🍹 Welcome to Amwal Shake

Hala there,

Welcome to Amwal shake: an exclusive blend of data-driven Fintech, retail and investment news for shakers & movers in KSA. We launched this because of the lack of reliable data reporting in the ecosystem. Our aim is to become a reference for insights, trends and opportunities for entrepreneurs, investors, and strategists alike.

Summary

• 1 out of every 3 retail transactions in KSA will soon happen online

• Consumers in Saudi are cutting down on durable home goods

• In-store shopping is still king and growing

🛒 Saudi Arabia is on track to overtake china in e-commerce marketshare

• The boom in online payments in the retail sector is still getting hotter! Digital payments now account for 27% of all retail transactions in KSA. 

• The online-payments/e-commerce sector recorded a 28% growth YoY!  

• In 2023, the average adult in Saudi spent more than 5,400 online, and 18,500 Riyals offline.

Consumers in Saudi are cutting down on durable home goods

• Saudi consumers spending on durable household items (think appliances, electronics, furniture) 🛋️ are down in 2023 🔻⬇️

• Annual growth % for retail in-store sales for the Furniture sector is -6%

• Discretionary spending on capital/durable goods in retail are all trending down

In-store shopping still grew 10% in 2023

• In-store still matters: Despite the rise of e-commerce, traditional brick and mortal retail continues to thrive.

• In 2023, consumers in Saudi Arabia spent more than 500 Bn SAR shopping in-stores, and almost 136 Bn SAR online.

• Travel & Eating out: Consumers are still splurging on travel and dine-in spending, with both making the highest annual growth YoY.

What else is shaking

Visa launched new tech to share more information about customers’ preferences with retailers based on their shopping history.

Mastercard is using generative AI to double the speed at which it can detect compromised cards on the dark web.

Stripe launched open banking-powered Pay-By-Bank payment options in the UK.