Internet Commerce Summit (ICS) 2023, scheduled for March 16-17, will focus on the enrichment of digital commerce industries which provide combined GDP of $3.9 trillion across the Mena region.
More than 150 experts will gather at the Conrad Dubai Hotel to shed light on the phenomenal growth and the drivers of the e-commerce sector that is expected to generate $11.78 billion in annual revenue in the UAE and $32.85 billion in the GCC region this year.
Organised by Images RetailME, the two-day summit will be a platform for examining technology transformation, innovation and disruption in the retail and e-commerce sector as well as the future opportunities for the industry stakeholders to benefit from.
Director & CEO of Images RetailME, Bhavesh Pitroda, said: “The E-commerce market in the Middle East and North Africa is expected to see significant growth over the next few years, with an estimated CAGR of 15 per cent between 2023 and 2025.
“This growth is being driven by a number of key factors, including increasing internet penetration and mobile phone adoption; growing use of digital payment methods; and increasing demand for online shopping. Consumers in Mena are increasingly turning to online shopping as a convenient and safe way to purchase goods and services.
“The Vision of Internet Commerce Summit platform is to share exclusive knowledge, actionable strategies and ideas which can help Digital Commerce adoption in the region grow faster.”
The debut edition of the event will focus on the four pillars of next-generation digital commerce: e-commerce and D2C, omnichannel retail, fintech and payments technology.
COO of Images RetailME, Justina Eitzinger, said: “Digital Democracy is a buzzword ruling the E-commerce domain. It is with all the right practices that this sector is building its powerful existence, and we are ready to map this growth story at ICS 2023.
“The Middle East is already a digital powerhouse and looking at this region’s dynamics, it will be exciting to see the role that technology plays in redefining the narrative. Technology is no longer a vertical of the Mena economy; it is a horizontal enabler of every Mena economic sector, from transportation to education. The Middle East presents a large and rapidly growing opportunity for every sector of the internet business. Let’s join and explore this narrative in the making at ICS Mena.”
ICS 2023 speakers list includes the director of marketing and communications at Lulu Group International, V Nandakumar; co-founder and CCO of Mumzworld, Leena Khalil; CRO of Choithrams, Ashutosh Arun Chakradeo; CPO of Namshi, Kapil Verma; CEO of Grandiose Supermarket, Damien Corcoran and co-founder and CCO of YallaMarket, Anthony Nehaenko.
Statista predicts that e-commerce revenue will show an annual growth rate of 8.57 per cent between 2023 and 2027, resulting in a projected market volume of $16.37 billion in the UAE by 2027.
“In the E-commerce market, the number of users is expected to amount to 7.32 million users in the UAE by 2027″, said the report.
E-commerce revenue in the region is forecast to grow at 10.95 per cent annually between 2023 and 2027 to hit $49.78 billion by the end of the period – up from $32.85 billion this year.
“In the GCC E-commerce market, the number of users is expected to reach 44.27 million users by 2027 with user penetration to grow from 67.1 per cent in 2023 to 70.7 per cent by 2027. The average revenue per user (ARPU) is expected to amount to $819.90.”
