By Abdul Basit
Khaleej Times, Dubai, United Arab Emirates
WWR Article Summary (tl;dr) Souq.com co-founder and chief executive officer Ronaldo Mouchawar shares some advice with budding e-commerce entrepreneurs. The Dubai based Souq.com has more than 10,000 sellers on its platform, merchandising hundreds of thousands of products.
Start-ups need solid technology platforms, technical assistance and market exposure to develop and grow their businesses.
This is the advice of Souq.com co-founder and chief executive officer Ronaldo Mouchawar to upcoming entrepreneurs.
“Innovative technology, evolving product ranges, firm determination, a bit of luck and strong passion towards the brand and consumers are some of the key driving forces, which all entrepreneurs can benefit from,” Mouchawar explained.
The Dubai-headquartered retail portal was launched more than 10 years ago. Today, it’s the largest e-commerce site in the Middle East and the best example to follow for young generations on how to become a successful entrepreneur.
The Middle East region is one of the fastest-growing e-commerce markets globally and is expected to reach $20 billion this year.
The region is rapidly evolving and has witnessed a tremendous growth in e-commerce over the last decade. As such, online shopping at Souq.com has also experienced continued growth. “We are constantly evolving and strongly believe in staying committed to the development of e-commerce within the region,” the CEO said.
The UAE leads the Middle East in e-sales volumes, with some forecasts indicating a $10 billion market in the country by 2018.
Moreover, in Saudi Arabia alone, the e-commerce market is set to hit $10.8 billion by 2020 compared with a projected $6.8 billion in 2016.
While the consumer electronics category is leading in terms of sales, Souq.com is also experiencing a phenomenal increase in a number of lifestyle and fashion products sold specially via its increasingly popular mobile app.