SOUQ ONLINE GONE BIGGER
Over the past 10 years, Souq.com has grown many-folds, paving the way for e-commerce to thrive and for local and international businesses to flourish in this region. Today, Souq.com is the largest online retail and marketplace platform in the Arab world, featuring more than 1.5 million products across 31 categories such as consumer electronics, fashion, health and beauty, home and household goods, toys and baby items. It is now the platform for many direct brands, from global brands, to exclusive ones, attracting over 45 million visits per month, with localised operations in the KSA, UAE and Egypt as well as serving the rest of the GCC countries through Cross Border Trade. As part of its ambitious plans to grow the business, further drive the e-commerce upward trend in the Middle East and support thousands of merchants on the platform, Souq.com has recently launched its new campaign and tagline, “It’s yours.” Arabad caught up with Ronaldo Mouchawar, CEO & Co-founder of Souq.com, to learn more what has pushed him to expand the site’s selection of products and implement such dynamic new plans.
Online payment was also a hurdle. Many customers preferred to pay with cash on delivery rather than entering credit card details online. Cash on delivery put a strain on the company’s resources as it had to ship goods first and collect, or not, the money later. Online payments are now becoming more widely accepted with the growing number of tech-savvy consumers who understand the benefits of e-payments even more such as speed, convenience, security and value for money.
In 2010, we shifted strategy to offering goods only at fixed prices, encouraging traditional retailers to sell their products on the platform. Today, Souq.com operates both as a retail site and as a marketplace for third party sellers. Through marketplace platform, we provide immense opportunities to various small to medium sellers, who can directly sell products to customers without much hassle and costs. We have been successful at building a vertically integrated marketplace where payment, fulfilment and delivery are fully aligned to enable sellers to reach out to millions of monthly buyers on Souq.com. Our platform provides technology, infrastructure and wide-reach that gives homegrown businesses the power to build and grow autonomously.