New York, Jan. 21, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Oman E-Commerce Market – Growth, Trends, and Forecasts (2020 – 2025)” – https://www.reportlinker.com/p06009495/?utm_source=GNW
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.
Key Market Trends
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.
Increased Consumer Spending is expected to drive this Market
– The overall economic growth of this country is expected to drive the E-Commerce market. Rapid urbanization and industrialization are infusing, increasing the consumer spending power for this country. According to the World Bank data, the consumer spending for this country is increased by 0.02% from its previous year 2018.
– Moreover, different government initiatives and regulations are supporting the growth of this market. The Ministry of Commerce and Industry is continuously influencing people to adopt e-commerce for shopping, import, and other activities. For instance, MOCI recently launched ’Shop from Your Home’ initiative to prevent the transmission of COVID 19 virus for this country. Moreover, the government is also encouraging home business owners and small and medium enterprises to promote their products and use modern methods and technologies to market different products internationally.
– Some new players are also entering this market to cater to the market opportunities from this region. For instance, In 2020, Omarto.com has been launched to tap the burgeoning e-commerce market in Oman. This addition will decrease the switching cost of Oman’s customers and also increases the bargaining power of the consumers.
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.
January 2020 – Ooredoo launched a new set of standards for its pay plus mobile wallet, which helps the customers to enable a wide range of transactions via a single app on a mobile device, including payments, deposits, and transfers. The company is also able to start its services in 1500 locations across the country, such as Oman Oil petrol stations, McDonald’s, Caribou cafe, Nesto, etc.
Reasons to Purchase this report:
– The market estimate (ME) sheet in Excel format
– 3 months of analyst support
Read the full report: https://www.reportlinker.com/p06009495/?utm_source=GNW
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