In 2023, the value of the e-commerce market in Oman reached $2.2 billion, revealed the Ministry of Commerce, Industry and Investment Promotion at the inaugural Oman E-Commerce Forum recently.
The e-commerce market includes five main sectors in Oman, with electronics and media leading with a 32.9 percent market share. Following closely comes food and personal care products accounting for 25 percent of the market. Fashion contributes 22.2 percent while home appliances contribute 13.3 percent. Finally, games, hobbies and crafts make up 6.6 percent of Oman’s e-commerce market.
During his participation in the forum, Dr. Saleh bin Said Masan, undersecretary for commerce and industry in the Ministry of Commerce, Industry and Investment Promotion, stressed the importance of the e-commerce sector to the evolving economy, stating that it has become an essential part of the modern global economy. Moreover, he highlighted the sector’s role in contributing to global economic and cultural relations as well as sustainable development.
Masan also explained how e-commerce accelerates economic growth by expanding access to global markets, increasing cross-border trade and investment, stimulating innovation, and fostering cultural exchanges through the global movement of products, services and ideas.
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The ministry also highlighted the growth of the global e-commerce market which amounted to $5.8 trillion in 2023. Moreover, it highlighted that the World Trade Organization (WTO) expects the market to grow by 39 percent in the next few years due to the rise in internet and smartphone adoption, fintech and e-commerce websites.
In Oman, the WTO expects the compound annual growth rate of the e-commerce market’s revenues to grow by 9.8 percent from 2023 to 2027. In addition, it expects the market to grow to $3.327 billion by 2027.
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