(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: The e-commerce market size is projected to grow at a compound annual growth rate (CAGR) of 9.40 percent by 2028. The global market analytical platform, Research and Markets in its recent report stated that the sector is poised to grow from $3 (QR13) to $5 (QR21) in 2028.
“With the highest GDP per capita in the world and a reliance on international partners to fulfill strategic goals, Qatar emerges as an excellent place for commercial growth, creating economic prospects for many nations,” it said.
The market, however, anticipates growing steadily in the years ahead, particularly in the services industry.
One of the key highlights that brought new opportunities witnessing an upward trend in Qatar's e-commerce market, is the successfully hosted FIFA World Cup in 2022, which saw businesses capitalising on the major tournament.
With millions of fans pouring into the region for the global event, organisations across the country adopted several strategies to display their presence.
The World Cup also introduced an online tool for event organisers who wanted to stage public viewing events during the sporting event.
Meanwhile, the tournament's official retail partner, Qatar Duty-Free (QDF), launched the first FIFA store at Doha's Hamad International Airport.
The store saw a diverse collection of Official World Cup merchandise, souvenirs, collectibles, and team jerseys.
The move was to attract the tourists returning after the World Cup.
On the other hand, the Formula One Grand Prix, Expo 2023, and the ongoing Asian Football Confederation (AFC) Asian Cup offered travel and tourism companies an excellent chance to create robust business developments with growing e-commerce sales.
While Qatar benefited financially from hosting the World Cup in 2022 due to outlets and malls, tourists worldwide became more readily available in the final few months of 2022, causing a spike in the retail market.
Experts noted that retailers made around 50-60 percent of the expected sales during the first week of the year's biggest sporting event.
Numerous retail centers and department stores also opened or expanded in the country during FIFA 2022.
Platforms including M7, such as studios, co-working areas, and incubation programs, were also created to support emerging designers.
Qatar ranks eighth in the business-to-consumer sector of e-commerce, as per the number of transactions in the Middle East and North Africa.
During the beginning of 2023, there were 2.68 million internet subscribers in the country, with internet penetration reaching 99 percent. The mobile connections, however, accounted for a total of 4.89 million.
Last year, Ooredoo launched its new Ooredoo Business WhatsApp service, which allows its customers to manage their accounts digitally from anywhere.
This will also enable the individuals to easily connect with the Ooredoo business team and quickly resolve their queries regarding orders.
However, researchers outlined that the e-commerce industry is“moderately” competitive in Qatar and is turning to the next level with significant investments in Artificial Intelligence (AI) and Internet of Things (IoT) technology to automate their business framework and achieve time
by reducing manual interventions.
"However, the market is dominated by players such as Baqaala, Amazon, IKEA Qatar, AlAnees Qatar. These automation providers collaborate with retailers to automate their business framework and achieve profitability,” it added.
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