Statistics reveal remarkable growth in the number of users and investment in the Saudi e-commerce sector
The growth of e-commerce in Saudi Arabia reflects the firm commitment of its leaders to remain at the forefront of technology, with the aim of boosting remote shopping and facilitating cashless payments. As reported by Al Arab, this development is in line with the digitisation plans of the largest Arab economy as it seeks to modernise and diversify its economic structure.
The General Authority for Small and Medium Enterprises (Monsha’at) highlighted in a recent report the development of e-commerce in the country and initiatives that support SMEs. Entitled ‘Small and Medium Enterprises and Promising Prospects for E-Commerce’, the report analyses the remarkable progress of this sector in recent years.
According to the document, financing for e-commerce projects reached 1.6 million rials (383 million euros) at the end of last year. In addition, the number of e-commerce platform users in Saudi Arabia is expected to reach 34.5 million by 2025, with a 42 per cent growth in the number of users between 2019 and 2024, highlighting the rapid adoption of these technologies in the country.
The most successful sectors in Saudi e-commerce include online sales platforms, digital marketing, logistics and payment systems. Saudi Arabia, as one of the fastest growing economies globally, is well positioned for this sector to continue to thrive, especially thanks to the facilities offered by the government. The e-commerce market is estimated to reach EUR 12.222 billion by the end of this year, with an annual growth rate of 15 %, which could take it to EUR 24.596 billion by 2029.
This market is attracting not only local but also global attention, as there are an estimated 1.8 billion e-commerce users worldwide, with a trade and investment volume of around EUR 26 billion. In this context, the majority of payments in Saudi Arabia are expected to be made electronically, with 7.4 % of transactions taking place in real time and 48.6 % through other digital means.
A report by Prime Time for Real-Time, published earlier this year, ranked Saudi Arabia ninth among the top ten countries with the highest smartphone adoption, with 80 per cent of consumers using mobile wallets.
