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The Middle East is one of the fastest-growing e-commerce markets in the entire world. While it is still nowhere near as developed or complex as the markets in the United States or many countries in Europe, the region is experiencing an undeniable boom. It is estimated that online sales in the Middle East currently equal only a meager 2% of total retail revenue, as opposed to 15% in more developed regions. E-commerce in the Gulf States alone was estimated to quadruple from the $5 billion in profits seen in 2015 to $20 billion before 2020. There are some analysts that are even reporting estimated profits of $48.8 billion in 2021. Currently, almost 90% of online goods bought in the Middle East are still shipped from outside countries, but this is changing rapidly. As a result, there is huge potential for e-commerce profit during this modern age in the Middle East. (more…)
The Middle East has been a late bloomer when it comes to the arena of e-commerce but innovative payment methods like cash on delivery (COD) are opening up the region to growth in E-commerce revenues. Given that many consumers in the Middle East don’t have or use credit cards, COD in the Middle East has become a popular payment method that allows Arab consumers to buy products online.
Cash on delivery isn’t new in the Middle East as many traditional retailers and shipping services have accepted this form of payment for decades if not centuries. What is new is the idea to use this payment method in combination with e-commerce which traditionally has been done primarily through the use of credit cards. (more…)