We are very bullish about the eCommerce industry growth in 2017 for the Middle East region. SpiralClick Web Technologies has seen an increase of enquiries from small eCommerce websites to massive online marketplaces from tech entrepreneurs to the largest retail brands who are all now getting in on the action by opening their online stores to compliment their bricks’n’morter retail shops.
Investors confidence is sky high with the largest capital raising announcements made In 2016, with Souq.com being the regions first and only ‘Unicorn’ tech venture valued at USD$1b and well as Noon.com, another online marketplace just raised USD$1b and planned to launch the website in January 2017. These major announcements brings confidence to the entire industry ecosystem attracting entrepreneurs, developers, investors, and most importantly, the general public to buy more products online.
eCommerce right now is on a tipping point for massive growth. For the total retail shopping spend, currently in the Middle East online sales accounts for 2% (compared to Europe and the US, online is double digit and growing by cannibalising bricks’n’morter retail shop sales year on year). Last week, Black Friday sales in the US saw an 18% increase in online sales compared to the year before while bricks’n’morter retail shop sales saw a 2% decline. While Souq.com saw a 1 million product sale during their White Friday 4 day sale last week.
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