A Look at E-Commerce Statistics in the GCC Countries:
In 2015, e-commerce contributed approximately 0.4% of the total GDP of the Gulf Cooperation Council (GCC) countries, amounting to $5.3 billion.
By 2020, with the economic shifts brought about by the COVID-19 pandemic, the e-commerce market in the GCC had become one of the fastest-growing markets globally, with a growth rate exceeding 35%. The market size was estimated at around $24 billion, surpassing earlier projections of $21.6 billion.
Here is a detailed look at the size of the e-commerce market in the GCC over the past five years:
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Global reports predict that e-commerce in the GCC will grow at an accelerated rate between 2020 and 2022 by 20%, and by 14% through 2025. Without the impact of COVID-19, the expected growth would have been 14% and 10%, respectively.
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The average percentage of households purchasing goods online rose from 2% to over 8%. In comparison, this rate ranges between 16% and 25% in developed countries like the United States, South Korea, and Germany. However, projections suggest that GCC countries will soon reach similar global levels.
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Visits to popular shopping websites increased by 50% in 2020 compared to 2015, with the number of users rising from 3 million to 21 million.
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The number of e-commerce platforms and applications has tripled compared to 2015.
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The time users spend on websites such as Amazon, Namshi, and Noon has increased, with average daily browsing times ranging from 9 to 12 minutes and users viewing between 7 to 8 pages.
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Food and grocery delivery services are among the fastest-growing sectors in e-commerce, with a growth rate of 20% and a current market size of $3 billion in the GCC.
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Fashion and beauty activities represent a significant investment opportunity in this sector, with an 18% growth rate and a current market size exceeding $5 billion in the region.
A Detailed Outlook on E-Commerce Growth Forecasts in the GCC for the Next Five Years:
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60% of millennials shop online.
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By 2025, the GCC e-commerce market is expected to reach $50 billion.
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Millennials make up more than 45% of the population in GCC countries, making the region a highly promising market for e-commerce.