With e-commerce being the most promising business on the rise around the region, a new tycoon has announced its intention to enter the Egyptian market. Ever since its inception in 2011, Namshi has been one of the leading e-commerce platforms in the region. Specialised in mid-market goods from fashion to beauty and home ware, Namshi reportedly generated $230m last year, a 16% increase from 2017.
Emaar Malls recently completely acquired the platform after buying the remaining 49% stake for $129.5m. With the new plans, the company also highlighted its intention to establish a warehouse and logistical base in Saudi Arabia in order to have direct access to its expanding base of customers. The new warehouse is set to enhance customer service as well as cut down on shipping timeline and costs.
This announcement follows Noon’s expansion into the local market earlier this year; another leading regional e-commerce platform. Along with Amazon, they currently represent 30% of the region’s e-commerce market. According to a report from Bain and Company, the region’s e-commerce market is currently worth of $8.3bn, with a 30% per year growth rate.