E-commerce Market In Kuwait size is set to grow by USD 1469.76 mn from 2024-2028, advantages of e-commerce platforms boost the market- Technavio

NEW YORK, March 25, 2024 /PRNewswire/ -- The global e-commerce market in kuwait  size is estimated to grow by USD 1469.76 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  12.57%  during the forecast period. The E-commerce market in Kuwait is expanding due to consumers' shift to online shopping. E-retailers provide a wide range of B2C products and conveniences like product comparison. COD services are a significant advantage, attracting offline retailers to enter the digital space. The Kuwaiti E-commerce industry is projected to grow substantially. 

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Segment Overview 

This e-commerce market in Kuwait report extensively covers market segmentation by Product (Fashion and apparel, Consumer electronics, Toys and kids supplies, Beauty and personal care, Others) Type (B2B, B2C) Method (Cash on delivery, Others) Geography (Middle East and Africa)

Market segmentation by Product
The B2B segment of Kuwait's E-commerce market witnessed remarkable growth in 2023. Kuwait's strategic economic position in the Gulf region fosters a conducive environment for B2B transactions. With an oil-rich economy and diverse industries, enterprises in Kuwait leverage digital platforms for wholesale trade, procurement, and supply chain activities. Businesses source business-related products, including raw materials and components, through B2B E-commerce to enhance operational efficiency and reduce costs. Suitable for industries like manufacturing, construction, and hospitality, this model streamlines procurement processes for large purchases.

Geography Overview

geographic_landscape

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• In Kuwait's retail industry, E-commerce is a growing trend. Manufacturers sell products via company websites and popular platforms, expanding market presence and brand awareness. Physical stores also add E-commerce to reach more consumers, merging offline and online sales channels.
• In Kuwait's E-commerce market, the prevalence of counterfeit goods, particularly in fashion, is a significant concern. Counterfeit luxury apparel and accessories are readily available at lower costs, leading to consumer uncertainty and decreased confidence in the retail industry. Fashion piracy is high, disproportionately affecting women.

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Research Analysis

In Kuwait, the E-commerce market is experiencing significant digitization, with an increasing number of retailers embracing online retailing through mobile apps and websites. Smartphone usage is at an all-time high, making digital payment systems convenient for purchasing physical goods in various sectors, including Electronics, Fashion, Furniture & Homeware, Care Products, DIY, Grocery, and more. The Digital Economy is thriving, with high internet penetration and the availability of 5G networks enabling faster and more efficient online transactions. E-commerce startups are flourishing, with the Electronic Signature Law facilitating digital agreements. Robotics-fulfillment centers ensure efficient order processing and delivery. Social media platforms like Instagram and Snapchat are also being utilized for marketing and sales. The ECDB (Electronic Commerce and Information Technology Department) is overseeing the growth of this sector, ensuring compliance with regulations and fostering innovation.

Market Research Overview

In the dynamic and evolving E-commerce market of Kuwait, digitalization has taken center stage. Commerces such as Consumers Electronics, Fashion, and Homeware embrace this shift, offering a plethora of products online. E-commerce platforms like Amazon, Digitizit, and Shop.com.kw provide a seamless shopping experience, delivering products to customers' doorsteps. Interested consumers can browse through a wide range of apps and websites, making purchases through secure payment methods. Markets like Al-Salam and Markaz Shouqan also offer online shopping services, catering to the needs of a tech-savvy population. The trending categories include electronics, apps, and fashion, with consumers seeking the latest technology and stylish apparel. The convenience and accessibility of E-commerce have made it a preferred choice for many in Kuwait's modern society.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio