Dubai-based Souq.com, one of the Middle East’s largest e-commerce businesses, aims for high double-digit revenue growth as it introduces “Black Friday”-type discount events to help lure shoppers from the city’s retail malls.
Black Friday, the biggest shopping day of the year in the United States, held on the Friday after Thanksgiving, is so named because it traditionally indicates the point at which retailers begin to turn a profit, or go into the black.
Souq.com’s planned Middle East version, which it terms White Weekend, will run on November 27 and 28. Taking place ahead of the Dubai Shopping Festival, the city’s biggest annual retail event, Mouchawar said it could trigger a trend in the sector.
The online retailer is partnering with 20 major brands to offer exclusive deals predicted to attract 10 million visitors to Souq.com’s websites and mobile apps and generate sales of 250,000 items, the company said.
“Our market share is developing,” Ronaldo Mouchawar, chief executive of Souq.com told reporters on Sunday, noting 52 per cent of online shoppers in the UAE were already using the company’s website. “Keeping that share, while growing that pie, is really our goal,” he said.
Continue reading at Kipp Report:
Dubai’s Souq.com plans “Black Friday” equivalent to help boost sales growth
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