E-commerce in Egypt is expected to grow by 30% by the end of 2022, according to a report released by BOOST for Consultations.
In this regard, BOOST CEO Sherif Makhlouf said that the development of e-commerce in Egypt requires new legislation to boost the sector which reached $ 100 billion in 2021.
The expected increase is based on several factors, including the ease of transactions through different platforms and the rapid development of this sector due to the ramifications of the coronavirus pandemic.
Makhlouf stressed that e-commerce is the future version of commerce and that it will develop alongside the opening of more markets in the world. Ready-to-wear, food and electronics are the most important sectors likely to experience a boom this year.
E-commerce will be one of the most important sectors in Egypt over the next five years, Makhlouf said, citing the increase in business sales during the pandemic due to foreclosure and the attractive features of e-commerce.
The growth of e-commerce in Egypt also requires continuous monitoring to integrate it into the formal economy, and to support its infrastructure and logistics, protect the rights of businesses and consumers, and regulate e-commerce sites. There is also a need to increase public awareness of the sector.
A unified trade network would make it easier to register businesses to ensure the safety and quality of goods, Makhlouf said.
He called for the enactment of the law on electronic commerce as soon as possible and the integration of the informal market, affirming the importance of developing the national strategy for electronic commerce.
The CEO of BOOST also called for regulating financial transactions in e-commerce systems, encouraging banks to set up an advanced system that accepts such transactions, expanding electronic payment and electronic signature systems, and encouraging online shopping platforms to offer more discounts to their customers. clients.
Makhlouf revealed that 2022 will see more global e-commerce platforms enter the Egyptian market, especially in the food sector, as well as more investment in existing platforms, mentioning the expansion of Amazon, Ikea and Zara in Egypt during the past period.
Egypt is one of the most important countries to attract this type of investment due to its population growth and the consumption pattern of Egyptians, who have gradually turned to online shopping due to the pandemic, a he added.