Souq.com, the leading e-commerce site in the Middle East, has formed its first partnership with global payments technology company, Visa, to capitalize on increased consumer presence online throughout Ramadan and boost the trend towards online payments by 30-40 percent
Data collected in 2014 indicates consumers spend more time online and on social media sites throughout Ramadan with peaks times spanning from midnight to 5AM and 8PM to 11PM. Souq.com has developed a promotion during this Ramadan, offering customers a 10% discount up to 100 Dirhams on all their purchases exclusively when using a Visa card on the site or the mobile app.
Ronaldo Mouchawar, CEO and Co-Founder of Souq.com, comments: “We are delighted to partner with Visa to encourage people to pay for products online, and thereby improve the perception of doing so. Although we are seeing a shift toward credit card use in this region, Cash-on-delivery still accounts for more than 70% of purchases. Together with our partners, we are looking to alleviate barriers that prevent customers from using their credit card online, as well as continuing to offer services that ensure customer expectations are not only met, but exceeded.”
The partnership is in line with Visa’s “Pay with Confidence” campaign, which aims to create consumer confidence in e-commerce across key segments such as fashion and electronics.
Karim Beg, Head of Marketing at Visa MENA, said: “Souq.com shares Visa’s vision to drive e-commerce forward by providing an enhanced online shopping experience. Our goal at Visa is to empower our cardholders with safe and convenient payment methods through our cutting-edge electronic payments technology, ultimately changing long-term shopping behavior when it comes to online purchases, and we believe this partnership will yield great results.”
Souq.com is seeing continued growth in online shopping. Currently, one in two consumers in the UAE has shopped on Souq.com, with an item sold every 1.5 seconds. As more consumers are turning to the largest online shopping destination in the Arab world, expectations are also increasing. Souq.com ensures customers are provided with secure payment options, free delivery, as well as a one-year warrantee on all electrical goods.
To redeem the discount, shoppers must use the code VISA10 when making a purchase with their Visa card on Souq.com or through the Souq mobile app. The offer is available until 30 June in the UAE, Saudi Arabia, Bahrain, Qatar, Oman, Kuwait and Egypt.