Restrictions on movement and trade as a result of confinement with the Covid-19 pandemic have led to a significant shift in consumer behavior of industrial needs in Saudi Arabia, with all buyers and sellers increasingly turning to digital channels and online marketplaces.
Online marketplaces are bounced back strongly after the COVID-19 out breaking Saudi Arabia, according to Reports compiled by statista Global No.1 Business Data Platform that reveal how to increase demand for online goods and services is leading to higher valuations.
Despite the modern medical impact on the Kingdom, the threat presented by the Covid-19 Pandemic – alongside efforts to maintain social distancing – has led to a big shift in the industrial sector and retails, with e-commerce experiencing a rapid spike in growth.
As part of the Financial Sector Development Program- itself part of Vision 2030, the government hopes to increase the proportion of online payments to 70% by 2030, up from the 2020 target of 28%.
To help incentivize this growth and ensure long-term sustainability in the segment, the government improves the regulatory framework.
An E-commerce Law was established to regulate digital payments and improve transparency. the Ministry of Commerce adopted the Implementing Regulations of the E-commerce Law, adding increased oversight to areas such as personal data protection, consumer rights, and disclosure obligations.
A few months put entire industries on hold, while in another way it brought decades of progress in a few weeks. the crisis has amplified the role of online marketplaces: by delivering trust and transparency to end-users, they have the power to unlock supply, especially in industry sectors which until now were heavily regulated or lowly digitized.
Oxford Business Group a global research and advisory company producing business in intelligence write :
” Reforms and initiatives under Vision 2030 have led to an increasing number of international investors tapping into Saudi Arabia’s more open and streamlined business environment, with significant growth opportunities identified across a range of non-oil sectors. Indeed, this was reflected in Saudi Arabia being the most-improved country on the World Bank’s 2020 ease of doing business index…. ”
A video : How is covid-19 accelerating Saudi Arabia’s digital transformation?, Munir Eldesouki, the assistant minister at Saudi Arabia’s Ministry of Communications and Information Technology (MCIT), and Daniah Orkoubi, Chief Economist at the MCIT, discuss the digital changes brought on by the Covid-19 Panademic .
Watch full video: http://ow.ly/suNm30r5UP0
Covid-19 panademic has helped break barriers to technology adoption in a number of areas. In makayin specific B2B platform for industrial needs the e-commerce division of masader multi, has demonstrated that technology adoption, out of necessity, can create new opportunities much more quickly than previously envisaged.
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