This World Entrepreneurs’ Day, the Middle East deserves special attention for gradually emerging as a hotbed for startups and SMEs over the recent years. Government-backed economic diversification plans and innovation strategies are enabling the region to look beyond oil when it comes to opportunity, Middle East business growth, and prosperity. Saudi Arabia, Qatar, UAE, and Bahrain are especially leading the entrepreneurial revolution by setting up appropriate regulatory frameworks and investing in suitable infrastructure. In fact, KSA’s Vision 2030 plan harbors a whole new world of potential for entrepreneurs and focuses on entertainment, tourism, and technology sectors. A recent survey also indicates that around 46% of employees in the Middle East and North Africa region want to start their own businesses to pursue higher income, better work-life balance, and fulfilment.

So, let’s find out what the Middle East’s future entrepreneurial landscape looks like and why businesses are choosing PayTabs to simplify their payments ecosystem.

Future of Entrepreneurship in the Middle East

The following key factors will drive the entrepreneurship boom in the Middle East in the coming years:

• Investment in Innovation: Private investors, venture capitalists, and sovereign wealth funds have been investing in entrepreneurial innovation for quite some time in the Middle East. And this is expected to continue in the future. Saudi Arabian Public Investment Fund, for example, invests in both domestic and foreign startups and tech ventures actively, so they can scale easily. Government initiatives like mentorship, incubators, accelerators, and networking options are also fueling the entrepreneurial ecosystem.
• Increased Usage of Smartphones and Internet: Smartphone penetration and internet usage are higher than ever before in the Middle East. This means a rise in young and tech-savvy consumers who don’t just shop online but also look for cutting-edge products, services, and solutions. And this offers startups the scope to innovate and flourish.
• Strategic Location: Geographically, the Middle East connects Europe, Asia, and Africa strategically. Hence, new businesses get the unique opportunity to foray into different markets, ace the logistics, and expand their networks and presence cost-effectively.

Now, let’s see how PayTabs is empowering entrepreneurs further as a leading payment gateway provider in the region.

PayTabs: An Entrepreneurial Favorite for Digital Payments in the Middle East

Selling avant-garde products and services is not enough to thrive in the entrepreneurial landscape of the Middle East or beyond. Startups must have a fast, efficient, and secure online payments system that delivers an exceptional consumer experience, instils trust, encourages repeat purchases, and long-term loyalty. And that is exactly what PayTabs ensures. Here’s how.

• Better Acceptance Rate: As an intelligent orchestration platform, PayTabs allows entrepreneurs like you to manage multiple payment gateways, processors, banks, and acquirers in a single place. So, every transaction gets routed to the most suitable processor via the right gateway automatically, improving the payment acceptance rate. Fewer declined transactions means more satisfied customers and more revenue.
• Security: When you are starting out, one of the best ways to gain consumer trust is by keeping all transactions safe against cyber frauds and scams. And PayTabs ensures complete payment processing security with advanced encryption and multi-layer authentication techniques. You don’t have to worry about sensitive information getting compromised in any way.
• Different Payment Options: With PayTabs, you can offer customers a host of Fintech payment solutions, including internet banking, digital wallets, payment links, mobile apps, cards, etc. This translates to greater flexibility for shoppers and fewer instances of cart abandonment. In other words, you get to boost conversions and even purchase volume.
• Multiple Currency Support: PayTabs doesn’t just help you accept digital payments in the Middle East, but also from anywhere else in the world. By allowing customers in other countries to pay in their local currencies, you help them develop a sense of familiarity and trust your business. This is essential to establish yourself in new markets. Plus, you don’t have to worry about the currency exchange math.
• Powerful Analytics: The in-depth analytics capabilities offered by PayTabs are another key advantage for entrepreneurs or even big businesses. You can gain end-to-end visibility into your payment system, gather actionable insights, identify gaps or bottlenecks, analyze large chunks of data effectively, and make more informed and profitable decisions.

