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Saudi Arabia shifts towards ecommerce and digital transactions, reveals report

Tuesday 18 August 2020 12:12 CET | News

Oxford Business Group (OBG) has released, in partnership with Saudi Payments, a report that reveals a shift towards ecommerce and digital transactions in the Kingdom.

According to Zawya, the increasing shift towards ecommerce is expected to support the Kingdom’s economy recovery. The COVID-19 Response Report (CRR) provides an in-depth analysis of Saudi Arabia’s response to the COVID-19 pandemic, focusing on key data and infographics relating to the country’s socio-economic landscape.

Therefore, licence-holders will find detailed coverage regarding the changes in purchasing behaviour, as more consumers move online to shop, with lockdown driving significant growth in the food and personal care segment of ecommerce. Moreover, the analysis reveals insights regarding the fintech segment, which is growing thanks to the efforts of the Saudi Arabia Monetary Authority (SAMA) that encourages its development and rising demand for innovative solutions.

Some of the examined issues include the steps that financial companies are expected to take to adapt to the industry’s changing landscape, which range from collaborating with fintech enterprises to ensuring they have the necessary technologies in place.

The report also includes a detailed case study of how Saudi Payments adapted to the disruption caused by COVID-19, while meeting new demand for ecommerce and accommodating remote-working practices through business-continuity strategies, Zawya stated.

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Keywords: Oxford Business Group, OBG, Saudi Payments, report, ecommerce, digital transactions, Saudi Arabia, COVID-19 Response Report, CRR, COVID-19, purchasing behaviour, fintech, Saudi Arabia Monetary Authority, SAMA
Categories: Payments & Commerce | Online Payments
Countries: Saudi Arabia
This article is part of category

Payments & Commerce