UAE-based online marketplace Souqplace.com has expanded its platform to Saudi Arabia.
Capitalising on the upward growth of e-commerce in the UAE and the support it has received over the period of two years, the Emirati e-commerce start-up is all set to offer its unique products listed on their platform to the Saudi audience.
Backed by the Emirati entrepreneur, Ahmed BinSalem Al Dhaheri, chairman, Virtual Dusk, Souqplace.com provides a platform for entrepreneurs and SMEs to present their products to a larger audience online. In doing so, it also provides a platform for consumers to avail hard-to-find qualitative, niche, artisan products in addition to branded products at competitive prices.
Products available on the platform range from electronics, fashion, watches, accessories and beauty to home & garden and arts & crafts. The platform has grown from 200-plus SMEs and brands associated with them in 2016 to 400-plus brands in 2017. The unique visitor numbers have witnessed a 100% increase since 2016. There are a total of over 50,000 products currently listed on the platform.
“We are extremely happy to be extending our services to Saudi Arabia. KSA has always been on our radar since the time we launched Souqplace.com in the UAE. It is one of the most promising markets for e-commerce in the Arab region and we are hopeful that the amount of support and love received in the UAE within a short span is replicated in Saudi Arabia,” says Tony N. Al Saiegh, executive director, Virtual Dusk.
The talent the market holds with respect to SME products is immense and in the UAE itself, the surface has been barely scratched. In the years to come, Souqplace.com aims at becoming the go-to destination for customers to shop for products, hard-to-find elsewhere across the UAE and Saudi Arabia.
The importance of Saudi Arabia as a promising e-commerce player rests on the country’s high purchasing power and growth. As per reports, in 2016, KSA and the UAE alone have witnessed three-thirds of e-commerce transaction in the region with Saudi Arabia registering a growth of 37%. The great number of tech-savvy young citizens in Saudi allows e-commerce to grow.