Ronaldo Mouchawar, CEO and co-founder of Souq.com, which was acquired by Amazon, revealed that 80 percent of Saudis use smartphones in e-shopping.
In remarks to Asharq al-Awsat newspaper, Mouchawar said the e-commerce sector was growing at a rate of 30 to 40 percent per year, while Saudi Arabia’s e-commerce was only at 1.5 percent, underlining the enormous opportunities available to young Saudi entrepreneurs.
“Saudi Arabia is the most important market for e-commerce in the region, as the number of smart mobile users in the Kingdom reaches over 23 million people, while the percentage of Internet, networking and application use is very high. The Saudi market usually accounts for half of the region’s retail consumption,” he noted.
The CEO said that Souq.com has invested in building content in Arabic and turning towards the digital economy, in line with the vision of Saudi Crown Prince Mohammed bin Salman.
“Souq.com application on smartphones is very important for the Saudi consumer. Almost 50 percent of mobile users in the Kingdom have this application and 80 percent of our sales in Saudi Arabia are via the smartphone,” Mouchawar added.
He also emphasized greater involvement by companies and large brands in Internet marketing and e-commerce, noting that the site receives between 50 and 60 million visits per month.
The CEO said that the company was about to launch the most important annual “White Friday Festival” (White Friday 2017), in all GCC countries and Egypt from November 22-25, for the fourth consecutive year, offering more than half million products from 16,000 different brands at amazing prices, with unprecedented discounts of up to 70 percent via the website or the application.
He revealed plans by Amazon, which has acquired Souq.com, to invest heavily in the region and Saudi Arabia, especially in the coming years.