Digital Commerce Market To Reach QR26.73Bn By 2024 End
Date
11/11/2024 12:15:25 AM
(MENAFN- The Peninsula)
Joel Johnson
|
The Peninsula
Doha, Qatar: The digital commerce sector is poised for a trajectory of upward growth as reports signal a boost in Qatar. According to a report by Statista, the transaction value in the digital commerce market is estimated to amount to $7.29bn (QR26.73bn) by the end of the year.
The report notes that the transaction value is anticipated to show a compound annual growth rate (CAGR) of 21.70 percent resulting in a projected total amount of $19.46bn from 2024 to 2029.
The data forecasts that the number of users in the industry is expected to increase by over 1.6 million during the period.
Market experts highlighted the country's developments into an active market for e-commerce during the past decade.
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Sources told The Peninsula that this outlines the acceleration of digital marketing solutions coupled with strategies for strong businesses in addition to revolutionising the dynamics of online shopping in the region.
Industry leaders stressed that the market shift and transformation have been“obvious” in the Qatari economy and the transaction value amount of over QR26bn is a significant example of government initiatives, spending, and infrastructural projects to boost the sector.
However, analysts note that digital commerce in Qatar is also confronted with certain challenges in the fierce business market including the regulatory environment, adapting to modern technologies, market saturation, and cultural sensitivity.
Within the digital market periphery in e-commerce in Qatar, the market outlook also looks promising. Researchers say that with such enhancement of technology, businesses will have much at their disposal, and strategies for marketing instruments will be shaped by artificial intelligence, data analytics, and automation in the years ahead.
AI tech experts and officials lauded the country's initiatives during this year's Web Summit Qatar and the Qatar Economic Forum, sayinf that local entities could take advantage of AI and improve the experience of their customers as well as increase revenue. From a global comparison perspective, the report reveals that the highest transaction value is expected to be generated by China for a whopping $3,245bn by the end of December.
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