عقد اجتماع مجلس ادارة اتحاد غرف دول مجلس التعاون الخليجي (52 ) في العاصمة العمانية مسقط مؤخراً ، بحضور ومشاركة أصحاب السعاده رؤساء الاتحادات وغرف دول مجلس التعاون الخليجي .
وتم خلال الإجتماع مناقشة المواضيع المُدرجة على جدول أعمال الإجتماع وهي التصديق على محضر الإجتماع (51) لمجلس الإتحاد الذي عقد بدولة الكويت بتاريخ 19 يونيه 2019 ومتابعة تنفيذ القرارات الصادرة عنه، وإنتقال رئاسة الإتحاد للدورة (21) إلى غرفة تجارة وصناعة البحرين بدءاً من 10 فبراير 2020 ولغاية 10 فبراير 2022، ومناقشة التوصيات الصادرة عن الإجتماعين (45)، (46) للجنة القيادات التنفيذية، ومناقشة التعديلات المقترحة على النظامين الأساسي والداخلي للإتحاد، وإعتماد التقرير السنوي للأمانة العامة للإتحاد لعام 2018، ومناقشة مشروع البرنامج السنوي للأمانة العامة للإتحاد لعام 2020، ومناقشة مشروع الموازنة التقديرية للأمانة العامة للإتحاد لعام 2020، ومتابعة تطورات تشييد المقر الجديد للأمانة العامة للإتحاد.
كما تم على هامش الإجتماع التوقيع على مذكرة تفاهم للتعاون والتنسيق في التعليم الخاص بين غرفة تجارة وصناعة البحرين ومجلس الغرف السعودية، حيث وقعها من جانب غرفة تجارة وصناعة البحرين رئيسها السيد سمير عبدالله ناس بينما وقعها من جانب مجلس الغرف السعودية الدكتور سامي بن عبدالله العبيدي رئيس المجلس، ويأتي التوقيع على مذكرة التفاهم في اطار التعاون والتنسيق في التعليم الخاص بين اللجنة الوطنية للتعليم الخاص والتدريب بمجلس الغرف السعودية، ولجنة التعليم بغرفة تجارة وصناعة البحرين للتأكيد على الدور المهم لقطاع التعليم الخاص بكافة مراحله في منظومة التعليم بدول مجلس التعاون الخليجي وتعزيز اسهاماته في رفع نسبة الإستثمار في الإقتصاد المعرفي الخليجي وتطويره للوصول الى المنافسة المعرفية العالمية، انطلاقاً من مبدأ التكامل الإقتصادي بين الغرف التجارية الأعضاء في اتحاد غرف دول مجلس التعاون الخليجي .
Arab Bank Switzerland Launches BTC and ETH Trading and Storage Services
29 Sep 2019 Written by Admin AdminThe Swiss subsidiary of Arab Bank, a banking giant in the Middle East, is starting to provide trade and storage services for BTC and ETH.
Thanks to this initiative, large-capital clients serviced by Arab Bank Switzerland, including business leaders and family entrepreneurs, can now access digital assets.
“We strongly believe that the blockchain will dramatically change the financial industry, and we intend to be one of the first banks to offer digital asset services for customers in a safe and regulated environment,” said Arab Robin CEO Serge Robin .
Regarding custodial services, the bank has partnered with Taurus Group, which has integrated its cold storage solution called TAURUS-PROTECT with the bank’s infrastructure.
Taurus notes that the solution uses the Federal Information Processing Standard (FIPS) 140-2, Certified Equipment Security Modules (HSM) Level 3, and “some of the safest hardware in the world”
“We now have a fully regulated and scalable infrastructure that we will use to provide our clients with institutional-grade digital asset services in addition to our traditional asset and credit management solutions,” said Rani Jabban, a member Board of Arab Bank Switzerland.
In February this year, the Swiss bank Julius Baer and SEBA, with the participation of the cryptocurrency company SEBA Crypto AG, began offering digital asset services.
source: omnia
Dialing the future: Road ahead for telecom firms in UAE and Saudi Arabia
29 Aug 2019 Written by Admin AdminThe sector is the second largest in terms of market capitalisation on the Dubai and Abu Dhabi stock markets and is the third largest on the Saudi market
A mature telecom sector in the UAE and Saudi Arabia faces different challenges and growth opportunities in both countries.
