The Kingdom of Saudi Arabia is ranked 25th on the list of the largest e-commerce markets around the world, with revenues reaching $7 billion, and it is one of the top 10 growing countries in the field of e-commerce at an annual rate exceeding 32%, as these profits have been proven beyond a doubt. E-commerce has a promising future, and is the only one that competes with oil profits, and this is what made it one of the pillars of the Kingdom of Saudi Arabia’s Vision 2030, as it aims to increase the contribution of e-commerce to 80% in the retail sector by 2030, and hopes to increase the percentage of online payments to 70%. % by 2030.
In order to regulate and stimulate the e-commerce sector to facilitate transactions; And to verify the implementation of all initiatives that encourage this sector, enhance its reliability, and preserve consumer rights, the E-Commerce Council was established in July 2018, as the E-Commerce Council is a major contributor to the implementation of the “E-Commerce Stimulus” program initiative, which would enhance the growth of this commerce business system. The Council will also be the point of contact through which relevant national institutions from the public and private sectors cooperate to harmonize their efforts and keep pace with global developments in this trade, and there are shopping platforms in the digital space according to the preferences and desires of the merchant and consumer.
This proves the increasing importance of e-commerce in light of the digital development that the Kingdom of Saudi Arabia is experiencing, and the high demand for investment in this sector, as the tasks of the E-commerce Council are based on fundamental points, the first of which is proposing policies and legislation related to e-commerce, the second is supervising the program to stimulate e-commerce, and the third is Coordination with relevant authorities to prevent duplication and eliminate obstacles related to e-commerce, in order to ensure the effective implementation of the e-commerce incentive program projects and its recommendations, as well as protecting the consumer and investor alike from manipulation and fraud and ensuring the rights of both parties in a way that serves the nation’s economy properly, without exploiting loopholes and preventing… To avoid confusion and to preserve rights.
The field of e-commerce is an independent world for pumping money, but this sector remains one of the most difficult sectors that requires complete knowledge and approved entities from companies and institutions to invest in it. Therefore, the state has undertaken to establish the E-commerce Council to raise awareness of society in this field and to guarantee the rights and duties of both sides.
It is expected that during this year 2023, after consumer spending in the Kingdom of Saudi Arabia increases on a daily basis, revenues from this sector will increase to multiples of what they achieved in 2022.
