SOUQ.com, SAP to fuel e-commerce with real-time transactions
The Middle East's e-commerce market is set to nearly triple in value, from $25bn in 2015 to $69bn by 2020
SOUQ.com and SAP have partnered to accelerate real-time transactions to support the scaling up of Middle East small- and medium-sized enterprises (SMEs), and further drive the e-commerce market.
The partnership with SAP and systems integrator NTT Data for the digital roadmap will support SOUQ.com, and also provide the core which is an end-to-end enterprise resource planning solution that runs on the real-time SAP HANA Enterprise Cloud.
Ronaldo Mouchawar, CEO and co-founder of SOUQ.com, said: "SOUQ.com enables regional SMEs to start and grow their online business using our solid technology platform, technical assistance, and market exposure. SMEs on our platform have seen unparalleled success. In line with the region's SME-backed e-commerce growth, the business-to-business market will be the next major digital economy growth driver.
"This partnership with SAP will further scale up our platform and provide real-time, robust, and secure e-commerce platform for SMEs to grow exponentially and sell thousands of items effortlessly at one time directly to large enterprises."
Tayfun Topkoc, managing director, SAP UAE, added: "Real-time is the driver of e-commerce - whether in completing transactions or identifying new customer shopping habits. This partnership promotes the sharing of global best practices, further solidifying SOUQ.com as the Middle East's top e-commerce platform, driving the digital economy and embracing millions of more e-commerce sellers and buyers."
According to a report by online payment provider Payfort, the Middle East's e-commerce market is set to nearly triple in value, from $25bn in 2015 to $69bn by 2020. Much of this growth will be attributed to business-to-consumer transactions in items such as mobile phones, clothes, and watches, to business-to-business items.