Souq Middle East is the largest e-commerce platform in the Middle East. It is known as the “Middle East version of Amazon” and is the leader in the Middle East e-commerce market. Founded in 2006 by Syrian Ronaldo Mouchawar, Souq Middle East has won a good reputation and great success in the industry.
Growth Background: When Souq Middle East was first established, the Internet penetration rate in the Middle East was only 20%. However, with the rapid increase in the number of users in the Middle East going online and using smartphones, Souq Middle East has ushered in a booming development. The Internet penetration rate and mobile phone ownership rate in the Middle East have reached more than 70%, especially in wealthy countries such as the UAE, Saudi Arabia, and Qatar. People are enthusiastic about online shopping. It is expected that the scale of online shopping in the Middle East will grow rapidly in the next few years, which provides Souq Middle East with huge market potential.
Business Expansion: Souq Middle East has developed rapidly in recent years and has taken on the “last mile” delivery service. In order to solve the problem of incomplete postal services and lack of email addresses, Souq Middle East has established its own logistics system QExpress and payment system PayFort. In addition, Souq Middle East has launched its own brand of tablets and plans to launch more own brand electronic products. In order to build its own e-commerce culture, Souq Middle East launched the Middle East’s White Friday promotion (White Friday), which achieved good results.
Platform advantages: As a leading company in the Middle East’s e-commerce market, Souq Middle East has many advantages. First, it has huge traffic. As an e-commerce platform ranked about 750th in the world, it has about 45 million IP visits per month. In the peak season, the number of visits is as high as 76 million. Secondly, Souq Middle East has 4 sites in the Middle East, including Dubai, Saudi Arabia, Egypt and Kuwait, covering multiple national markets. In addition, Souq Middle East’s user stickiness and product category richness still have room for improvement.
Regional market potential: The UAE and Saudi Arabia are the most important markets for Souq Middle East. According to data, smartphone users in the UAE account for 80% of the total population, and people under the age of 31 account for 64% of the total population. In Saudi Arabia, 90% of adults have smartphones, and 75% are under the age of 35. These two markets have the highest demand for online shopping of electronic products. It is predicted that by 2020, Saudi Arabia’s e-commerce retail sales will double to $22 billion. At the same time, the government will invest more than $100 billion between 2010 and 2020 to improve logistics infrastructure.
The platform’s advantages are also reflected in the following aspects. First, Souq Middle East’s platform commission is low, and there is no restriction on the mandatory use of overseas warehouses FBA, which provides sellers with more flexible options. Secondly, the listing approval is fast, which can be completed in just 5 days, greatly reducing the waiting time. In addition, Souq Middle East only charges platform fees, no monthly rent, and only charges FBS (Fulfillment by Souq) service fees, which saves costs for sellers. In addition, Souq Middle East has built its own logistics system QExpress to ensure a good customer experience. In addition, Souq Middle East’s loan is fast and there is no delay, which helps sellers obtain funds and further develop their business.
In summary, as the largest e-commerce platform in the Middle East, Souq Middle East has strong strength and market influence. It has achieved remarkable results in business expansion, traffic accumulation and platform advantages.
With the rapid growth of online shopping in the Middle East and the continued rise in consumer demand for electronic products, Souq Middle East will continue to play an important role and become an ideal choice for sellers to settle in. Whether in terms of profit maximization, logistics smoothness or user experience, Souq Middle East has brought huge benefits and convenience to sellers and buyers. Sellers should seize this opportunity to promote their products to the Middle East market and cooperate with Souq Middle East to achieve common success and growth.