saudi online retail market heats up with nooncom launch
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Saudi online retail market heats up with Noon.com launch

Arab Today, arab today

Arab Today, arab today Saudi online retail market heats up with Noon.com launch

Noon is a joint venture between Emaar Properties chairman Mohamed Alabbar
London - Arab Today

The online “Arabic-first” shopping platform Noon.com has launched in Saudi Arabia, aiming to carve out a share in what is still a relatively nascent market for e-commerce.
Noon is a joint venture between Emaar Properties chairman Mohamed Alabbar, Saudi Arabia’s Public Investment Fund and the Kuwaiti franchise operator MH Alshaya. It initially launched in the UAE in October. The Saudi market offers significant growth potential to online retailers, analysts say, given the low proportion of the population who regularly shop on the internet rather than in the Kingdom’s shopping malls.
“KSA is a key market for online retail,” said Euromonitor analyst Rabia Yasmeen, adding that the online share of the total Saudi retail market is around 1.4 percent.
Norma Taki, head of retail at PwC Middle East, added: “Our 2017 Total Retail survey results show that 27 percent of shoppers in KSA like to shop online monthly versus 45 percent who shop only a few times a year.
“This highlights that there is a huge opportunity for market entrants such as Noon.com to come in and capitalize on the young population and the tech-savvy end consumer the KSA market has to offer.”
Noon went live at midday on Dec. 12. It is headquartered in Riyadh and offers products across a wide range of sectors including beauty, fashion, electronics, home and kitchen and groceries. Shoppers can make purchases online or via a downloadable app.
“Noon brings a dynamic, locally-driven and customer-oriented digital marketplace to the Kingdom serving the community and offering a new retail and much-improved experience,” said the founder of Noon, Mohamed Alabbar.
“With talented young Saudis driving its operations, along with being powered by Saudi and regional retailers showcasing their amazing products, the platform also offers Saudi entrepreneurs, including startups, to be part of a fast-growing digital ecosystem.”
Noon will be a competitor to Souq.com, which was acquired by global online giant Amazon in March. Souq already operates in Saudi Arabia, Bahrain, Kuwait and Egypt.
This month Souq launched Amazon Global Store, which allows customers in the UAE to purchase products from the US-based Amazon.
The Middle East is set to be one of the fastest-growing regions globally for e-commerce, according to BMI Research. It predicted sales to double to at least $48.8 billion by 2021, in a research note published in September.
This growth is partly due to the high proportion of young consumers, BMI said, with all the Middle Eastern countries it ranks having more than 30 percent of its population aged between 20 and 39 years old.
The UAE still dominates the regional online market, it said, with and sales in the UAE will reach $9.7 billion in 2017, rising to $23.3 billion by 2021.

Source:Arabnews

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi online retail market heats up with nooncom launch saudi online retail market heats up with nooncom launch

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi online retail market heats up with nooncom launch saudi online retail market heats up with nooncom launch

 



GMT 09:32 2018 Wednesday ,12 December

Huawei CFO gets bail; China detains ex-Canadian diplomat

GMT 21:01 2018 Sunday ,25 November

Oil prices plummet amid U.S. drilling rigs down

GMT 02:28 2017 Monday ,30 October

Aug24/Sept23

GMT 09:21 2016 Monday ,11 January

Michalak keeps champions Toulon on course

GMT 20:37 2017 Tuesday ,19 September

Balance Festival appoints Hope & Glory PR

GMT 11:07 2017 Saturday ,18 March

Actor Mohamed Ramadan delays his drama works

GMT 08:35 2017 Thursday ,30 March

China to stage first NHL preseason games

GMT 12:17 2018 Saturday ,20 January

Hariri begins an official visit to Russia

GMT 19:21 2018 Friday ,19 January

Hamdan bin Rashid receives UNESCO officials

GMT 07:09 2018 Thursday ,04 January

Saudi envoy to Lebanon presents credentials

GMT 16:42 2012 Tuesday ,24 January

Basel Khayat quits acting

GMT 12:58 2017 Friday ,17 March

$150 million worth logistic assets acquired

GMT 21:16 2017 Thursday ,10 August

Saudi government Saudizes jobs in tourist sector

GMT 04:17 2017 Tuesday ,04 July

Arab singer Balqees Fathi to perform at DSS
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday