The eCommerce sector in the UAE is expected to see continued growth as more consumers demand online payment options and merchants increasingly recognize the need for an online presence amid the ongoing pandemic.
According to "The UAE eCommerce Landscape 2020" report by Dubai Economy and global payments leader Visa, eCommerce transactions accounted for 28.2 per cent of total card payments in the UAE in 2020, which exceeds the initial forecast of 21.9 per cent before the pandemic, highlighting the COVID-19-led acceleration of eCommerce.
The UAE also had the biggest annual spend per online shopper at $1,648 in the wider Middle East, North Africa and South Asia region. At the end of 2019, the eCommerce market saw an estimated total volume of $15.9 billion (Dh58.7 billion). The market size is forecast to reach a whopping $48.6 billion by 2022.
Register now: Visa’s MENA eCommerce Summit
The UAE, which the study compared with markets such as the US, UK, Australia, Singapore, Brazil, South Africa and Malaysia, maintained a healthy average transaction size in online spending.
All this and much more will be discussed at the third edition of the highly anticipated Visa MENA eCommerce Summit which will take place on 27 January, under the theme "Thriving in the New Normal”.
At the summit, industry experts will share their predictions for future eCommerce trends in the MENA region and its fundamental role in business recovery and future growth of national economies through a series of forward-thinking panel discussions, presentations and engaging Q&A sessions. The summit will bring together Visa partners from the issuing, acquiring and merchant community across the GCC, North Africa, Levant and Pakistan to explore opportunities to further drive commerce in the online environment.
• The UAE eCommerce Landscape
• Latest global and regional macro developments and state of recovery
• Evolving marketing needs during COVID and beyond
• Furthering eCommerce enablement in MENA
• The shift in digital commerce trends: Now and the future
• Reducing the cost of payments
• Digital Commerce. Enabling Saudi Arabia 2030 Vision
• Risk in the age of digital transformation
UAE is regional leader
Currently, the UAE is considered the most advanced eCommerce market in MENA region, with a penetration rate of 4.2 per cent, compared to advanced western markets such as the UK (15.6 per cent), US (12.3 per cent) and France (10 per cent). Furthermore, UAE consumers are among the most connected in the world, with one of the highest internet, smartphone, and social media penetrations rates globally - much higher than most mature eCommerce markets.
During Visa’s virtual event, attendees will receive the latest industry trends on the evolving economic landscape, as well as details on actionable strategies and solutions that will enable the sustainable growth of the eCommerce sector.
Register now: Visa’s 2021 MENA eCommerce Summit