A slowdown in the UAE markets has weighed on telecoms, but analysts told Zawya that they are optimistic about the second half of 2019, as the government increases spending ahead of Expo 2020.
In the Kingdom, market saturation could dent growth, but government initiatives and a decline in the number of expats leaving the country are positives for the sector.
The sector is the second largest in terms of market capitalisation on the Dubai and Abu Dhabi stock markets and is the third largest on the Saudi market.
Earlier in August, the UAE has been ranked first in the Arab region in Government Electronic and Mobile Services (GEMS) Maturity Index, according to a report issued by the United Nations Economic and Social Commission for Western Asia (ESCWA). (Read more here).
Here we take a look at how the leading telecoms in the UAE and Saudi Arabia performed in the last two quarters and the pointers that could prompt growth for the rest of the year.
UAE
Du and Etisalat are the two listed telecom companies in the UAE. A slowdown in the economy has affected the performance of both the companies.
“The local market has been very challenging due to a slowdown in the economy and a telecom sector that is already matured, seeing population growth and high demand drivers in the last couple of years,” Omar Maher, vice president of equity research at EFG Hermes told Zawya during a phone interview.
“However, in the past 6 months demand has been slowing,” he added.
Dubai’s Du posted a 5.4 percent drop in net profit after Royalty payments for the first half (H1) of 2019.
The company’s revenue fell 5.3 percent during the period.
Abu Dhabi-based Etisalat, the UAE’s biggest telecom operator, posted a 3.1 percent increase in consolidated net profit for H1 2019 and a 1.27 percent drop in revenue.
“Du has been more affected than Etisalat. Etisalat managed to protect its subscriber base better and has been more proactive on the commercial side in the last couple of years,” Maher said.
Etisalat Group’s subscriber base reached 143 million at the end of June 2019, a year-on-year (y-o-y) increase of 2 percent compared to H1 2018.
Du’s mobile subscriber base dropped 8.9 percent to 7.22 million at the end of June 2019, compared to 7.92 million at the end of H1 2018.
The company’s fixed line subscribers reached 773 thousands at the end of H1 2019, a 2.38 percent increase from H1 2018’s subscribers number.
“Etisalat has core operations in the UAE, Morocco, Egypt, Pakistan and KSA.
Performance in Egypt has been better and Maroc Telecom (owned by Etisalat) as a group has done much better in the past six months.
Also Saudi Mobily (owned by Etisalat) is doing much better due to a recovery in demand in Saudi Arabia as well as support from the regulator and the government,” Maher noted.
“We might see an uptick for both UAE telecom players in the second half of 2019 because of the additional spending by the government ahead of the expo 2020,” he ended.
Saudi Arabia
Saudi Telecom Company (STC), Etihad Etisalat Company (Mobily), Mobile Telecommunications Company Saudi Arabia (Zain) and Etihad Atheeb Telecom constitute the telecom sector on Tadawul, with a total market capitalisation of 12.34 percent in the index.
Al Rajhi Capital that tracks telecoms in the kingdom said market saturation and pricing regulations could dent growth going forward.
“Sector growth may be unlikely to revise upwards because of already high penetration and firm regulatory control over prices,” Pritish Devassy, head of equity research at Al Rajhi Capital told Zawya in an email statement
“Impact of reversal of royalty fee, IFRS 16 impact and high top-line y-o-y growth were the key notables in H1 2019 results,” he added.
At the end of 2018, Zain, STC and Mobily reached an agreement with the Kingdom’s ministries of finance, communications and communication and information technology to reduce the annual royalty fee that each company pays to 10 percent, from 15 percent, retrospectively from January 2018.
The trio also reached a deal with the government to settle all old disputes in connection to royalties up to the end of 2017.
“All the companies reported healthy top-line growth rates coming from a low base with STC up 8.4 percent y-o-y as compared to Mobily’s 13.0 percent and Zain’s 24.2 percent,” Devassy said.
“While the new calculation for royalty fees was expected to deliver a negative set of results for Mobily and a positive set for Zain, it was the other way round with better than expected results for Mobily and a lower gross margin for Zain KSA,” he added.
