DUBLIN–(BUSINESS WIRE)–The “Oman E-Commerce Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Oman E-Commerce Market was valued at USD 2.19 billion in 2020, and it is expected to reach USD 6.52 billion by 2026, registering a CAGR of 20.1% during the forecast period (2021-2026).
The E-Commerce market in Oman is rapidly increasing due to the increasing consumption rate and higher sales of smartphones in this region. However, the implementation of 4G and 5G technology for connectivity purpose is increasing the exposure of online shopping for customers. Therefore technological awareness among customers is expected to have a significant impact on market growth.
The different initiatives of the Oman government, such as OEC 2020, are fuelling the growth of this market. The main objective of this initiative is to unravel the future change of Governance, Transportation, Logistics, Commerce, which can infuse the digital transformation into the economy. Moreover, the growing GDP of this country will drive the primary growth of this market. According to the Ministry of Technology and Communication of Oman Sultanate, the percentage of internet users is increased by 4% from the previous year 2019.
The major restraint of this market is the changing mindset of the consumers. Most of the consumers preferred to buy directly from the retail shops due to the high security of payments in offline payments. According to the World Bank, Oman’s economy is expected to contract by 3.5% in 2020. The primary reason behind this contract is the lower oil prices and the spread of COVID 19 across the world.
Growing Internet Consumption will drive the Market
The growing internet consumption rate is fueling the growth of this market. According to the National Centre for Statistics and Information (NCSI), Oman’s internet subscribers have surged to 473,487 subscribers in 2019, which is increased by 11.4% from its previous year 2018. Moreover, the number of active mobile broadband subscribers rose to 4.739 million subscribers compared to 4.113 million subscribers in 2018. Moreover, the growing adoption of 4G and 5G technology is also driving the growth of this market.
For instance, the Oman Telecommunication company planned to set up 2226 5G sites by 2024, which will increase the internet consumption rate for this country. However, spending on telecoms services and devices is decreasing due to the large-scale job losses for the ongoing COVID 19 pandemic. This decreasing trend of consumer spending can create a considerable barrier for this market.
Major vendors in this market are also innovating its services to cater to this untapped market. For instance, in 2019, Talabat had been selected as the food delivery platform of Expo 2020. Here the company launched a tech-driven cloud kitchen that consists of an assortment of restaurants serving freshly prepared food.
Competitive Landscape
The competitive rivalry in Oman’s E-commerce Market is medium due to the presence of some critical vendors such as eBay Inc, AliExpress, Namshi General Trading LLC, InvestEasy, Talabat, Jazp, etc. Moreover, the major vendors in this market are moving towards adopting innovative strategies that have enabled them to gain a competitive advantage over other players in the market.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.3 Impact of COVID 19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Challenges
6 MARKET SEGMENTATION
6.1 Product Type
6.1.1 Electronics and Media
6.1.2 Fashion and Apparel
6.1.3 Cosmetics and Personal Care
6.1.4 Food and Beverages
6.1.5 Toys and Baby Products
6.2 Sports and Outdoor
6.3 Others
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Namshi
7.1.2 Amazon Inc. (Souq.com)
7.1.3 LuLu Group International
7.1.4 Ubuy.com
7.1.5 ebay
7.1.6 Talabat
7.1.7 Mumzworld
7.1.8 Markeetex
7.1.9 VogaCloset
7.1.10 Salman Stores LLC
7.1.11 Danube Home
7.1.12 extra.com
7.1.13 Accelerated Trading and Technologies LLC (Akeed)
7.1.14 Jazp
8 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/u62dah