As more and more Saudis are turning to online buying, the Kingdom is seeing unprecedented growth in e-commerce businesses, with the total number of registered firms in the country touching 35,314 in the second quarter of 2023.
This growth has paved the way for initiatives organized by the General Authority for Small and Medium-sized Enterprises (Monshaat), particularly in the realm of e-commerce.
These initiatives are aimed at enhancing and fostering the e-commerce sector in the region. The goal is also to empower entrepreneurs to access all the services and facilities provided by relevant authorities.
The landscape of e-commerce in Saudi Arabia has witnessed remarkable evolution and rapid strides in recent years, transforming it into one of the fastest-growing markets in the Middle East.
This transformation can be attributed to the increasing number of online shoppers and the growth of digital infrastructure. Improvements in internet speed and electronic security have also played a significant role.
Aligned with the goals of the Kingdom’s national transformation plan, “Vision 2030,” which seeks comprehensive digital transformation across various sectors, Saudi Arabia places significant emphasis on e-commerce as a key pillar of its economic growth.
With a multitude of e-commerce platforms, each offering a diverse range of services and features tailored to the needs of various businesses, this sector continues to sustain steady growth.
Expectations for further development and prosperity in the future remain high, thanks to government support and technological advancements.
Establishing an online store presents a promising opportunity for entrepreneurs, startups, and small to medium-sized enterprises to reach a broad customer base within and beyond the Kingdom.
This is due to the financial incentives and investment facilitations that are readily available.
The Saudi e-commerce market currently ranks 27th globally, boasting over 28.4 million users, with expectations that this number will reach 34.5 million by 2025.
Furthermore, the Kingdom commands a significant share of 45% in the e-commerce market within the Middle East and the Arab world, solidifying its role as a vital element in achieving economic sustainability.
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