👉 Report on E-commerce in the MENA Region 2024 by British Company

👉 Report on E-commerce in the MENA Region 2024 by British Company
checkout.com 🇬🇧

Remember, MENA refers to the countries in the Middle East and North Africa (UAE🇦🇪, Saudi Arabia🇸🇦, Qatar🇶🇦, Egypt🇪🇬, Algeria🇩🇿). how is payment security key to gaining customer loyalty? We have selected some aspects that, in our opinion, are very useful for decision-making if you work with this region.

➡️ Digital Maturity: From 2020 to 2024, in countries that were previously heavily reliant on cash and physical transactions, the number of citizens making online purchases at least once a day has surged by 80%.

➡️ Growth in Checkout.com Payment Volume over the last 4 years is 658%.

➡️ Growth in Payment Volume in 2023, compared to 2022 was 78%.

➡️ In Saudi Arabia alone, 2.6 million shoppers make online purchases at least once a day.

➡️ 50% of respondents believe that in the next 12 months, their online payment activity will increase.

➡️ High Risk: These are predominantly Muslim countries where casinos and gambling are formally banned. However, the market for airline tickets is booming: online travel-related spending has grown by 31% in the past 4 years. The beauty industry, including pharmacies, is also thriving: despite traditional modesty, meticulous self-care has driven a 22% increase in online shopping.

➡️ In the digital wallet market, Apple Pay dominates.

➡️ Operational Costs in Cross-Border Format: tend to decrease 1️⃣ thanks to adequate local acquisition 2️⃣ due to the active implementation of machine learning-based solutions.

➡️ Issues: about 23% of local users reported facing an erroneous payment rejection in the last 3 months. Additionally, when making online payments, 1/3 of shoppers in this market have been victims of fraud.

🛠🔩⚙️ Methodology: the report is based on annual data obtained from 19,000 consumers, including Checkout customers from 2020 to 2024.

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