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Facebook Has Surveyed People About Their Ramadan Shopping & Media Habits

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facebook has surveyed people about their ramadan shopping and media habits
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Eager to learn more about the influence of the coronavirus pandemic on the shopping and media consumption habits of people during Ramadan, Facebook’s insights and research division, called Facebook IQ, and analytics firm YouGov published a marketing guide called Ramadan: This is the Joy of Discovery, which features key insights from their survey.

The survey was conducted between May 23 and June 13, 2020, and it included 17,758 participants. “Approximately 1,500 interviews were completed in 11 countries, with samples that were representative of the adult online population across age, gender and region in each market,” write Facebook IQ and YouGov in their marketing guide. “For the global average data cuts in this guide, we focused our analysis on the eight markets where Ramadan is celebrated by the majority of the population.”

facebook iq ramadan insights

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The most important insight is that the pandemic has fundamentally changed how people shop. Among those surveyed, 42 percent are planning to spend less time shopping in stores during Ramadan, choosing to shop online using their mobile devices instead. This is a major opportunity for marketers, who need to offer a seamless experience throughout the purchase journey to increase their conversion rates and sales.

During Ramadan, nearly half of all survey participants agreed that they spend more time on their mobile devices, and 8 in 10 said that they don’t put their smartphones and tablets down even while watching TV, including members of Gen X and Baby Boomers. One of their favorite activities around Ramadan is discovering shopping ideas, researching things to buy, and, of course, purchasing items.

Also Read: Microsoft Wants To Purchase Discord And We Know Why

The first shopping peak happens just before Ramadan, in mid-April, and the second shopping peak coincides with the start of Eid. Even though 39 percent of shoppers start planning their purchases about a month before celebrations start, only 20 percent have completed shopping when Ramadan begins.

For more insights like these, read the full marketing guide, which Facebook kindly published on its website.

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Binance Receives Virtual Assets License To Operate In Dubai

As its user base nears 200 million, CEO Richard Teng believes crypto adoption will soar over the next half of the decade.

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binance receives virtual assets license to operate in dubai

Global crypto exchange Binance has been granted a full operational license in Dubai, in a move that’s expected to accelerate digital asset adoption and strengthen the UAE’s regulatory landscape.

The virtual asset service provider license (VASP) was granted by the Dubai Virtual Assets Regulatory Authority (VARA) and will allow Binance to extend its current range of services to retail investors, the company announced yesterday.

The move by Dubai authorities will be critical to Binance’s strategy of growing its user base globally. The crypto exchange expects to pass the 200 million user mark “quite shortly”, according to Richard Teng, the company’s CEO.

Once that milestone is achieved, Binance will have around twice as many users as rival platform Coinbase. Meanwhile, Crypto.com, another popular exchange with 80 million users, received a Dubai VASP license last week.

“We’re seeing much greater institutional adoption and institutional money coming into this space [along with] much greater regulatory clarity and a lot more jurisdictions approving [digital asset] products that bring in new investor classes,” Binance’s Richard Tang explained, adding: “As of now, we stand at about 5% crypto adoption globally, but that will become much faster moving forward”.

Also Read: Microsoft Invests $1.5 Billion In Abu Dhabi AI Tech Firm G42

Dubai and the UAE are extremely supportive of technologies like digital assets, and have already launched initiatives to boost adoption. The UAE has ambitious plans to become a world leader in the crypto economy of the future, with Dubai in particular being noteworthy for passing a new law to regulate virtual assets to support investors and exchanges.

“Global crypto regulation is currently showing diverging signs. Some developed countries have long suffered from crypto-related frauds and illegal exchanges. On the other hand, emerging nations like the UAE and Singapore have enacted crypto laws at faced pace,” said Vijay Valecha, chief investment officer of Dubai-based Century Financial.

As the UAE gears up to become one of the fastest-growing crypto capitals worldwide, investors and talent are flocking to places like Dubai. During 2023, the Emirates as a whole realized $204 million in capital gains from cryptocurrency investments, according to blockchain data analysts Chainalysis.

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