Real-time digital transactions will transform Middle East e-commerce by 2020. In line with this prediction, the Souq.com, the region’s largest e-commerce platform, has partnered up with global technology company SAP. This tie-up will help accelerate real-time transactions and support the scaling up of Middle East small- and medium-sized enterprises (SMEs), driving further 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.
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,” said Ronaldo Mouchawar CEO and Co-Founder of Souq.com
Real-time is the driver of e-commerce – whether in completing transactions or identifying new customer shopping habits. Tayfun Topkoc, Managing Director, SAP UAE asserted that this partnership promotes the sharing of global best practices. It is set to help drive further the digital economy and embrace millions of more e-commerce sellers and buyers.