2024: The Year of Exponential Growth
Saudi Arabia’s e-commerce sector witnessed unprecedented growth in 2024, with startups Zid and Salla leading the charge to reshape the Kingdom’s digital economy. These two firms have empowered merchants, enhanced digital infrastructure, and set the stage for exponential growth in Saudi Arabia’s online retail sector.
Zid: Where Commerce Meets Innovation
For Zid, a Riyadh-based e-commerce enabler, 2024 marked a defining moment with the introduction of its ‘Total Commerce’ vision at Ripple 2024. This milestone event was not just a product launch but the unveiling of a unified ecosystem designed to redefine how merchants in Saudi Arabia — and eventually the region — conduct business.
Unified Ecosystem for Merchant Success
The platform allows merchants to manage e-commerce stores, social media sales, and physical outlets from a single dashboard. Zid’s partnerships with platforms like Amazon, Snapchat, TikTok, and Meta, as well as its integration of artificial intelligence-powered tools, are designed to ‘future-proof commerce in the Kingdom and across the region.’
Addressing Logistical Inefficiencies
Sultan Al-Asmi, CEO and co-founder of Zid, highlighted the significant barrier of logistical inefficiencies that remain a challenge for small and medium-sized businesses looking to scale globally. To address these challenges, Zid introduced a unified logistics dashboard to simplify inventory management and shipment tracking.
Flexible Financing Options for Merchants
The company also launched flexible financing options to help merchants manage shipping costs and expand their reach. By integrating platforms like TikTok Shop and Amazon Marketplace and introducing AI-powered tools, Zid aims to empower merchants with the necessary tools to succeed in the digital economy.
Salla: Empowering Saudi E-commerce Growth
Salla, one of Saudi Arabia’s leading e-commerce enablement platforms, has cemented its position as a major player in the Kingdom’s rapidly growing digital economy through a series of high-profile partnerships and strategic milestones in 2024. From securing substantial pre-initial public offering funding to integrating advanced tools for merchants and expanding digital payment solutions, Salla continues to shape the future of online business in the region.
Pre-IPO Funding Round
One of the year’s most notable announcements was Salla closing a $130 million pre-IPO investment round led by Investcorp, with participation from Sanabil Investment, a company owned by the Public Investment Fund, and STV, an existing shareholder. The funds are expected to fuel the company’s growth as it supports over 80,000 active merchants across the region.
Commitment to Empowering Businesses
Nawaf Hariri, CEO and co-founder of Salla, emphasized the company’s commitment to ’empowering individuals, SMEs, and enterprises to start and expand their businesses both within and beyond Saudi Arabia.’ With a proprietary SaaS solution, Salla allows merchants to launch fully digitalized and automated online stores within hours, integrating payment solutions, logistics, and a suite of over 400 applications to support businesses throughout their lifecycle.
Partnership with Adjust
Salla strengthened its technology offering through a partnership with Adjust, a global analytics and measurement firm. This integration allows Salla merchants to access advanced app analytics tools, enabling them to optimize campaign performance and scale their businesses.
Integration with STC Bank
The company also partnered with STC Bank, Saudi Arabia’s first licensed digital bank, to integrate it as a payment option across more than 80,000 online stores powered by Salla. This partnership offers merchants and their customers secure and convenient digital payment options directly through STC Bank accounts.
Conclusion
In conclusion, 2024 was a landmark year for e-commerce in Saudi Arabia, with startups Zid and Salla leading the charge to reshape the Kingdom’s digital economy. With their innovative solutions and strategic partnerships, these two firms have empowered merchants, enhanced digital infrastructure, and set the stage for exponential growth in Saudi Arabia’s online retail sector.
Key Takeaways
- Zid’s ‘Total Commerce’ vision aims to redefine how merchants conduct business in the region.
- Salla has secured substantial pre-IPO funding to fuel its growth as it supports over 80,000 active merchants across the region.
- Both companies have committed to empowering businesses and driving digital transformation in Saudi Arabia.
As the e-commerce sector continues to grow in Saudi Arabia, startups like Zid and Salla will play a crucial role in shaping the future of online business in the region. With their innovative solutions and strategic partnerships, they are well-positioned to lead the next chapter of commerce innovation in the Middle East.