Zain reported a net profit after zakat and tax of 260 million Saudi Riyals for H1 2019, while Mobily recorded a net profit of 105.02 million riyals for the period and STC saw a net profit of 5,598 million riyals for H1 2019.
According to Al Rajhi’s Devassy, the key drivers for the sector continue to be data pricing and promotional offers.
“Pricing is tightly controlled by the regulator and hence a material increase is not easy in our view,” he said.
“On the positive side of things, rate of decline in expats could decline as already a large chunk of expats have left. Lifting of ban on Voice over Internet Protocol (VoIP), being in existence for more than one and half year could also lower the cannibalization on an annual basis especially now as data contributes to a large part of earnings for companies,” Devassy added.
source:zawya
تعتبر القدرة على الوصول الى خدمة الانترنت من اهم محددات التحول الرقمي، اذ لا يمكن الحديث عن نمو الاقتصاد الرقمي دون التوسع في انتشار خدمة الانترنت، اي انه يوجد ارتباط رئيسي بين مدى انتشار خدمة الانترنت وامكانية التحول الرقمي. ولقد شهد العالم العربي في السنوات الاخيرة نموا كبيرا في معدلات انتشار الانترنت وتدفق البيانات. كما وصلت كل من قطر والامارات العربية المتحدة إلى قائمة أفضل عشرة دول من حيث سرعة الانترنت.
يوضح الجدول التالي اعداد مستخدمي الانترنت في العالم عام 2019 ونسبة المستخدمين الى عدد السكان، ومستخدمي موقع "الفيسبوك" الذي يتصدر مواقع التواصل الاجتماعي من حيث الانتشار في العالم العربي.
تعد نسبة انتشار خدمة الانترنت في العالم العربي الى اجمالي عدد السكان مرتفعة لاسيما اذا ما قورنت باقاليم اخرى، كدول افريقيا جنوب الصحراء، فيما تعتبر نسبة انتشار الانترنت في دول الخليج العربي من اعلى النسب في العالم، فهي توزاي تلك النسبة الموجودة في اكثر الدول تقدما، كالولايات المتحدة الامريكية (96%) وفرنسا (92 ٪) وألمانيا (96 ٪) وغيرها من الدول المتقدمة. إلا أن انتشار الخدمة الانترنت لا يعني بالضرورة ازدهار الاقتصاد الرقمي، فالامر مرتبط بمجموعة من المحددات المتصلة بهذه الخدمة، كمدى جودة خدمة الانترنت نفسها، ومدى تفعيل الخدمات الحكومية الرقمية في الصحة والتعليم والخدمات العامة، والى اي حد تنتشر ثقافة التعامل الرقمي بين المنتجين والمستهلكين، كل تلك المحددات وغيرها تلعب دورا في ادخال عملية انتشار خدمة الانترنت في اطار التحول الرقمي، اي تجعل منها عملية اقتصادية.
يمكن العودة إلى سلسلة " العالم العربي خطوات نحو التحول الرقمي" لمعرفة المزيد من الاحصاءات والمعلومات حول واقع الاقتصاد الرقمي في العالم العربي وخطوات التحول.
Mashreq 2.0 Boosting growth & creating jobs through digital transformation
01 Jul 2019 Written by Admin AdminThe force of digitalization is driving the global economy, creating distinct groups of leaders and laggards. Through institutional reform that leverages the advantages of digitalization, the Mashreq can become a vital hub in international data networks.
Furthermore, digital transformation can assuage pressing challenges. It can deliver higher transparency, accelerate lackluster productivity and increase economic opportunities for all, especially the youth of this region. A new report, Mashreq 2.0, charts the roadmap for the region to capitalize on this rapidly emerging opportunity, and assesses the prospect of a digitally integrated regional market.
Outside the dominant paradigms that portray the region in popular media, the Mashreq is the epicenter of the world’s fastest growing data transit market. Data traffic growth within the region will increase at a precipitous 42% compounded annual growth rate from 2016 to 2021.
Influenced by historically intertwined geographic and cultural ties, MENA-Europe data exchange grows at over 50% per year.
