Page 13 - HyperPay Report - FEBRUARY 2024

2/22/24, 1:56 PM Customer experience excellence: How Hyperpay enhances checkout processes
can provide numerous compelling advantages, including driving up conversion rates as
well as leaving a lasting impact on customers, thereby elevating consumer satisfaction

and bolstering brand credibility.

It has been reported that around 42.9 per cent of all online purchases are done through
mobile devices, typically smartphones. Before the COVID-19 outbreak, the e-retail sector

in the Gulf Cooperation Council (GCC) region was projected to have a 12.2 per cent

penetration rate of offline retail in 2025. After the pandemic, the projected penetration rate
increased to about 16.3 per cent.

A recent Agility Logistics study stated that the Saudi e-commerce market generated a
revenue of USD 10 billion in 2023, making it the 28th largest online market globally. The

Kingdom’s e-commerce market is estimated at USD 13.61 billion in 2024 and is slated to

reach USD 27.37 billion, registering a CAGR of 15.01 per cent during the forecast period
2024-2029.[3] In 2023, the UAE’s e-commerce market was valued at USD 8856.18 million

and is projected to grow at a compound annual growth rate (CAGR) of 11.52 per cent to
reach USD 16532.75 million over the forecast period of 2024-2029 [5]. The growth of the

e-commerce market is driven by a combination of factors, notably the increased usage of

the internet and a tech-savvy population.

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