The United Arab Emirates is slowly becoming one of the best locations for setting up a company. It is considered a gateway to the Middle East and it has become one of the most important business destinations for businessmen all over the world. Most of this development of the country can be attributed to the rise in the E-Commerce markets.
The E-Commerce markets have become a very simple and convenient alternative to conducting shopping physically. With E-Commerce, people can shop in the comfort of their homes.
With the pandemic rampant in the world, there has been a significant increase in the use and development of E-Commerce platforms and the use of E-Commerce for day to day life works. With the use of the internet, the world has shrunk and become a smaller place. Now things all around the world are accessible to each other and this has made the life of everyone very simple and easy.
E-Commerce has not only made the life of the people simpler but is also a leading cause for the development of the economy of the United Arab Emirates. A significant portion of the economy is funded by E-Commerce in the country.
Let us try to find out the reasons for the development of the E-Commerce sector in the United Arab Emirates.
- Varied Population from different countries
People from all parts of the world have come together in the United Arab Emirates. This population is both well-read and tech-savvy. The younger generation is more about simplicity and saving time and thus prefers to shop online instead of physically wandering about in stores.
- Increase in Technologies
There has been a huge advancement in the recent past in the technological department. Be it the field of shopping, software, finance, business, medicine etc. there have been huge developments which have made the life of people easier. This has also made it easier to implement such developments in daily life.
- Penetration of Digital mediums
Nowadays almost everyone has a cell phone or a laptop. Everybody is connected to the internet and this forms a very big reason due to which it is easier for the E-Commerce sector to be used by all. With a wide reach, it is possible for everyone to be a part of the various E-Commerce platforms.
- Support of the Government at both Central and State level
The government of the United Arab Emirates has understood that E-Commerce will be a very important factor in the development of the economy of the nation. From time to time the government of the United Arab Emirates, both at the central level and the Emirate level, provide various opportunities to the businesses in the field of E-Commerce.
- E-Commerce Ecosystem
The government is trying to develop an E-Commerce ecosystem in the country so that it is easier for people to utilize such platforms. This will to only make the lives of the people easier but will also assist the development of the economy of the country. There have been significant developments infrastructure wise to support the growth of E-Commerce in the country.
- Increase in Digital Payments
With the increasing stress on digital payments, there have been huge developments in the field of E-Commerce. The government and the commerce companies are working towards making the payments using digital media much safer and easier. Today the E-payments can be made for almost all of the services and products available in the country. People have become more and more trusting in this mode of payment and this has also helped in the development of the economy.
- Increased Spending
The shopper today has an increased disposable income. This means that people use such means of payment very frequently. This is also true of the present situation. In the present times, we are confined to our homes and are not allowed to move freely. During these times using various E-Commerce platforms have become very important. Whether it is shopping for clothes, groceries or just plain simple social media, E-Commerce has changed our life.
These are some of the reasons due to which the E-Commerce sector in the United Arab Emirates has seen a huge boom in recent years.
The E-Commerce sector is a very lucrative sector especially if you are looking forward to making it a base for your business. If you would like to have some assistance in such business matters then you should have a look at the services provided by JAXA Chartered Accountants.
JAXA Chartered Accountants comprise a team of reliable professionals who will understand the inner workings of your business and will provide a solution to your problem accordingly. For more detail on the services provided by JAXA, feel free to Contact Us. We will be happy to assist you in your business journey.