Get Ready to Grow More this World Entrepreneurs’ Day

As an entrepreneur, the Middle East is perfect for you to start, survive, and thrive, thanks to rapid digitalization, investment in innovation, promising government initiatives, and the region’s strategic location. Additionally, choosing PayTabs as your payments partner can help you handle both domestic and international transactions securely, quickly, and efficiently. Not only will you end up boosting customer satisfaction, but also derive data-backed insights to take better business decisions in the future. So, this World Entrepreneurs’ Day, leverage the potential the Middle East offers for your business, join hands with PayTabs, realize your vision, and grow more than ever.

Paris 2024 or 2024 Summer Olympics is right around the corner, and the excitement among potential spectators and event attendees around the globe is almost palpable. All set to light up one of the most romantic cities in the world this time, the Olympic games history most likely dates to 776 BC. Started originally by the Ancient Greeks, Olympic games showcase the physical and mental prowess of top athletes besides promoting peace, fairness, solidarity, friendship, integrity, and inclusion. The multi-sport event offers a level playing field for all 196 nations. But that is not all. In recent times, Olympic events have turned a bright spotlight on advancements in the Fintech landscape, especially digital payments.

Let’s delve into how Olympics games have been driving the worldwide surge in digital transactions and why the trend is expected to continue in 2024 too.

What do People Pay for during Olympics?

No matter where they are held, Olympics games witness countless spectators from countries far and wide. The event in Paris this year will be no exception. And besides paying for different event tickets, spectators are likely to shell out money for:

• Souvenirs or Memorabilia: From official jerseys, hoodies, and t-shirts to caps, keychains, scarves, bags, and toys, Olympics games memorabilia can be of numerous kinds. And serious fans always buy one or more of these, whether they are watching the events in-person or from home. This means, international payments spike significantly.
• Tourist Attractions: Those who fly to a different country or city to attend Olympics games usually use the opportunity to visit the top sights there and make a memorable holiday of it. And they end up paying entry fees for many such attractions, like museums, art galleries, amusement parks etc.
• Hotels: Fans who attend Olympics games in person book hotels, apartments, or homestays as per their budget and taste. Naturally, the hospitality sector sees more payments too.
• Food and Drink: It goes without saying that restaurants, pubs, clubs, and lounges in the host country end up selling more during Olympic events. Even virtual spectators often head to popular eateries to enjoy the games with friends and family.

Apart from the above, spectators might have to spend for emergencies, medical or otherwise. Essentially, financial inclusion becomes crucial at a major event like Olympics since people from various countries (used to different currencies and payment methods) flock together.

How Digital Payments are Transforming Olympics

Here are the ways in which digital payments ease life for both spectators and businesses during the Olympics:

• Cashless transactions: Irrespective of their origin country, spectators don’t need to carry large amounts of cash for different transactions. It is safe against theft as well as convenient. Whether it’s a physical store or website, they can simply pay via an online payment gateway in seconds and avoid long queues or the problem of insufficient change.
• Multiple payment modes: From mobile wallets and internet banking to payment links and QR codes, there are multiple ways for spectators to make payments as per their comfort level. It also helps businesses to drive more conversions and earn more as they offer flexibility to customers.
• Support for different currencies: The best payment gateways allow businesses to accept multiple currencies and handle exchanges seamlessly. This satisfies customers and motivates them to spend more. They don’t have to deal with the hassle of obtaining or carrying foreign exchange or traveler checks either.
• Contactless payments: In the light of the COVID pandemic, it has become more important than ever to maintain hygiene and sanitary conditions with large crowds around. And digital payments (often requiring a simple tap or scan) facilitate the same.
• Cybersecurity: Leading payment gateways use robust encryption, authentication, and fraud-prevention measures to make sure no sensitive data is compromised during digital transactions. Hence, spectators don’t need to worry about identity thefts, scams, account takeover, and so on.

