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Qatar is an essential market for digital marketing opportunities in the Middle East. It has an Internet population of 2.88mn, covering almost the entire population and it is one of the most connected countries in the Middle East. In January 2021, Qatar’s number of mobile subscribers reached 4.67mn. Hence the potential for mobile Internet transactions is huge. Qatar’s e-commerce trade is expected to grow by more than $3bn in 2022. E-commerce activity has significantly increased in Qatar since 2020. As consumer preferences shift and demand increases for more household purchases online, retailers in Qatar are analysing their sales and marketing strategies and identifying ways to leverage this new and growing trend by expanding and modernising their online sales applications and platforms.
Qatar’s National Vision 2030 includes a specific objective to develop a world-class technology infrastructure and services to enhance the quality of life in Qatar. To this end, since 2015, Qatar has undertaken an ambitious information and communications technology (ICT) expansion initiative, including several programmes to kickstart public and private sector modernisation in ICT infrastructure, e-government, and cybersecurity. The ICT modernisation efforts over the last five years have created an increasingly modern digital environment that can support e-commerce. Lucrative incomes, high credit card penetration, and high-speed mobile and landline Internet all contribute to an environment conducive to e-commerce adoption.
There are significant opportunities for global companies to compete in the Qatari market by providing world-class e-commerce services and solutions, from online portal development to payment gateways and much more. The market offers a moderate potential for e-commerce technologies and online sellers of home goods and furniture, electronics, health, and beauty products. There is high market potential for marketplaces, department stores, and grocery retailers to expand revenue using e-commerce platforms.
Financial institutions worldwide are realising that they need to focus on a different sort of innovation, better technology, modernise infrastructure and improve customer experience. Retail can monetise data using big data analytics. Fintech startups are not only spearheading innovation but are also prompt banks and financial institutions to explore new technologies and invest in digital service delivery channels. Fintech is a key enabler for Banks in digital ecosystem. The Covid -19 has acted as a catalyst for digitisation and the new digital business models will emerge from the same.
Mena start-ups focused on payments, remittances, insurance, online lending, digital banking, crowdfunding, blockchain and cryptocurrency have seen the most amount of investment within the fintech sector in the Gulf. Around 80% of the fintech firms in Mena operate in the payments, transfer, and remittances sectors. Fintech firms in Qatar are focused on improving the customer experience by providing more accessible financial services.
Fintech solutions providers are helping with enabling greater financial inclusion, lower operational costs, and offering better security for applications. Investors in Qatar chose to back industries such as e-commerce, delivery services and fintech, which also saw increased demand during the pandemic and retained the top three spots by number and value of deals. The increased funding along with subsequent deals is evidence of improved confidence in the tech-startup market. Qatar is experiencing growing number of incubators, accelerators, and investment funds as well as entrepreneurship programmes that cater to this thriving community. On the whole Qatar expected to witness surge in e-commerce and fintech activities.
Qatar’s National Vision 2030 includes a specific objective to develop a world-class technology infrastructure and services to enhance the quality of life in Qatar. To this end, since 2015, Qatar has undertaken an ambitious information and communications technology (ICT) expansion initiative, including several programmes to kickstart public and private sector modernisation in ICT infrastructure, e-government, and cybersecurity. The ICT modernisation efforts over the last five years have created an increasingly modern digital environment that can support e-commerce. Lucrative incomes, high credit card penetration, and high-speed mobile and landline Internet all contribute to an environment conducive to e-commerce adoption.
There are significant opportunities for global companies to compete in the Qatari market by providing world-class e-commerce services and solutions, from online portal development to payment gateways and much more. The market offers a moderate potential for e-commerce technologies and online sellers of home goods and furniture, electronics, health, and beauty products. There is high market potential for marketplaces, department stores, and grocery retailers to expand revenue using e-commerce platforms.
Financial institutions worldwide are realising that they need to focus on a different sort of innovation, better technology, modernise infrastructure and improve customer experience. Retail can monetise data using big data analytics. Fintech startups are not only spearheading innovation but are also prompt banks and financial institutions to explore new technologies and invest in digital service delivery channels. Fintech is a key enabler for Banks in digital ecosystem. The Covid -19 has acted as a catalyst for digitisation and the new digital business models will emerge from the same.
Mena start-ups focused on payments, remittances, insurance, online lending, digital banking, crowdfunding, blockchain and cryptocurrency have seen the most amount of investment within the fintech sector in the Gulf. Around 80% of the fintech firms in Mena operate in the payments, transfer, and remittances sectors. Fintech firms in Qatar are focused on improving the customer experience by providing more accessible financial services.
Fintech solutions providers are helping with enabling greater financial inclusion, lower operational costs, and offering better security for applications. Investors in Qatar chose to back industries such as e-commerce, delivery services and fintech, which also saw increased demand during the pandemic and retained the top three spots by number and value of deals. The increased funding along with subsequent deals is evidence of improved confidence in the tech-startup market. Qatar is experiencing growing number of incubators, accelerators, and investment funds as well as entrepreneurship programmes that cater to this thriving community. On the whole Qatar expected to witness surge in e-commerce and fintech activities.
* Dr R Seetharaman is Group CEO of Doha Bank