents stating that they prefer to shop online rather than in physical stores. This shift in consumer behavior can be attributed to various factors, including convenience, wider product selection, and competitive pricing offered by e-commerce platforms.
Furthermore, the report highlights the rise of social commerce in the MENA region. Social media platforms such as Instagram and Facebook have become powerful tools for businesses to reach and engage with their target audience. The report reveals that 62% of consumers in MENA have made a purchase directly through social media platforms, indicating the growing importance of social commerce in driving sales and revenue for businesses.
Another key discovery from the report is the increasing popularity of mobile commerce (m-commerce) in the MENA region. With smartphone penetration reaching record levels in the region, consumers are increasingly using their mobile devices to browse and shop online. The report reveals that 78% of consumers in MENA have made a purchase through their mobile devices, highlighting the importance of optimizing e-commerce platforms for mobile users.
Additionally, the report highlights the growing trend of cross-border e-commerce in the MENA region. With the rise of global marketplaces and improved logistics infrastructure, consumers in MENA are increasingly purchasing products from international sellers. The report reveals that 45% of consumers in MENA have made a cross-border purchase, with China, the United States, and the United Kingdom being the top three countries from which consumers are buying products.
Lastly, the report emphasizes the importance of trust and security in the MENA e-commerce market. According to the report, 82% of consumers in MENA consider trust and security as the most important factors when making an online purchase. This highlights the need for e-commerce platforms to prioritize data protection, secure payment gateways, and transparent customer reviews to build trust among consumers.
In conclusion, Zbooni’s 2024 MENA cCommerce Report reveals several key discoveries that shed light on the rapidly evolving e-commerce landscape in the MENA region. The report highlights the exponential growth of e-commerce, changing consumer behavior, the rise of social commerce and m-commerce, the increasing popularity of cross-border e-commerce, and the importance of trust and security. These insights provide valuable information for entrepreneurs and businesses looking to tap into the thriving e-commerce market in the MENA region.
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- Source Link: https://zephyrnet.com/seven-of-the-biggest-findings-from-zboonis-2024-mena-ccommerce-report-entrepreneur/