Saudi Arabia’s retail sector is eyeing significant growth on the back of its e-commerce market.
In a recent report, leading global management consulting firm Kearney and Saudi consulting company Mukatafa noted that 74% of online shoppers in the Kingdom are expected to migrate from global to local platforms.
Saudi Arabia’s e-commerce market is valued at SAR 19.3 billion (USD 5.14 billion). It is forecasted to increase to SAR 34.7 billion (USD 9.25 billion) to reach 7.5% of the overall retail market by 2026.
An expanding e-commerce ecosystem will accelerate innovation, job creation, investment and private-sector growth in line with the Kingdom’s Vision 2030 objectives.
Further supporting e-commerce is the news that the Saudi Central Bank (SAMA) has granted permits to Spotii and Madfu to provide consumer finance through the buy now, pay later (BNPL) platform. These companies provide flexible transaction settlement options. SAMA has been working toward increasing the adoption of the financial technology (fintech) sector to boost the effectiveness, security and flexibility of financial transactions.
The approval is expected to attract a new segment of investors and value added firms that can assist in maintaining more efficient operations. In addition, this initiative will further contribute to The Kingdom achieving its objectives of the Financial Sector Development Programme by elevating Saudi Arabia to become one of the leading worldwide countries in fintech.
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