ResearchAndMarkets.com has released its latest report, the “Saudi Arabia Ecommerce Market Opportunities Databook – Q1 2024 Update,” forecasting a 10.21% annual growth to reach US$20.7 billion in 2024, with a promising medium to long-term outlook. The report anticipates a steady CAGR of 8.53% from 2024 to 2028, projecting the E-commerce Gross Merchandise Value in Saudi Arabia to rise from US$18.8 billion in 2023 to US$28.7 billion by 2028.
The Saudi Arabian e-commerce market is set for robust growth over the medium term, transitioning from reliance on global marketplaces to fostering homegrown players amid economic diversification efforts. E-commerce firm registrations surged by 24% in Q4 2023, reaching 37,481, driven by Riyadh, Makkah, and the Eastern Province. This trend aligns with Saudi Arabia’s digital economy push under the National Transformation Program and benefits from the fintech boom.
Global brands are poised to enter the Saudi market through strategic alliances with local e-commerce platforms, capitalizing on the expanding B2C segment. Mensa Brands, for instance, plans to introduce its products in Saudi Arabia following successful partnerships in the UAE. Concurrently, Saudi startups like Soum are securing substantial funding, with an US$18 million Series A round aimed at expanding across the Middle East and North Africa.
For comprehensive insights into Saudi Arabia’s e-commerce landscape, including market dynamics, consumer demographics, and sector-specific analyses, visit https://www.researchandmarkets.com/r/5bb6yb.
