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.”
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.
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.
Stripe Enters The Middle East With Its UAE Launch
Stripe will initially only be available to UAE businesses, allowing them to accept online payments, make payouts, mitigate fraud, and attract customers from around the world.
Stripe, a provider of online payment processing for internet business, has finally expanded to the Middle East with its official launch in the United Arab Emirates. The Irish-American company also opened an office in Dubai Internet City, allowing it to be closer to its new customer base.
At first, Stripe will only be available to UAE businesses, allowing them to accept online payments, make payouts, mitigate fraud, and attract customers from around the world.
“The UAE is a thriving hub for technology, supported by strong investor appetite, internet-savvy consumers, and an open, innovative ecosystem of business leaders and entrepreneurs,” said Matt Henderson, EMEA Business Lead at Stripe. “Our launch today also means we can now connect our global user base to the Gulf, enabling them to seamlessly expand their operations in the region.”
Stripe’s entry into the Middle East market comes just weeks after its latest round of funding, which has resulted in the company’s value jumping up to $95 billion and making it one of the most valuable fintech companies in the world.
The UAE is the perfect entry point for the online payment processing provider because the total value of digital payment transactions in the gulf country has doubled in the last two years alone, reaching $18.5 billion in 2020. If the UAE remains on the current growth trajectory, its e-commerce sector is expected to add nearly another $10 billion over the next two years.
Another factor that makes the UAE such an ideal expansion point is the fact that accepting online payments in the country has historically been incredibly challenging. Stripe provides a straightforward setup process and developer-friendly APIs, making it easy for companies of all sizes to improve their online presence.
Last year, Stripe launched in the Czech Republic, Hungary, Romania, Bulgaria, Cyprus, and Malta. The company also expanded into Africa via Nigeria technology startup Paystack. In total, Stripe currently processes hundreds of billions of dollars each year.