E-commerce sees record growth of 43% in KSA


June 12, 2014 | By RetailME Bureau

The Kingdom of Saudi Arabia (KSA) has registered a record overall growth of 43% in e-commerce in the first quarter of 2014 compared to the same period last year, making it the highest growth rate in the MENA region, says Visa.

The overall growth was driven by increases in both domestic and cross-border e-commerce, which, according to Visa data, saw a 67% and 36% growth over the same period last year, respectively.  Emerging as the leading categories for spending were general department store and airline transactions, followed by travel agencies, financial services and fashion retail.

“The Kingdom has been one of the leading markets in the GCC to have embraced electronic payments alongside rapid internet and broadband penetration, which has resulted in greater adoption of financial cards for e-commerce transactions,” says Ahmed Gaber, country manager – Saudi Arabia, Visa. “Growth of e-commerce in Saudi Arabia has also benefited from wider merchant acceptance, growth in the retail space and improved financial literacy among the wider population,” he adds.

An increasing number of banks in the Kingdom have also been introducing payment cards targeting specific segments of the market, including women, Sharia compliant cards and those aimed at frequent travellers.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



UAE-based concept grocery retail chain, Grandiose has opened a new supermarket within 

Continue Reading

November 22, 2020 | By RetailME Bureau

US-based fast food chain, Nathan’s famous Inc. brings another New York classic, 

Continue Reading

November 12, 2020 | By RetailME Bureau

Dubai-based Union Coop, the leading Consumer Cooperative in the UAE, opened its 

Continue Reading

November 11, 2020 | By RetailME Bureau

UAE homegrown marketplace, Noon.com has announced its Yellow Friday sale from November 

Continue Reading

November 5, 2020 | By RetailME Bureau

UAE-based Al Maya Group officially launched an exclusive range of Woolworths products 

Continue Reading

October 30, 2020 | By RetailME Bureau

Abu Dhabi headquartered LuLu Group has opened its latest hypermarket at Khalifa 

Continue Reading

October 29, 2020 | By RetailME Bureau

elGrocer, the grocery delivery app with ties to some of the major 

Continue Reading

October 25, 2020 | By RetailME Bureau

Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau




Download Images RetailME Magazine