In the UAE, e-commerce site Souq.com has emerged as one of the most visited websites for shopping online. One in two consumers in the UAE tends to shop on Souq.com. The site records over 30 million visits per month. The journey has been very exciting, admits its co-founder & CEO Ronaldo Mouchawar, who was among the eminent participants at our recently concluded retail knowledge roundtable, RetailME Connect, which focused on “Decoding the Omni-channel Formula.”
We spoke to Mouchawar about his reactions on the first of our many-to-come Connect Series and his views on the state of regional e-commerce market
Your thoughts on RetailME Connect
A platform like RetailME Connect, bringing together the bright minds in retail, is extremely useful and informative for us. It’s interesting to see different retailers’ perspectives towards omni-channel. At Souq.com we’ve always been an open marketplace so for us it is very crucial to connect with different retailers selling on the internet to see how we can collaborate, effectively utilising the traffic and in turn increasing the choice for our customers.
What is the size of the regional e-commerce market?
E-commerce has grown rapidly over the last couple of years. We’re witnessing a 60% growth rate year-on-year. In 2014 the online shopping segment grew a further 34%, bringing the value of the market to $10-12 billion that’s expected to touch the $15 billion-mark this year.
It’s an exciting time for regional e-commerce players like us. We’re seeing more and more shoppers willing to buy online. Several brands are also coming on to the internet, exploring possibilities by leveraging other channels like social media and mobile.
How much of your sales happen through mobile devices?
Around 40-to-50% of our sales are made through mobile devices. In fact, we also launched our mobile app for Apple, Android and Windows, which has seen over two million downloads, demonstrating a huge growth potential in this category.
Mobile penetration in the GCC is very high. Consumers here like to stay connected even on the go to access product information, reviews as well as recommendations on company websites as well as social media. It acts as a great way to start the shopping journey.
Why is the cash on delivery option preferred over credit card in this region?
There are two angles to this habit. Culturally this region is a predominantly cash society. Many people don’t like accessing credit cards that aren’t Sharia-compliant, having to pay interest if timely payment isn’t done. Additionally, certain countries in the region have less credit card penetration. Take the example of Egypt where consumers don’t really use credit cards, thereby increasing the usage of cash on delivery (COD) option. On the other hand, credit card usage is higher in the UAE compared to Egypt. However, this habit isn’t restricted to the Middle East alone. Consumers in big e-commerce markets such as Russia, China and India also tend to prefer the COD option over credit cards.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha B / 
As the demand for healthier food choices surges, ROOTS Food is leading
A new chapter unfolds for the leading tech-driven, hyperlocal e-commerce company, Rabbit,
Lulu Retail, the GCC’s retail powerhouse, has reported a transformative FY 2024,
The Ministry of Industry and Advanced Technology (MoIAT) in cooperation with Lulu
What does it take to sustain profitable growth in the post-IPO phase?
Mahalle began its operations in 2022 as an “Authentic Turkish Grocery in
“Retail is a people’s business. When building a retail brand or the
From being one of the first retailers in Dubai to ban single-use
For starters, Rabbit is a growing e-commerce grocery platform in Egypt always
In 2024 grocery retail major Choithrams has achieved several milestones underscoring its
Industry pioneers are embracing a comprehensive strategy that integrates consumer insights, digital
/ 
Pet ownership in the UAE has transformed dramatically over the past two
An exclusive piece contributed By Oliver Morgan, Partner, Real Estate Development &
The UAE, particularly Dubai, is a melting pot of cultures. However, introducing
More and more, convenience is king, personalisation is paramount, and RetailGPT is
Majid Al Futtaim (“the Group”), the leading shopping malls, communities, retail, and
Amazon Saudi Arabia today launched a ‘Saudi Made’ storefront on Amazon.sa, featuring
Marta Sioch, Site Leader and Senior Manager, of Amazon Operations is Amazon’s
The payment landscape is fast-evolving and the lines dividing the physical and
Summer is never quite complete without back-to-school shopping, is it? Despite inflation,
As consumers continue to prioritize their health and wellness, retail pharmacy chains
RetailME announced a roster of the 100 most powerful retailers in the
Previous Article
You must be logged in to post a comment.