The Saudi Arabian e-commerce eyewear market was valued at USD 129.08 million in 2020, and it is expected to grow at a compound annual growth rate (CAGR) of 4.55 percent during the forecast period (2021-2026).
The Most Important Points
In the country, the COVID-19 pandemic has provided a significant challenge to the market due to the limits placed on transportation and logistics as a result of the restrictions. During the pandemic, children and adults spent much more time in front of screens, increasing the demand for eyewear solutions in the process. The absence of operations by the highly penetrated brick and mortar retail channel in the eyeglass industry has resulted in customers’ emerging demand being diverted to e-commerce platforms, which has had a beneficial impact on the market overall.
Combined with an increasing number of smartphone users in the area, the country’s severe climate has resulted in the region’s eyewear market being more popular. Having said that, the majority of the demand is met by travellers, who frequently include eye wear products into their daily attire or as a part of their souvenir culture.
On the other side, the presence of brands has also helped to leverage the eyewear platform, making it a very competitive sector for established companies in the industry. In recent years, online commerce for the same has seen an increase in popularity, thanks to the millennial generation’s need for new and improved products that go along with daily fashion.
The Most Important Market Trends
The Online Retail Industry is booming.
Because of the potential for growth in the sale of consumer goods through online channels, online sellers have been compelled to strengthen their buy processes in terms of security and dependability, which has in turn increased the demand for these products. Numerous foreign investors are competing for the opportunities presented by internet platforms, and they are registering their business accounts with the Saudi Arabian Ministry of Commerce to ensure that their investments are tax-deductible. According to the Saudi Arabian Ministry of Commerce, the number of such registrations climbed from 14,154 in 2015 to 25,238 in 2020. Furthermore, vendors are implementing online retail methods in order to expand their consumer reach and to encourage customers to purchase their products at a reduced cost, hence boosting their profit margins, which will benefit the market throughout the projection period. However, specialty groups of sources such as social media influencers, celebrity endorsements, and video/beauty bloggers are some of the types of sources that markets such as Saudi Arabia are looking for. Furthermore, the availability of rare products in online marketplaces is projected to increase consumer confidence, and the availability of high-quality products at reasonable costs is expected to leave such buyers spoilt for choice.
