How Souq Dominates Mobile Shopping in the Middle East
The largest e-commerce company in the Middle East, Souq.com, has been the talk of the town after scooping $275 million in its latest investment round. We checked the company’s app performance in our global multi-million user panel and took a closer look at Egypt, Kuwait and Saudi Arabia — the company’s biggest markets. Here’s what we found in comparing data from Jan 1 – Feb 20, 2015 and Jan 1 – Feb 20, 2016.
Monthly Active Users
The “Amazon of the Middle East” has been capturing new shoppers as well as growing their engagement. The online retailer’s monthly user engagement has grown +22.9% in Egypt, +29.5% in Saudi Arabia and +13.3% in Kuwait.
Here we saw year over year growth by 32.3% in Egypt, 31.4% in Kuwait and 21% in Saudi Arabia. Based on our panel, as of February of this year, Souq has been installed on 13.5% of phones in Egypt, 11.2% of phones in Kuwait, and 15.7% in Saudi Arabia.
“Souq.com’s growth showcases the enormous opportunities still available for mobile-driven e-commerce. As spending shifts online and Internet users globally switch to, or start with, smartphones, this trend will accelerate,” says Byrne Hobart, the Lead Internet Analyst at 7Park Data.
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