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Saudi Arabia Retail Market Performance During the COVID 19 Outbreak - Focus on E commerce

Saudi Arabia Retail Market Performance During the COVID 19 Outbreak - Focus on E commerce

  • November 2020
  • 64 pages
  • ID: 6020285
  • Format: PDF
  • Makreo Research and Consulting

Summary

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Saudi Arabia’s economy has been hit hard due to falling oil prices. The budget deficit for the first quarter of 2020 was USD 9 billion. Several measures have been taken to stimulate the economy, including raising the value-added tax from 5% to 15% from July 01 and cutting spending by USD 26.6 billion. The daily trading volume of about 570 commodities is far below the peak of nearly 5,000 in mid-June.

Retail Performance

Electronics and Apparel are the two largest segments of the retail sector in Saudi Arabia in which large multinational brads in apparel segment have been dominant in the market. The Saudi e-commerce market has enjoyed steady growth in recent years, with turnover increasing by 11%-16% on an average. Total e-commerce revenue across all product categories was USD ~ billion in 2019.

For Automobile, country largely depends upon imports and positioned as fifth largest export market for the US passenger vehicles & light trucks whereas the largest market in the Middle East.

Middle East is still lagging behind in the race of E-commerce retailing as compared to many developed nations however the region is rapidly expanding its E-commerce platform mainly in UAE and Saudi Arabia with major demand coming from consumer electronics and fashion industries.

Major players in ecommerce space in the country are Souq.com, Haraj.com.sa, Amazon, Apple, Opensooq.com, AliExpress, Jarir.com, Extrastores.com, Alibaba and eBay. Among these Haraj.com and Amazon have a dominant position in the market.

Shift in Preferences After Virus Outbreak

In Saudi Arabia, consumer spending has declined sharply till the H1 2020 due to multiple factors such as the country wide lockdown, restrictions in travelling, rise in unemployment and reduction in income; however, second half of the year seem to gain slight recovery. Consumer spending has witnessed a sharp fall due to plunge in purchasing power after the virus outbreak and further increase of VAT

Government Initiatives to Boost Retail

In the year 2019, the Kingdom’s General Investment Authority distributed more than 100 foreign investment licenses to companies in the retail sector that accounts to 50% more than the year before.

The ministry also supported the retail sector through a range of initiatives such as Qiwa, which consist of the automation and simplification of ministry services provided to the private sector through a unified platform, allowing Qiwa firms to issue direct work visas.

Scope of the Study

The synopsis presented has been derived from the report titled “Saudi Arabia Retail Market Performance During the COVID-19 Outbreak –Focus on E-commerce” published by Makreo Research and Consulting. The report provides a holistic perspective of past, present and future market performance. The report provides a comprehensive analysis of E-commerce market and impact of COVID-19 over the industry performance.

The report study market performance of Pharmaceuticals, Apparel, Electronics, Automobile and oil sectors. E-commerce is gaining popularity in the country; the report helps to assess pre-covid performance of the E-commerce and market and growth trend during COVID-19 outbreak. The report highlights micro economic trends and macro economic trends to study the impact of independent factors over the industry performance. The report assesses future e-commerce market to identify the opportunities to grab and and assess players performance during the review period.

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