E-commerce revenues are expected to reach $8.29 billion by 2024. In 2019, the number of internet users engaging in e-commerce (buying or selling) in Saudi Arabia was 23.7 million, with projections indicating an increase to 33.6 million users, a 42% growth.
Clothing, footwear, and sports goods represent the most purchased items online, accounting for 67% of total e-commerce sales. Cosmetics follow with 25.9%, books and magazines at 24%, and IT services at 16%, with the remaining categories sharing the rest.
The COVID-19 pandemic spurred a 12.4% increase in the number of e-commerce stores in the Kingdom, rising from 25,501 stores in Q4 2019 to 28,676 stores by mid-2020.
These key indicators, provided by Mashroo3k, aim to guide investors and entrepreneurs in starting their e-commerce ventures based on solid data. Mashroo3k believes that the e-commerce sector presents a promising investment opportunity due to growing consumerism and high internet and smartphone usage among young people in Saudi Arabia