The pandemic brought in the ecommerce boom, and now thousands of small businesses are daring to go global with their wares just by clicking buttons.
According to the ‘Amazon Seller Report 2022’ by Payoneer a FinTech company and SellerApp, the year 2022, approximately 63% of small and medium-sized businesses (SMBs) are present on global marketplaces, contributing to nearly 60% of their overall retail sales. Also, a whopping 86% of sellers have experienced a surge in earnings since the pandemic began. Additionally, as Indian cross-border businesses continue to explore new frontiers, 73% are now eyeing expansion opportunities in the US and UK.
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Businesses on eCommerce experience rapid growth and profitability. 63% of eCommerce sellers achieve profitability within their first year of operations. Third-party sellers in the US sell around 7000 products per minute on global marketplaces, out of which more than half also sell on Walmart and Shopify. 76% of eCommerce sellers turn a profit, while 63% become profitable within the first year of becoming an eCommerce seller.
While ecommerce has helped SMBs from world over connect faster, the Middle East has become even hotter than before. For example, in March, Snapdeal child Unicommerce and Delhi based Shiprocket Arabia announced an integrated platform offering to accelerate retail growth in the Middle East.
Amongst GCC countries, the United Arab Emirates, Saudi Arabia, and Egypt are considered to be the most advanced e-commerce markets in the region, while other countries like Oman, Bahrain, and Kuwait are also showing a growing trend.
The e-commerce market is expected to continue to grow as more and more consumers in the region turn to online platforms to make their purchases, and as more retailers and businesses establish an online presence.
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Saahil Goel, co-founder and CEO, Shiprocket said, “We see an immense potential of building a strong e-commerce ecosystem in the Middle-East region as more retailers and businesses are establishing an online presence.”
Kapil Makhija, CEO Unicommerce said, ‘We have been integrated with Shiprocket in India and it has been extremely beneficial for sellers in the region and we are sure of a similar response in the Middle East as well. This offering is a great example of using technology to offer easy-to-use and high-efficiency solutions.”