E-commerce expected to grow phenomenally in the region
Ajman Free Zone (AFZ) recently partnered with Seamless Webinar to host an online discussion on how to build an e-commerce business swiftly and efficiently.
The session featured Athbi Al-Enezi, Co-Founder, JustClean, Kuwait; Ammar Akhtar, Chief Executive Officer, Finalrentals; and Leena Khalil, CCO / Co-Founder, Mumzworld; alongside Sheikha Al Nuaimi, Executive Director of Marketing and Sales, Ajman Free Zone and was moderated by Sowmya Iyer, Founder and CEO, DViO Digital.
The webinar examined how the drastic changes brought about by the Covid-19 crisis changed customer voices and preferences, further adding to the significance of e-commerce.
The panel discussion, witnessed by over 450 registrants, explored validation of product ideas and their potential market; selection of the right sales channel mix for business; the advantages of third-party marketplaces; driving targeted traffic for positive customer acquisition; balancing usability with design; and abiding by a lean strategy model for profit prioritization; in addition to assessing the importance of alternate payment options.
At a compound annual growth rate (CAGR) of 7.6 per cent between 2020 and 2024, the global e-commerce market volume is expected to touch US$ 3.004trillion by 2024. In terms of e-commerce growth in the region, the digital boom has spurred its growth, with the UAE rapidly becoming a regional hub for e-commerce activities.
Thanks to the widespread use of mobile phones; high adoption by tech-savvy millennials who account for 30 per cent of the population; secure digital payment systems; and robust government support, e-commerce in the UAE is growing at a phenomenal rate of 23 per cent every year. With a penetration rate of 4.2 per cent, the UAE has the most advanced e-commerce market in the Middle East and North Africa (MENA) region.
Ajman Free Zone has has also witnessed an increase in demand for the e-commerce package and package for independent professionals during the past six months, following the robust variety of solutions and features that enable business leaders to establish their business according to their needs.
“The ongoing pandemic crisis has once again underscored the need for e-commerce strategies for businesses,” commented Sheikha Al Nuaimi, Executive Director of Marketing & Sales, Ajman Free Zone.
