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FEATURE: Souq.com and its plans to dominate MENA e-com

by ASC Staff on Mar 30, 2017


Wisam Daoud, chief operating officer, Souq.com.
Wisam Daoud, chief operating officer, Souq.com.

Souq.com is a company that is used to taking risks. When it was founded in 2005 e-commerce in the Middle East was still regarded as experimental. When it launched its fi rst White Friday sale, modelled on the Black Friday event in the US and UK, the market was sceptical.

During that first sales event in 2014, however, Souq.com registered six million visits, 120,000 orders, and 246,000 sold items during its White Friday sales period. In 2015 it more than doubled its sales during its second White Friday sale, with 13 million visitors and 600,000 items sold during November 25-28 across the UAE, Saudi Arabia, Kuwait and Egypt.

This year, it doubled those figures again, selling twice as many goods during the biggest online shopping weekend of the year as shoppers swapped the mall for the web. According to Ronaldo Mouchawar, the chief executive and founder of Souq.com, daily traffic during the sale was ten times its usual volume, with 1.2-million products sold in just four days. “The numbers are truly amazing,” he says. “The share of credit card payments show that customers are now embracing e-commerce and are convinced of the merits versus cash payments. As a rule we are the sixth most visited site in the UAE, above Instagram, Snapchat and Twitter, so we are now a destination that people enjoy visiting.”

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