 Paris 2024 to Reach Global Heights with Digital Payments

 So, by now, you have a clear idea of how digital payments have been revolutionizing the Olympics games and why Paris 2024 will take it all up by several notches. Spectators from around the world can look forward to a frictionless and unforgettable experience with cashless and contactless payments, whether they are gearing up for an event, heading to the Louvre, booking a stay near the River Seine, or shopping for macarons. In the UAE and everywhere else, virtual spectators can shop online for souvenirs or visit restaurants for sumptuous meals in front of massive screens without worrying about payments. And businesses can make the most of it by raking in more revenue than ever.

Jordan National Day is just around the corner and the entire country is ready for celebrations and festive revelry. This also means a surge in shopping for personal and domestic use as well as gifting purposes. So, as an ecommerce business owner, you might be looking for ways to boost your Jordan National Day sales figures. And you are in luck. In 2023, around 76% of the country’s population had active mobile connections and internet penetration was pegged at 88%. By 2027, the number of users in the digital commerce market is poised to increase to 4.8 million and the ecommerce market volume is expected to hit USD 293.6 million. Hobby and leisure, electronics, fashion, and furniture and homeware are among the most popular ecommerce sectors in the country currently.

However, to compete with other players, draw more traffic, drive more conversions, and thrive in this dynamic landscape, you need to employ the right strategies. Let’s delve into them.

Tips to Improve Jordan National Day Sales

The modern consumer in Jordan looks primarily for these four things when they go for online shopping – speed, security, efficiency, and flexibility. So, here is what you can do to offer them a frictionless and enjoyable experience:

1. Easy Website Navigation

Make sure your ecommerce site’s interface is simple and easy to use for all. Customers should be able to search, sort, filter quickly and add items to the cart without any hassle. Ensure product descriptions, prices, care instructions, etc. are easy to spot and understand. If there are special offers on certain categories or products, make sure they are clearly visible and hard to miss. Give site visitors the option to view everything in Arabic too, to build trust, cultural familiarity, and a local vibe.

2. Personalized Marketing

Use AI and sophisticated data analytics tools to capture, store, and analyze customer data. This way, you can personalize marketing campaigns in line with their past browsing, shopping, and payment behaviors. Offer customized recommendations while they are on your site or upsell or cross-sell products to boost the order volume. Personalization will enhance shopper engagement too.

3. Immersive AR and VR Experiences

By employing augmented reality and virtual reality, you can enable shoppers to try out different products before making a purchase decision. These advanced technologies can help them interact realistically with products and gauge the suitability, efficiency, or aesthetics. AR and VR can boost engagement, conversion, and satisfaction.

4. Glitch-free Checkout

Adopt an ecommerce payment gateway that makes the checkout experience fast, simple, secure, and efficient. A provider like PayTabs can help you offer a variety of local payment methods to win over customers in Jordan. Payment solutions for online stores in the country usually range from conventional ones like cards and bank transfer to digital wallets and payment links. Depending on the nature of your business and target audience, you can offer all or some of the modes, so that shoppers have ample flexibility and can complete digital transactions without any fuss.

5. Robust Security

Equip your site with layered security measures to protect customer data and encrypt the same, so that hackers cannot steal or misuse sensitive information. Since the National Day will witness increased activity across ecommerce sectors, be extra cautious. Pick a payment gateway in Jordan that keeps all transaction details safe and employs smart authentication mechanisms.

6. Integration with Social Commerce

Integrate your ecommerce site with trendy social media platforms to help more customers discover, explore, and buy your products easily. This is especially a great way to attract millennials and Gen Z shoppers. To receive secure online payments in Jordan through social media channels, just pick a gateway provider that can make the process fast and seamless.

7. Seamless Last-mile Delivery

Leverage advanced logistics software to make sure products are delivered on time and in shipshape. Last-mile delivery plays a key role in customer satisfaction, repeat purchase, and loyalty. So, use the right tools to plan the most efficient routes, save time and cost, streamline operations, track delivery agents, and obtain customer feedback as well.

Get Ready for Jordan National Day

Jordan’s digital commerce market is likely to clock a transaction value of USD 6.75 billion by 2027. To capitalize on this upward trend as well as the upcoming National Day rush, you need to strengthen every aspect of your ecommerce business – from the moment a shopper visits your site to the moment they receive their orders. So, keep the above pointers in mind and choose a Payment orchestration platform like PayTabs that facilitates stress-free and cost-effective payment gateways integration. This way, you can accept multiple payment modes, route and process transactions efficiently, and improve the overall customer experience.

