By Andy Sambidge
Latest data from payment solutions provider shows region saw 45% growth to $15bn
The Middle East and North Africa is the fastest growing region in the world for e-commerce, according to a new report by payment solutions provider Visa Incorporated.
Based on 2012 data, this study reveals that the MENA region saw an estimated 45 percent year-on-year increase to $15bn in 2012.
But Visa added that with growing sales there would be more concern about security and retailers needed to tackle this.
Ihab Ayoub, Visa general manager for Middle East and North Africa, said: "E-commerce is one of the key drivers for the economy in today's closely connected global environment, and is rapidly expanding here in the GCC.
"But rapid growth also means that both individuals and business organisations will have a natural level of concern about the security of online transactions."
Ayaz Maqbool, managing director of Tejuri.com, the region's first online shopping mall and the local e-commerce partner for Visa, said: "The region has witnessed a significant increase in internet usage and it comes as no surprise that the internet is quickly becoming the cornerstone for business and communication."
The data for the report was provided by the UK body for e-Retail, the Interactive Media in Retail Group (IMRG), Visa said in a statement.
In February, Euromonitor International said internet retail sales are expected to grow by 95 percent in the UAE over the next five years.
It said the rocketing sales online would be driven by consumers in the UAE becoming more sophisticated and confident that online orders offer quality products, prompt home delivery and card security.
Internet retailing in the UAE will benefit from a "surge in consumer enthusiasm and confidence" to 2018, Euromonitor said.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
I agree to it. Today we can see even raise of social commerce too. It would take business to great heights.