GCC’s growing e-commerce sector estimated to reach USD 20 billion by 2020
By ; Nahla Muqalad
Start-up company ITCAN, a full-service Technology and Digital Marketing company that brings insights, information, and expertise to create exponential growth, has announced that it is close to earning AED 100 million this year since its launch in Dubai. The milestone is about to be reached against the backdrop of growing e-commerce activities in the UAE and Saudi Arabia as noted by a recent report by the World Economic Forum. Across the GCC, a study by A.T. Kearney predicted that the value of the e-commerce market would amount to USD 20 billion by 2020. The UAE, according to the same study, is the most advanced e-commerce market in the region, with a penetration rate of 4.2 per cent, like that of Turkey and Brazil. Saudi Arabia at 3.8 per cent closely follows the UAE.
According to the firm, its massive expansion is expected this 2020 in terms of earning potential, market reach, and new offerings amid the continuously rising popularity of e-commerce and increasing support for start-ups from both the government and private sectors across the region.
Mansour Althani, CEO and Co-Founder of ITCAN, said: “Starting with zero capital, ITCAN has remained a self-funded company until today. It was a challenging start for us when we launched our operations, but we have nonetheless gained traction over the years. The e-commerce segment continues to be a fertile ground for growth as more and more shoppers go online to look for high-quality and cost-effective products. Industry reports share the same growth outlook for the GCC e-commerce market, which is expected to become a USD 20-billion industry this year.”
“We will continue to take advantage of the sector’s growth opportunities. As digital marketing leaders, we will scale online retail businesses that are looking to increase their profitability, customer base, and expand their presence in the Middle East region through our transformative performance marketing service. On the other hand, as technology development experts, we will consistently create transformative omnichannel technology to help deliver seamless and integrated customer experience. We are proud of our gains, but we are not slowing down. Our clients can expect more from us in the coming years,” Althani added.
ITCAN, which was founded by young Saudi entrepreneurs, is behind the growth of many e-commerce companies in the MENA region through its portfolio of services. The company has expanded since its launch in 2015 to enter new markets outside the UAE, with special focus on the Saudi market, while at the same time broadening its offered digital services to its client base along the way. Its Saudi Arabia and Egypt offices formally opened their doors in 2016, followed by its branch in India in 2019.
Initially, the start-up firm offered performance and digital marketing services before launching its technology development service in 2016. Through its expertise, two e-commerce giants in 2017 made great headway in their digital initiatives. In 2018, ITCAN’s teams across its offices grew significantly with 60 marketers and developers joining its organization. By then, the company had established its leadership in scaling and growing businesses in the local market. ITCAN also made history in 2015 as the first company to utilize influencers within the affiliate marketing landscape.
With its teams of more than 12 nationalities based in its different offices, the company, which creates the ultimate digital ecosystem where businesses grow, seeks to deliver transformative expansion to all its clients by constructing a path towards achieving their maximum digital potential. Internally, ITCAN is exploring growth opportunities through partnerships, investments, and affiliations to meet its 2020 business targets
