Saudi Telecommunications Regulatory Authority

Nov

12

2017

Saudi Telecommunications Regulatory Authority (STC) issues its e-commerce report on the sidelines of its annual forum

The e-commerce market has grown rapidly, driven by the increasing shift from traditional shopping to online shopping and mobile devices, according to an e-commerce report issued by the Communications and Information Technology Commission.

Experts attributed the growth to increased Internet penetration, increased use of smartphones, growing support from governments and decision-makers, and the evolution of electronic payment systems, shipping and delivery services.

This accelerated transformation has led to a marked growth in online spending, with e-commerce transactions between consumers and businesses exceeding $ 3.8 trillion in 2016.

The e-commerce market in the Middle East, North Africa, Central Europe and India accounts for 2.5% of global e-commerce spending and represents a huge potential for growth in e-commerce.

International companies’ investments have contributed to e-commerce, a rapidly growing segment of venture capital funds and entrepreneurs in the emergence of a number of emerging e-commerce markets, the report said.

The report said that the global spread of the Internet and the demand for services depend on it, the ability of e-commerce companies to provide services and goods dedicated to the personal needs of customers, growth in e-commerce investments, market innovations and payment methods, and improvements in logistics and delivery is one of the main engines of the e-commerce sector Global.

The report predicts that the number of Internet users worldwide will rise from 3.2 billion (43% of the world’s total population) to 3.8 billion by 2020, which means that the global prevalence rate will rise to 49%. More than $ 106 billion has been invested in technology and e-commerce companies since 2012.

China, the world’s largest e-commerce market, accounts for 33 per cent of global e-commerce spending in 2015, compared to its 5.9 per cent share in 2014, according to the CITC report.

The report attributed the rapid growth of the e-commerce sector in emerging economies as a result of the growth of the number of Internet users to 1.14 billion people in China over the age of 15 years, more than 583 million Internet users (51% Internet penetration) and 400 million e-shoppers .

He attributed it to the rise of digital payments, the expansion of logistics possibilities, and the investments of global e-commerce giants. The study emphasized the importance of continuous innovation in e-commerce products, services and business models through new business models such as O2O and Collective Purchase, both from electronic and traditional channels in order to achieve greater interaction with consumers, as well as the use of artificial intelligence , Providing new consumer buying experiences to attract shoppers online.

The CITC will hold its 2017 annual meeting entitled “Electronic Commerce in the Kingdom of Saudi Arabia” on 14 November 2017 at the Authority’s headquarters in Al-Nakhil District, Riyadh, at 9:00 am with the participation of the Ministry of Trade and Investment, the Saudi Arabian Monetary Agency Saudi Arabia, the General Authority for Small and Medium Enterprises, e-commerce experts, investors in this field, logistics providers, payments and a number of people interested in the field of communication and information services.

The forum aims to provide a comprehensive overview of the local, regional and global status of e-commerce through dialogue sessions with specialists, raising awareness of its benefits in the Kingdom and reviewing its economic and social impact.

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