The Mashreq’s potential in the digital economy is also evidenced by the many unicorns that have been incubated in the Arab region. Hallmark cases include Maktoub and Souk.com, born in Jordan’s capital, Amman. These digital platforms indicate an evolution in consumer behavior, embracing digital consumption. Another example is Magnitt, an Iraqi startup now hosted in Dubai, which is a marketplace for investors that links 5,500 startup firms with investors across the region.
These examples signal a bright future for the region, but crucially, broadband internet infrastructure is not yet equipped with the capacity to realize this potential. While mobile phones are ubiquitous in the Mashreq, broadband internet paints a different picture. Mashreq countries have a similarly stark disparity between mobile and broadband penetration: Iraq has 95% mobile penetration but only 28% for broadband; Lebanon is less glaring, with 75% mobile penetration and 71% for broadband. Mobile access is also rather uneven in the region: The gender gap in mobile ownership is 11% in Iraq and 21% in Jordan, but only 2% in Egypt or Turkey. Creating a significant bottleneck, all countries in the Mashreq also have a lower fixed download speed than the global average of 55Mbps: Jordan is at 29 Mbps, Iraq at 13 Mbps, and Lebanon at 7Mbps. Mobile download speed is relatively better off: the global average is 25Mbps, and Lebanon is at 40Mbps, Jordan at 15Mbps and Iraq at 6Mbps. Even so, they fall behind best in class examples such as Romania, that has successfully introduced competition and market contestability to achieve 131Mbps (fixed download speed) and 34Mbps (mobile download speed).
The ability to absorb new communications technology is another source of disparity: 4G connectivity is only available to 25% of Iraq’s population, though present in 95% of the population in Jordan and Lebanon. Internet Exchange Points (IXPs) also present a largely untapped opportunity.
To provide Internet connectivity that can augment the data economy, significant investments in key areas of the infrastructure value chain are necessary.
In Iraq, it is estimated that a total of IQD 660.5 billion (US$558.8 million) will be needed to build a robust fixed network in areas afflicted by conflict.
Investment in the ”last mile” broadband infrastructure is also lagging more generally.
Investments to bring high speed broadband access to 30% of the population of the Mashreq (about 13 million households) through fiber access is estimated to be between US$ 4 billion and US$ 5.2 billion. A large part of the investment needed for this fiber buildup can be provided by the private sector, through competitive entrants, or strategically using Private Private Partnerships (PPPs). A good example is Jordan’s planned PPP on the National Broadband Network (NBN), which may crowd in at least $100 million of additional private investment leveraging an existing government fiber network. Considering the significant potential in the region, unlocking such a high quantum of investment is not beyond possibility. In addition to “last mile” broadband infrastructure, improving IXPs in the region can strengthen regional data exchange networks, and unleash at least US $200 million in investment.
Digital ecosystems can leverage high level of education in the region, including digital literacy, and a strategic geographic position as a central node in advanced service trade. Boosting broadband penetration alone by 10% would have a significant impact on GDP growth, estimated to be as high as 1.4%. This could give a significant boost to economic growth and trade integration in the region. However, this is only one piece of the puzzle.
Where the Mashreq’s regional and backbone broadband infrastructure is extensive, it remains sub-optimally used, due to intricacies in the political economy context, and lack of credible rules and institutions. Institutional reform to increase contestability is essential. Compelling priorities include: a) deepening competition to eliminate rents; b) strengthening regulatory institutions; c) creating regulatory incentives, including a Fiber Regulatory Package (FRP), to facilitate fiber investment; and d) ensuring universal access to broadband through proactive use of the public sector, and fast-track a timetable towards frontier technologies such as 5G.
Implementing these reforms would position the Mashreq to become a digital hub for the region, leveraging the full potential of the new digital economy for MENA, fully embracing innovation and entrepreneurship, creating opportunities for its technology savvy youth.
source: .worldbank
ACCA and IMA expect 3.5 per cent economic growth in Middle East in 2019
31 May 2019 Written by Admin AdminThe Global Economic Conditions Survey (GECS) shows that global economic confidence remained low in Q1 2019, despite rising for the first time in a year.
The Association of Chartered Certified Accountants (ACCA) and the Institute of Management Accountants (IMA) said that they expect a 3.5 per cent economic growth in the Middle East in 2019.
