E-commerce in Oman: Here’s What the Future Holds

With 18^th November right around the corner, Oman is happily gearing up for National Day celebrations. Apart from impressive parades, festive decorations, and cultural events, the country sees a sharp rise in shopping during this time. And that brings us to the gradually increasing popularity of ecommerce and the factors paving the way for a brighter future. So, as a business owner, on Oman National Day, don’t just focus on ways to sell and earn more this year. Find out about important trends, patterns, and discover the possibilities that await you in the coming years.

Oman National Day 2024: Ecommerce is All Set to Boom

Oman’s ecommerce market is poised to hit USD 1.1 billion by 2028 after growing at a promising 13.5% rate. The recent COVID crisis especially triggered the acceleration in digitalization and most businesses went online to cater to customers and thrive. Technological advancements and evolving customer preferences are playing a crucial role in the growth of ecommerce currently. In fact, in 2022, the country had over 5 million active users of internet, close to 6 million mobile connections, and 4.39 million users of social media.

So, with Oman’s 54^th National Day coming up, let’s delve into the vital numbers and trends that will define the future of ecommerce here.

• Government Initiative: Most government services require customers to make payments online now. It is also possible to shop from ecommerce stores and make donations online securely. Oman’s e-Government initiative is responsible for this paradigm shift. Launched in 2020, the national ecommerce plan is focused on enhancing national skills, logistics services, and facilitating a positive environment for the growth of ecommerce.
• Significant Youth Population: Around 60% of Oman’s population is under 29 years, which means young people constitute a key part of the nation. They are more tech-savvy than their predecessors and comfortable about shopping via digital platforms.
• Increasing Smartphone Usage: By 2029, Oman’s smartphone market volume is expected to grow to 3 million pieces. Moreover, it has been observed that 95% of internet users access the internet via smartphones. Mobile commerce is also gaining prominence, with top payment gateway providers enabling transactions through cards, digital wallets, apps, payment links, and QR codes. This bodes well for the future as Omanis will increasingly want to enjoy the convenience of shopping via smart mobile devices rather than stepping out to visit a physical store.
• Domestic Scene: Consumers in Oman go online to mainly shop for beauty products, clothes, appliances, flight tickets, and hotel reservations. More and more people are shopping for groceries virtually too. And since most Omanis are likely to dress up, enjoy holidays, and buy ingredients to whip you delectable dishes around Oman National Day, you will see increased sales in all these categories.
• Cross-Border Scene: Besides cosmetics, apparels, and hotel and airlines services, Omanis shop for machines, furnishings, and construction materials from other countries, especially China. They tend to source vehicle spare parts from ecommerce stores in the USA too.
• Online Payment: In 2022, a report from Central Bank of Oman indicated that the volume of e-payments shot up by 40%. And this trend is likely to continue with Oman payment gateway providers like PayTabs making it fast, easy, and safe for merchants to accept payments through multiple modes and in different currencies. Customers also love the flexibility. Hence, on National Day in Oman in 2024 and beyond, you will find more and more people (busy and in a hurry) going online for a smooth, cashless checkout.
• Social Commerce: Many entrepreneurs and SMEs in the country are increasingly marketing and selling their products via social media platforms nowadays. And this trend will not only gain steam on Oman National Day 2024, but also in the future, as payment infrastructure companies like PayTabs offer smart solutions to set up shops, list products, sell through social channels, and get paid instantly.
• Cutting-Edge Technology: Artificial Intelligence, Machine Learning, and advanced analytics tools are increasingly gaining favor among Omani businesses as they help automate processes, streamline operations, study customer behavior and transactions, identify gaps, and offer actionable insights on how to improve the ecommerce shopping experience. So, by leveraging technology, online merchants can attract more traffic, boost customer engagement, and drive more conversions in the future.

Prepare for an Exciting Future in Ecommerce on Oman National Day

 So, on National Day in Oman in 2024, prepare to grow your ecommerce business like never before. Though many Omanis still prefer to try out products physically before buying them and have security concerns, change is on the cards. Government support, urbanization, increasing penetration of internet and smartphones, a growing youth population, technological innovations, and efficient online payment solutions are driving the growth of ecommerce in the country. The fact that people have more disposable income these days and lead busy lives will likely lead to a surge in Oman’s ecommerce too.

So, join hands with PayTabs and get started. As a leading payments infrastructure company in MENA, we intend to power all digital transactions with avant-garde solutions. Our secure, simple, and scalable solutions are designed to drive financial inclusion and local commerce.