ALBAWABA – Saudi Arabia is currently leading the e-commerce sales in the Middle East, according to a report by Uplo, an e-commerce solutions company. E-commerce has recently peaked at $15 billion in the first half of 2024 in the region, with Saudi Arabia ranking at the top among Arab countries, generating 50% of the total e-commerce revenue.
E-commerce in Saudi Arabia
Charbel Nasr, co-founder and board director at Uplo, said actual traditional stores lost 10% of their total sales, while e-commerce recorded a remarkable increase during the first half of this year. Nasr explained how e-commerce is growing and developing by the minute compared to traditional walk-in stores.
Saudi Arabia is currently leading the e-commerce sales in the Middle East. (Shutterstock)
E-commerce growth was recorded at 7% on an annual basis to $15 billion in the first half of 2024 while Saudi Arabia is leading the e-commerce market in the Middle East. According to Uplo, Saudi Arabia generated about 50% of the total e-commerce sales in the Middle East. UAE generated more than 30% and Kuwait was able to generate about 13%.
As per Nasr, new available online payment solutions contributed widely to the increase in e-commerce operations. Nasr said: “Payment solutions, including ‘buy now, pay later,’ contribute greatly to the acceleration of e-commerce.” Nasr urged companies to start relying on AI technology to provide best payment solutions and inventory management.
