"Entering the digital world is no longer an option rather a mandatory for companies to not lose market share," said CEO of Mumzworld.
A digital strategy is the need of the hour, according to some of the region’s leading digital companies. Speakers scheduled to address the ArabNet Digital Summit in Dubai on June 24th to 26th have come out in vocal support of the transformation taking place online across the region and pointed to the need for businesses to embrace new trends in customer behaviour, said a press release.
Diego Lofeudo, Sr Director of Market Management for MEA, Indian Ocean, and Eastern Med, Expedia Travel said, “There is a big opportunity in front of us when it gets to digitalizing the travel industry. If we look at 2008 figures, the online market value was 32 per cent of the total travel market, reaching $282 billion. In 2012, the online sector skyrocketed to $414 billion, making up 40 per cent of the total travel market.”
Mona Ataya, CEO, Mumzworld.com, concurs on the strong growth digital economy players are seeing: “Mumzworld has experienced triple digit growth across multiple metrics. E-commerce is the fastest growing trend of the decade and represents a $350 billion industry globally. Entering the digital world is no longer an option rather a mandatory for companies to not lose market share.”
The UAE, in particular, is experiencing stellar growth in the adoption and use of online technologies and services, especially in mobile services, as Maud Moawad, CEO, Maddict, points out, “Mobile display advertising for tablets and smartphones will increase at a rate of 40 per cent to 50 percent yearly. The growth experienced in the last nine months alone was above 60 per cent.”
"These remarkable rates of growth point to fundamental changes in consumer behaviour in the MENA region in general, and the GCC in particular. Today’s customer is moving online to benefit from lower prices, a wider choice, and fast, reliable delivery," said a media statement.
“Consumers today are changing; they are seeking transparency, choice, and comprehensive information to make purchase decisions, and they want to do so in the most convenient fashion.” Says Mumzworld’s Ataya. “Online is the medium that allows them to achieve these objectives.”
As Michael Lahyani, CEO & Founder, propertyfinder.ae, puts it, “Digitalization of our economy is happening, whether you embrace or not. The only choice you have is to adopt and survive or watch and disappear.”