The rise of e-commerce in Egypt: Igniting economic growth through SMBs
One example is a local business owner called Mariam who spotted a gap in the market segment and started a range of cookware that is today sold internationally through Amazon.
An architect with a passion for food, she often wanted to bring home the cast-iron pots and pans she saw on her travels abroad.
Then one day she thought, perhaps I can help other people in Egypt access these products by creating the first Egyptian brand in the space. She did just that – and today she is selling to customers across the country and in other parts of the world.
Whether through my own experience as an entrepreneur, during the time I spent as a judge on the TV series The Chance, or in my job today, I have had the honour to meet many bright minds like Mariam.
They are a constant source of energy and have helped spark many inspirations that I have taken back to help me do my job better. Today, these digitally enabled entrepreneurs and small business owners are much more than just a creative force – they have an important role in serving our communities and driving a positive impact on the economy of Egypt.
Entrepreneurs and e-commerce
Against a backdrop of global challenges and current GDP growth rate challenges, e-commerce will be a vital driver of economic success for Egypt. Indeed, it has been named as one of five megatrends that will shape the future of the MENA region as its economies look to diversify.
The e-commerce market segment in Egypt is predicted to witness exponential growth between now and the end of the decade, from around $9 billion today to over $18 billion by 2029. Currently, it only represents around 5% of general trade underscoring its growth potential.
Growing e-commerce is also a vital element of creating the Digital Egypt that will help the country deliver the sustainable, inclusive growth set out in the Ministry of Finance’s Egypt Vision 2030.
This includes encouraging innovation, increasing employment opportunities, investing in human capital and achieving financial inclusion. A key aspect of doing this will be empowering micro, small and medium enterprises (MSMEs) to access e-commerce and digitization.