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Dubai / WAM
The Middle East, North Africa and South Asia (Menasa) region’s e-commerce sector is growing aggressively at 24.6 percent CAGR through to 2020, according to a newly launched report by Dubai CommerCity.
The report, ‘Menasa e-commerce landscape’, assists global companies and start-ups in evaluating the opportunities within the regional e-commerce market and highlights the high growth in the Menasa region.
It estimates that there was $51 billion of e-commerce sales across Menasa in 2017.
While this accounts for only three percent of the global e-commerce sales, the regions e-commerce sector is growing aggressively at 24.6 percent CAGR growth through to 2020.
This is faster than any region in the world, as the global projected growth during the same period is at 20.6 percent with a declining growth trajectory.
According to the report, South Asia represents the biggest market in size, while the GCC represents the fastest growing and highest spending market in the region. India stands out as the biggest, most mature e-commerce market with $39 billion in estimated e-commerce sales in 2017.
The UAE represents the biggest spending per online shoppers at $1,648 with the third highest growth projected through 2020 at 29.6 percent.
These growth rates, the report explained, has been led by consumer trends and the development of infrastructure, both in terms of modern technology such as artificial intelligence (AI), internet of things (IoT), and e-payment, as well as services, logistics, and shipping.