It is important for the business community to follow closely the sentiment of the consumer, ensuring a consistent level of deep understanding of what consumers want and value most, in order to continue to be a competitive provider in the marketplace.
Taking stock of the digital payment trends that transpired and of those that accelerated in 2020, here are Visa's top predictions on the future of payments.
"We represent the hope for Lebanese and Iraqis that a competitive and sustainable business can be born out of our markets, and compete with the best in class."
Available as an application for iOS and Android devices, The Wish List is a Kuwait-based fashion e-commerce platform that provides luxury designer items at discounted prices throughout the year.
Dubai Chamber said that the growth in membership signals an upturn in entrepreneurial activity as startups in the UAE and from across the globe look to capitalize on emerging opportunities and bring new solutions to the Emirate amid accelerated digital transformation.
"I understand the challenges of launching a new venture first-hand, and would encourage all budding entrepreneurs to remain resilient when starting out."
Visa's latest study found that nine out of every 10 consumers in the UAE have changed how they pay for purchases, including preferring to shop online when possible (59%).
Launched on the 1st of July this year, the platform already has over 1800 users that use the app for finding deals and coupons on items ranging from fashion to groceries. Helwa also supports 60 retailers, and currently works on some of the more widely used regional online shopping websites.
The rapid change in pace in the online shopping market has meant that Tabby had to adapt just as quickly. So, while many companies were laying off employees during the crisis, the firm was hiring new ones.
Spotii belongs to an exclusive group of startups that launched in the middle of a global pandemic. But despite the unforeseen, unique circumstances in which it started business, not many alterations had to be made to the original idea.
Looking at over 150 e-commerce sites, this entrepreneur gathered and compared data points around time on site, number of pages visited, traffic, device, bounce rates, and more.
Visa's survey shows just how severely some of our local businesses have been affected and how the outbreak has impacted consumers' purchase behavior and attitudes, level of spending and payment preferences.
With the COVID-19 pandemic hitting businesses everywhere, they've decided to pivot as a marketplace platform on a commission basis to small businesses.
Creating the right infrastructure and opportunities for SMEs and helping them navigate the e-commerce, retail and logistics waves is critical, especially for those looking to make their mark in the e-commerce industry.
At the end of the day, much of this is out of our control, and out of the control of our portfolio companies. What we can do is start stress testing- turn this into a new variable.