Hamburg, Germany – April 19, 2024 – Today, yStats.com, a leading provider of secondary market research, unveils its latest market report titled “Middle East & Africa B2C E-Commerce Market 2024“. This report unveils significant trends and insights within the B2C E-Commerce sector in the Middle Eastern and African regions. Highlighting the rapid adoption of online commerce, the publication underscores the reshaping of consumer behaviors and market dynamics in these areas.
Middle East’s Digital Economy Set for Unprecedented Growth
The Middle East’s digital economy is anticipated for an extraordinary expansion, with projections exceeding EUR 500 billion by 2030. This revelation accompanies the region’s swift adoption of digital commerce and online transactions, reshaping the market dynamics. According to yStats.com’s latest report, the MENA region is shifting towards mobile commerce dominance, with mobile platforms projected to drive 70% of total online transaction value by 2025. Moreover, the B2C E-Commerce market is expected to double-digit billion euros by 2026, offering substantial opportunities for businesses in this rapidly evolving landscape.
Saudi Arabia and the UAE are at the forefront of the region’s digital revolution, witnessing significant milestones in their E-Commerce sectors. Forecasts indicate that by 2027, Saudi Arabia’s B2C E-Commerce revenue is expected to surpass EUR 20 billion, reflecting a substantial increase in its share of total retail sales. Similarly, the UAE’s digital commerce landscape is booming, with B2C E-Commerce revenue projected to nearly double-digit EUR billion by 2028.
Africa’s Transformative Evolution in E-Commerce and Digital Payments
Africa’s digital payment landscape is rapidly evolving, fueled by strategic partnerships and innovations highlighted in yStats.com’s latest report. By 2025, wallets are forecasted to comprise over 20% of total electronic payment revenue, with cards closely following suit. In Nigeria, over 90% of MSMEs observed increased sales after adopting B2C E-Commerce, with over 60% witnessing reduced costs. Kenya’s B2C E-Commerce sector thrived in 2022, accumulating approximately USD 4 billion in revenue, driven by widespread internet access, a robust mobile money infrastructure, and innovative digital advancements. By April 2023, 96% of Kenyan MSMEs noted enhanced sales post-B2C E-Commerce integration, while 80% also saw reduced expenses.
As the Middle East and Africa regions embrace the digital era, businesses across sectors are presented with opportunities to innovate, engage with consumers, and drive economic growth. The rapid evolution of digital commerce emphasizes the importance of adaptation and flexibility in meeting consumers’ continuous and evolving needs in the region.