Eid al-Fitr, an auspicious and joyous occasion in the Middle East, marks the end of Ramadan and revolves around prayers, feasts, celebration with loved ones, and exchange of gifts. Naturally, people shop more than usual during this time. In fact, 81% of UAE residents are excited about special Ramadan editions offered by brands in 2024 compared to 76% in 2023. Also, this year, 69% feel that the month of Ramadan is ideal for new purchases, compared to 64% in 2023. Compared to last year, a greater proportion of residents are also exhibiting preference for quick payments.

Hence, as a merchant, smart strategizing can help you make the most of increased consumer demand and boost Eid sales revenue generation. For this, you need to join hands with a reputed payment gateway platform and take a few other steps, as outlined below.

Tips to Sell More during Eid

It goes without saying that Middle Eastern consumers seek special and often high-end products during Eid. So, you need to showcase an attractive collection as an ecommerce business. Additionally, you can:

1. Offer Payment Flexibility

Eid holidays are perfect for reaching out to as many demographics as possible. However, it is not enough for them to like your products. They must buy them too. And since the payment stage is crucial here, offer ample flexibility and choice. For instance, while senior citizens might want to pay with cash on delivery or cards, Gen Z customers might be more inclined towards digital wallets or payment links. Either way, they should be able to find and use their most preferred method. A reliable payment gateway platform like PayTabs can support multiple payment modes, thereby improving sales and revenue.

2. Ease the Purchase of Expensive Items

Another way to drive Eid sales revenue generation is by offering a buy now pay later (BNPL) or instalment payment option. Choose a payment gateway provider that supports the same, so that shoppers purchase more than what they can afford and pay off the bill conveniently. The best part is that you will get paid in full immediately. Instalment payment will enable consumers to make more big-ticket purchases like electronics, jewelry, furniture, luxury apparels, etc. This, in turn, will boost your revenue and create a favorable impression in the minds of your target audience.

3. Simplify Checkout

Integrating your website or mobile app with the right payment gateway can ease checkout for customers. Payment requests will be processed and approved quickly, which will enhance shopper satisfaction. You can offer autofill options too, so that customers don’t have to submit the same details repeatedly for every purchase. Both customer information and transactions will be secure against cyberattacks as well. All of this will help you earn consumer trust and save their time during festivities. There will be fewer instances of cart abandonment and the rate of conversion will spike, thereby increasing sales and revenue.

4. Leverage Offers and Discounts

Eid is the perfect time to draw consumers through attractive bundle deals, discounts, gift cards, and offers valid for a short time. You can also provide discount codes at the time of checkout, so that shoppers can save at the last moment. Organize fun competitions, contests, and giveaways too, so that customers have fun while saving money. This way, you can encourage them to spread the word about your brand and products, thereby bringing in more website traffic.

5. Promote Smartly

To boost Eid sales revenue generation, incorporate festive symbols in all website pages and revise banners to set a special mood for shopping. You can opt for customized logos too. Send personalized and celebratory messages via emails and messaging apps, including offers and deals. Make the most of social media to promote your Eid collection, sales news, contests, and such. You can ask customers to share their favorite festive moment that involves using your product. Craft videos and blogs related to Eid, to fuel excitement in potential shoppers.

6. Collaborate with Influencers

Join hands with content creators or influencers whose values align with your brand, so they can post about your products and drive awareness as well as sales. Consumers are more likely to trust the words of someone they admire and follow than just what your brand claims. You can invite influencers to festive events, send them themed gifts, or organize a giveaway together.

Welcome Prosperity This Eid

As Eid is just around the corner, start implementing the above strategies and pave the way for greater revenue. Don’t forget to connect with a leading payment gateway provider like PayTabs, so that everything related to payments is smooth and efficient. This way, you can also analyze important data and derive actionable insights. With the right provider, it is easy to pick a plan that is tailor-made for your business and pay for it affordably. Have a Happy Eid!

