Sep 02, 2021 / by admin / in: Blog
E-commerce websites have become one of the most widely used platforms in the Arab world, after social media platforms. Where sellers and businesses of all sizes use them to sell their products and double their sales and profits. On the other hand, web users are increasing, and people are embracing online shopping more and more.
Moreover, the spread of the epidemic has forced many people to stay home, which made buying goods more difficult. Many began to purchase their wants and needs online. This, in turn, has increased the demand for online shopping more than ever before.
How SOUQ Started
SOUQ was founded in 2005 by a Syrian entrepreneur in Aleppo – one of the oldest trading hubs in the world. It was founded at a time when online purchasing had great potential as it had a huge number of web users. Later, SOUQ had become the largest e-commerce provider in the Middle East and one of its fastest-growing businesses. Starting with 5 employees, it reached more than 3,000. It has helped many vendors sell millions of items online every week.
Amazon.com, Inc. It is an American multinational company founded in 1994 in Bellevue, Washington, United States, by Jeff Bezos who has played a major role in the growth of e-commerce worldwide. The company focused on e-commerce, cloud computing, digital broadcasting, and artificial intelligence. It is one of the top five companies in the US IT industry, along with Google, Apple, Microsoft, and Facebook.
Amazon Acquired SOUQ
On March 28, 2017, Amazon.com stated that it would acquire SOUQ.com for $580 million. The site had been operating over the past few years with the same name and the same platform but under the ownership of Amazon.
On Wednesday, September 2, 2021, Amazon has officially launched Amazon.eg instead of SOUQ.com in the local market following the setting up of its warehouse in Egypt on Tuesday.
Earlier on Wednesday, SOUQ.com customers were sent text messages informing them that all their account details had been migrated to Amazon.eg, including delivery addresses, wish lists, and payment methods.
While on SOUQ’s mobile app they showed a screen announcing that “Your SOUQ is now amazon.eg” and that Amazon has launched in Egypt referring the customers to Amazon’s app to download it instead.
On the sellers’ side who had accounts on SOUQ, now they can access Amazon Seller Central.
After that, the company will be establishing many job opportunities that will be available in Cairo, Alexandria, and Gharbia over the coming few days.
How do you feel about Amazon launching in Egypt instead of SOUQ? Share your thoughts in the comments.
Do you need help marketing your product on Amazon and making it more visible? Contact one of our team members now!