Fazeela Gopalani, the Head of ACCA Middle East, said, “While confidence was especially weak in our region at the end of last year, we are seeing a really positive start to 2019 and in the first quarter confidence has rebounded abruptly.”
Economic growth in the region will be supported by the regulatory and fiscal landscape, especially in the UAE and Saudi Arabia markets, which continue to attract foreign direct investment (FDI) and have recently seen an increase in international acquisition such as the merger between UAE-based Careem and Uber.
“With the regional visions of Saudi Arabia and the UAE now in their implementation phases, the Middle East economy is set to grow at a positive rate after a general slowdown,” said Hanadi Khalife, Director, MEA and India operations at IMA.
GECS stated that the significant bounce in 2019 will be aided by the strong recovery in oil prices, however it remains to be seen how sustainable the rise in oil prices is given the slowing global economy, which is likely to exert downward pressure on prices.
Source: bankerme
Middle East financial industry accelerates digital transformation
25 May 2019 Written by Admin AdminUK-based Jupiter Asset Management said that the Middle East financial services industry is ready to adopt technology disruptions as rapid developments in financial technology, new regulations to improve transparency and the rise of digital savvy millennials support an irreversible global trend towards financial innovation.
Banks and financial institutions in the GCC region are showing considerable promise in adopting financial innovation as well as collaborating with fintech firms to digitalise operations and provide new solutions to customers.
Guy de Blonay, the Fund Manager at Jupiter Asset Management, said, “Across the Middle East, and particularly in the GCC, financial services providers are demonstrating a commitment to innovation, securing a number of partnerships with fintech providers as well as adopting the latest technologies from cybersecurity tools to payment platforms and working with regulators to increase access to new technologies.
Jupiter Asset Management stated that financial innovators in the UAE, Saudi Arabia and Bahrain, receives support from a Sandbox regulatory environment to facilitate the impact of new technologies as well as supporting firms in testing innovative solutions.
The establishment of fintech incubation programmes such as Dubai International Financial Centre’s (DIFC) FinTech Hive and the Saudi Arabian Monetary Authority’s (SAMA) Fintech Saudi, demonstrates the GCC bloc’s readiness to provide an environment for growth of emerging technology companies, added Jupiter Asset Management.
Additionally, the recent London IPO of Network International and Careem’s merger with Uber further highlights the region’s capacity to provide a fintech ecosystem for growth of world-leading technology firms.
Source: bankerme
Cleartrip and Flyin 2018 Travel Insights Report finds 110% increase in mobile bookings in GCC
29 Mar 2019 Written by Admin AdminWith the high smartphone penetration rates and large young population, the GCC region continued to experience strong growth in mobile transactions in 2018, according to the 2018 Travel Insights Report jointly released today by Cleartrip and Flyin. The market recorded a 110% increase in mobile bookings as they represented one-third of all transactions.
The 2018 Travel Insights Report provides a comprehensive overview of the online travel sector in the GCC, as well as highlights significant shifts in the market dynamics and consumer behavior.
The market saw variations in average airfares as well as travelers' preferences in destinations, trip duration, and payment methods. Key findings of the report covering the January-December period include the sustained expansion of the industry, the rising trend of mobile traffic in major cities, and the growing popularity of travel coupons among travelers.
Sameer Bagul, Executive Vice President & Managing Director, Cleartrip Middle East, said: “We are excited to launch the fourth edition of the Travel Insights Report on the region’s online travel sector. Offering an exclusive and deeper understanding of the underlying trends in the market and consumer behavior, our report has established itself as one of the most respected and trusted sources for insights into the industry. The actionable data we provide will help travellers to plan and book their trips efficiently and enable businesses to develop solutions that cater to the evolving needs and expectations of customers. We will continue to explore new ways to further enhance our comprehensive survey and look forward to releasing our H1 2019 Travel Insights Report.”
“With advancements in mobile technology making travel more accessible to the region’s growing population, the online travel industry is headed for a new phase of growth. As reflected in our study, travelers' preferences are constantly changing, and therefore, it has become imperative for online travel agents to make investments into newer technologies such as machine learning and utilizing block chain capabilities to drive bespoke personalization and superior user experience. When we launched our mobile Progressive Web App (PWA) in 2018 our conversion rates increased by 67% as we continue to help consumers seamlessly make their travel bookings,” Mr. Bagul added.
