It’s safe to say that we are living in bizarre times that most of us, and specifically business owners, did not expect. And from everything we know about these challenging times of quarantine and COVID-19, the one thing that proved its success and grew exponentially is E-commerce.
According to U.S. Department of Commerce data, The US comes first with its e-commerce growth in the first six months of this year, where consumers spent $347.26 billion on online US retailers. And according to Pedersen & Partners, the e-commerce market also showed exponential growth with $27.2 Billion in the UAE, with similar numbers across the MENA region.
What Type of Businesses Should Start
If we had a golden rule for e-commerce, it would probably be that any B2C brand that sells a product or a service should invest in e-commerce. However, there’s still the question of durable goods vs. FMCGs. While every type of B2B business should consider e-commerce, it’s helpful to understand the industries that use it.
Consumers generally prefer to buy durable goods from e-commerce websites like clothes, books, electronics, and services like music and tv subscriptions.
That doesn’t mean that FMCGs should move away from e-commerce, especially right now, because if being quarantined has taught us anything, then it’s that FMCG brands that moved into e-commerce were way ahead of the curve.
Why Do it Now
Firstly, because it’s better late than never, and more importantly during these uncertain times, it’s essential to be prepared for every kind of situation that might arrive, like a second wave of being quarantined.
Secondly, as we’re approaching Black Friday and the season for buying Christmas presents, it seems like now is the perfect time to launch your business into the world of e-commerce.
The MENA region is one place that is witnessing a huge consumer behavioural shift into e-commerce and online shopping, with 90% of shoppers in the UAE and Saudi Arabia shifting to e-commerce. That’s why it seems like a complete missed opportunity to let investing in e-commerce pass you by.
https://medium.com/@eCOM360/the-largest-ecommerce-markets-and-industries-in-the-world-74ae5841ff45
https://www.cminds.com/start-5-hottest-ecommerce-industries-2020/
https://www.pedersenandpartners.com/news/growth-and-future-e-commerce-middle-east