Tradeling, the largest business-to-business (B2B) marketplace in the Middle East and North Africa (MENA), reports that the pandemic-induced trend of digital adoption across many industries is set to continue with a relatively young and tech-inclined demographic driving this projection. Reports indicate that the region’s average age of 26 for its younger population is much lower than the global average, and this is expected to boost e-commerce spending by 15% in 2023 compared to the previous year.
Out of necessity, increased digital adoption was seen around the world at the start of the pandemic. despite of world health WHO Declassified COVID-19 As a global emergency, the MENA region is expected to maintain its upward trajectory by adding approximately 100 million new digital service users over the next five years. This progress is expected to see up to 125 million new digital users by 2030 while boosting the region’s digital economy from its value of $100 billion in 2022 to $500 billion by the end of the decade.
Excessive growth in the digital economy in the MENA region is expected to continue for the foreseeable future with explosive growth expected in the GCC countries. Moreover, the e-commerce sector in the UAE is poised to make significant contributions with its high internet penetration rate of more than 90%, the growing smartphone user base, and the growing demand for online shopping; Consumers have grown to prefer this convenience over brick-and-mortar stores since the outbreak of COVID. Favorable government policies are also supporting the rise of e-commerce in the country.
The UAE government has implemented several initiatives to promote entrepreneurship and innovation in the field of e-commerce in the country while developing frameworks that protect consumers and businesses; This includes regulating payment systems and establishing dispute resolution mechanisms, among other efforts. As a result, the digital economy in the Middle East and North Africa region is rapidly gaining ground in emerging markets such as Indonesia and India which are valued respectively at around $70 billion and $135 billion.
Marius Sciavola, CEO of Tradeling commented: “E-commerce in the Middle East, and the digital economy of the region as a whole, is well positioned to lead the world in the coming years with the UAE taking the lead. The strategic location, diversified economy and innovative infrastructure have seen the rise in popularity of trade “As a young, tech-savvy population that continues to be nurtured by the proactive efforts of the UAE’s wise leadership and willingness to embrace new technologies and digital solutions, the future of the industry is promising.”
As a dominant marketplace among businesses in the MENA region, Tradeling is shaping the future of e-commerce in the UAE. The company has grown rapidly since its inception three years ago with a wide range of more than 1.7 million unique products across 14 categories and more than 200,000 registered buyers and sellers from 55 countries. Partnerships with local entities such as Wio Bank and food Tech Valley, as well as global companies such as Mastercard, are solidifying Tradeling’s presence while at the same time helping to support the country’s economy.