SOUQ.com and SAP tie-up to accelerate real-time transactions and fuel Middle East e-commerce
Real-time digital transactions will transform Middle East e-commerce by 2020, SOUQ.com, the region’s largest e-commerce platform, announced today in a tie-up with SAP. In line with this prediction, the partnership between SOUQ.com and SAP will help accelerate real-time transactions to support the scaling up of Middle East small- and medium-sized enterprises (SMEs), and further drive the e-commerce market.
According to a recent report by online payment provider Payfort, the Middle East’s e-commerce market is set to nearly triple in value, from USD 25 billion in 2015 to USD 69 billion by 2020.
Most of the Middle East’s e-commerce growth will come in a massive shift from business-to-consumer transactions in items such as mobile phones, clothes, and watches, to business-to-business items.
The rise in business-to-business will be experienced primarily by small- and medium-sized enterprises (SMEs), selling large quantities of items such as office furniture, rooftop solar panels, and medicine.
Partnership with global technology company SAP and systems integrator NTT Data for the digital roadmap will support SOUQ.com as well as overall e-commerce industry growth. The core is an end-to-end enterprise resource planning solution that runs on the real-time SAP HANA Enterprise Cloud.
“SOUQ.com enables regional SMEs to start and grow their online business using our solid technology platform, technical assistance, and market exposure. SMEs on our platform have seen unparalleled success. In line with the region’s SME-backed e-commerce growth, the business-to-business market will be the next major digital economy growth driver,” said Ronaldo Mouchawar, CEO and Co-Founder of SOUQ.com.
The region is poised to become a key player in the global e-commerce market and today’s tech savvy and connected consumers expect access to everything wherever, whenever and in real-time. This partnership with SAP will further scale up our platform and provide real-time, robust, and secure e-commerce platform for SMEs to grow exponentially and sell thousands of items effortlessly at one time directly to large enterprises,” added Ronaldo Mouchawar.
“Real-time is the driver of e-commerce – whether in completing transactions or identifying new customer shopping habits. This partnership promotes the sharing of global best practices, further solidifying SOUQ.com as the Middle East’s top e-commerce platform, driving the digital economy and embracing millions of more e-commerce sellers and buyers,” said Tayfun Topkoc, Managing Director, SAP UAE.
Wisam Daoud, COO of SOUQ.com, added, “As the largest e-commerce platform in the region, we focus on the value we bring through technology and making online shopping as seamless and enjoyable as possible for our customers. This partnership with SAP is our next step to further enhance our customer experience and operations and thereby boost the E-commerce industry.”
Souq.com was established in 2005 to become the largest e-commerce site in the Arab world covering Saudi Arabia, UAE, Jordan and Egypt. Souq.com is the channel where thousands of buyers and sellers in the region meet on a daily basis to sell products over a trusted platform that offers both various local payment options and integrated delivery methods catered to the markets that they serve.
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