Changing payment method preferences
Even though credit card still remains the dominant payment method in the online travel market, debit card transactions are on the rise. In the Kingdom, which has seen a spike in the adoption and usage of debit card after its central bank, Saudi Arabian Monetary Authority (SAMA), enabled the country’s made cardholders for online shopping last year, travel bookings using debit cards surged 280% year-on-year (Y-o-Y) to account for 45% of all bookings. In the UAE credit card transactions dipped to 72% from 81% in the previous year and debit cards usage increased from 19% to 28%.
Growing mobile penetration
Owing to the rising popularity of digital wallets and mobile apps, mobile transactions are quickly gaining traction among travelers. In Saudi Arabia, which had the highest rate of Mobile Booking Penetration (MBP) in the region, mobile bookings accounted for 38% with a massive rise of 233% from the previous year. Meanwhile, the number of transactions made on mobile devices increased by 56% in the UAE, whereas Oman recorded the second highest MBP in the region at 34%. Among mobile bookings in the Kingdom iOS share was higher at 71% compared to Android devices share of 29%. The company expects this number to grow in 2019 as ApplePay™ was launched in Saudi Arabia earlier this year.
Mobile has become a popular channel for travel planning and booking in major cities in the region. Kuwait City and Riyadh had the highest rates of mobile traffic and bookings at 81% and 40% respectively. Bahrain, Muscat and Dubai were also among the leading markets for mobile visitors in the 2018 Travel Insights Report.
Trending destinations
Reflecting their growing appetite for novel experiences, the region’s discerning travellers made trips to a wide variety of destinations within the GCC and overseas. Islamabad, Lahore and Brussels topped the list of trending international destinations for travellers in the UAE, while domestic travellers in Saudi Arabia favoured Gizan, Abha and Ha’il. Meanwhile, Istanbul remained among the leading family travel destinations during both summer and winter seasons.
Airfares in a flux
As crude oil prices continued to fluctuate in 2018, the region’s leading markets saw significant changes in airfare pricing. Average ticket prices were 10% and 6% higher in Bahrain and Kuwait respectively, while Saudi Arabia experienced an overall price decline of 7% due to growth of low-cost carriers such as flyadeal. As some of the large airlines reduced capacity from Kuwait, it recorded the highest average fare per person at USD 281, while Oman had the lowest in the region at USD 192.
Some routes originating from the region have seen fluctuations in airfares last year. While Jeddah-Dubai recorded the highest increase at 25%, the Jeddah-Cairo route witnessed the greatest decline in airfares at 19%. In addition, micro-trips have taken off as a new trend in the region’s travel industry. Ha’il and Kuwait appeared to be the cheapest getaways from Riyadh and Dubai respectively last year.
The report also indicates that Sunday is the cheapest day for travel, whereas prices increase on Thursday. Furthermore, February is the ideal month for budget travellers with average fares falling 16%.
Sustained market growth
With lower airfares, increased connectivity and fewer travel barriers, the GCC continues to witness an increase in the number of travellers. In 2018, the industry posted a robust Y-o-Y growth of 7%, while Saudi Arabia emerged as the fastest growing market with a solid 10% expansion.
Source: menaherald
4 Ecommerce Trends to Watch Carefully for in 2019
As the online retail space grows ever more competitive, entrepreneurs will need to adapt.
Ecommerce enjoyed a record-breaking year in 2018, with global sales revenues estimated to have reached $2.8 trillion, according to Statista. This year, this figure is expected to rise to $3.5 trillion. To put this in perspective, if the ecommerce industry were a country, it would slot into the fifth spot, ahead of the United Kingdom, whose GDP as of April 2018 was $2.61 trillion.
With such eye-opening figures, it’s little wonder there’s so much excitement surrounding the future of online retail. Amid all the hype about ecommerce, it’s easy to forget that this segment accounts for just 11.9 percent of the total retail sales around the world. Therefore, the market holds an extraordinary capacity for growth over the next decade.
