As much as 20 percent of the UAE population have shifted to online shopping during the last few years, a conference on e-commerce in Dubai was informed.
This raises the online shopping population from 4.5 million in 2019 to 6.5 million in 2023, that is accelerating the growth of the UAE’s US$83.5 billion (Dh306.6 billion) retail sale.
The overall UAE retail market size was Dh306.6 (US$83.54 billion) in 2022, according to Global Data. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of more than 5 percent during 2022-2027.
The summit brought together prominent voices from the retail and e-commerce landscape to share their insights on technology transformation, innovation, and disruption. Attendees had the unique opportunity to delve into the experiences and expertise of these leaders, gaining valuable knowledge about the current state of the industry and future opportunities for stakeholders.
In the Digital Commerce Megaverse panel discussion, industry leaders spoke on their experiences and shared advice in managing the exponential growth of their e-commerce business. In the ever-evolving realm of digital commerce, the path to success is both intricate and dynamic. To navigate this landscape effectively, one can draw invaluable insights from those who have not only trodden the path but have also excelled in it. From captivating customer experiences to leveraging emerging technologies, from innovative marketing approaches to supply chain optimizations, these brand leaders have decoded the intricate nuances of digital commerce.
Transaction value in the UAE’s Digital Commerce market is projected to reach US$18.44 billion in 2024, according to a report by Statista.com, a global market intelligence provider. Transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 6.53 percent resulting in a projected total amount of US$23.75 billion by 2028.
In the Digital Commerce market, the number of users is expected to amount to 7.82 million users by 2028. The average transaction value per user in the Digital Commerce market is expected to amount to US$283,000 in 2024. From a global comparison perspective, it is shown that the highest transaction value is reached in the United States which is expected to reach US$2.25 trillion in 2024.
Key themes addressed at the summit included the fusion of physical and digital retail experiences, the role of AI and data analytics in enhancing customer engagement, Omnichannel strategies for a modern consumer and the emergence of new business models in response to shifting consumer behaviours.
Also published on Medium.