The blessed month of Ramadan is just around the corner and the Middle East is ready to step into another festive season of praying, fasting, and engaging in charitable acts. Ramadan is also when people shop more, be it clothes, home décor items, groceries, or gift hampers. Hence, as a merchant, you must make your customer’s experience seamless to earn their trust, build brand value, and attract repeat business. And since checkout is a crucial part of the shopping journey, you need the smartest payment solutions during Ramadan to make transactions safe, efficient, and fast. Luckily, PayTabs can help.

By integrating PayTabs with your e-store or mobile application, you can offer customers ample choice and flexibility in payment. They can pick from multiple methods and currencies, meaning you can sell across the Middle East and anywhere else. PayTabs’ payment orchestration services can also handle large transaction volumes and improve the payment acceptance rate, which means greater customer satisfaction. Now, let’s explore the challenges merchants face during Ramadan and how payment gateway providers make life easy.

Common Retail Challenges

While consumer demand spikes during the holy month, retailers grapple with:

• Overwhelming traffic – Both offline and online stores deal with excess traffic, which poses a high risk of cart abandonment whether shoppers have to stand in long queues or your website is unable to handle large transaction volumes. In either case, customers might get frustrated and decide against checkout.
• Limited options for payment – Long gone are those days when cash payment was the norm. Today, unless you provide ample options, in the form of cards, digital wallets, internet banking, and such, you might lose a lot of business.
• Delayed fund credit – Since banks often operate for limited hours during Ramadan or stay closed on certain days, accepting payments the traditional way (like checks or demand drafts) might mean that funds will take time to get credited in your account.
• Inefficient invoicing – Not sharing correct invoices or not sending them on time might lead to customer dissatisfaction, delayed payments, and poor cash flow.

So, how can payment gateways transform the Ramadan experience for merchants in different sectors?

Booking

Many people visit families or plan holidays during the holy month. Hence, companies offering flight and hotel bookings or travel packages need to accept payments without hassle. A payment gateway provider like PayTabs can make transactions smooth, whether you have people from the Middle East travelling abroad or foreign nationals visiting the Middle East for a unique experience. Even if your website sells tickets to movies, theaters, or sports events, you will find the demand surging as more people want to relax in the evening after hours of fasting. With the right gateway, you can handle this increased demand, route payments to suitable processors, and improve sales.

Retail

Retail shopping witnesses a sharp uptick during Ramadan. Whether you sell apparel, accessories, cosmetics, or appliances, you need a payment solution that can cater to customers any time of the day. Integrating PayTabs with your app or website can do the trick as shoppers can make purchases even late at night or during early morning hours. Being able to make digital payments securely and easily also means they can stay home and focus on praying, fasting, and spending time with loved ones. In case of luxury goods, shoppers can even opt for instalment payment.

Food

Whether you run a restaurant, home delivery service, or grocery store, you are likely to experience increased demand during the holy month. After all, in the Middle East, Iftar and Suhoor meals are usually lavish affairs. Hence, to make sure you don’t lose a single customer, you need the best digital payment solutions during Ramadan. For instance, PayTabs can ease the checkout process in the food industry by minimizing errors even during rush hours. You can also send customers invoices with payment links so they can do the needful from their mobile devices.

Charity

Donating to the needy is an integral part of Ramadan celebrations. So, if you are in charge of an Islamic center, charitable trust, or mosque, you would want to make it easy for people to make donations even if they can’t visit you. With PayTabs, you can enable donors to make payments via any method they like and track it all as well. Since such payment gateways support multiple currencies, you can accept donations even from those who are situated in distant parts of the world.

Have a Bountiful Ramadan

As you gear up for Ramadan 2024, make life easy for yourself and customers by joining hands with a payment gateway provider like PayTabs. Simple onboarding and budget-friendly fee structures will help you get started in no time. Promote happiness and goodness by offering a glitch-free shopping experience in the Middle East and beyond.