Below, I identify the four trends that ecommerce entrepreneurs should pay the closest attention to:
1. Smaller businesses using big data
Yes, we’ve heard quite a lot about big data over the past two years, but it’s not going away. As more people come to grips with this new resource, this effort will increasingly separate the successful from the less successful ecommerce businesses. And this division will not be limited to behemoth ecommerce businesses either, because mid-range competitors too are now using their data reserves to mine unique insights.
Big data, in fact, helps entrepreneurs analyze shopping behavior, trends and what products it is that are selling. It's been proven to help ecommerce businesses make improvements in customer service, security and mobile commerce. It also powers the AI which is revolutionizing the industry (more on this below).
In short, big data is likely to power future developments in your ecommerce business. If you are planning on staying in the industry long term, you would be wise to study the latest developments.
2. Excellent customer service
Shoppers are growing used to the convenience of ecommerce, and entrepreneurs need to ensure that the customer experience meets those people's growing expectations. The purchasing journey needs to be smooth, reassuring and secure. Stores also need to be quick to respond to queries and resolve issues.
One American Express study has found that more than half of Americans surveyed had canceled a purchase due to bad service. But take heart; you needn't be the entrepreneur on the other end of that type of transaction. Instead, there are a number of ways you can deliver outstanding customer service:
Ensure a smooth checkout: Too many ecommerce stores still have unnecessarily drawn-out checkouts. Consider whether you need any more than two stages, i.e., you can fill in the details on one page; then confirm those details and items on the next.
Be responsive: Whether it’s on social media or your website or via email or phone, your business should respond to any queries in a timely and professional manner. An increasing number of stores offer live chat on their sites, and the response of customers has been overwhelmingly positive.
Deliver a personalized experience: Use your customer’s browsing and purchase history to deliver a personalized shopping experience. This is something Amazon has turned into an art form in recent years, directing its customers to the products that are most relevant to them and that they are more likely to buy.
Listen to your customers: Be proactive in looking for feedback and asking your customers about their experience. By asking for feedback, you’ll shape a more holistic view of your business and how it is perceived. Don’t be afraid to address criticism, either, even if it’s in public. In this way, you'll identify your weaknesses and prove to customers that you take complaints seriously.
Above all, understand that providing excellent customer service is no longer a bonus for an ecommerce business. It’s now the norm.
3. Enhanced AI
Without good, well-ordered data, you will not be able to embrace the latest technologies that can drive revenue to your ecommerce store. AI is already evident in many ecommerce stores. Those automated live chatbots, advanced data analytics and inventory management tools? They are all powered by AI.
However, there are examples of stores taking it to the next level to deliver a highly personalized experience. Outdoor wear brand, The North Face, has recently unveiled a digitalized personal shopper which can guide customers to products. There are also voice search and mobile shopping, which enable people to shop on the move.
4. Improved personalization
One of the factors behind Amazon’s success is its advanced product recommendations algorithm, which drives up to 35 percent of the company’s total sales. Using the buyer’s shopping habits, interests and even browsing history, the ecommerce giant is able to promote the products the buyer is most likely to purchase.
Looking beyond Amazon, product recommendation engines have proven effective at delivering a personalized shopping experience and driving up revenue for stores. The key is to place those recommendations at optimum points in the purchasing process.
First, ensure you have recommended products visible to your shoppers on the home page or after the point that they sign in. Then, once they have added items to their basket, ensure you have suggested complementary items. You can also suggest items at checkout.
Final thoughts
Entrepreneurs who take the proactive approach, embrace the latest advances in tech and make use of data will reap the rewards in ecommerce. As AI becomes more mainstream, it is essential that ecommerce business owners take personalization to the next level. Simply having a product recommendation plugin is no longer enough; you need to be proactive and utilize tools in the right way, with well-curated data, to maximize their potential.
Source: entrepreneur
Swiss Business Council celebrates 20 years of trade cooperation with the UAE
01 Oct 2016 Written by Admin SAE
Translation from Middle East Business Magazine (Original text)
- UAE leads Gulf countries in terms of the value of Swiss imports
- Trade volume between Switzerland and the UAE reached up to nearly 33.6 billion dirhams in 2015
- Prestigious award for UAE nationals who have contributed to Swiss Business Council's support
