E-Commerce Sales Exceed SAR 44 Billion in Q1 2024

E-commerce sales through "Mada" cards achieved an annual growth rate of 22%, with an increase of approximately SAR 7.89 billion, reaching a total of SAR 44.42 billion in the first quarter of 2024. This compares to SAR 36.53 billion in the same period of 2023, with the number of executed transactions amounting to 263,242,173. This marks the highest level ever, according to the statistical bulletin for May issued by the Saudi Central Bank (SAMA). E-commerce sales through "Mada" cards recorded a quarterly growth rate of 10%, with an increase of approximately SAR 3.89 billion, compared to SAR 40.53 billion in the fourth quarter of 2023. Moreover, sales recorded a monthly growth of 9.2%, with an increase of approximately SAR 1.37 billion, reaching a level of SAR 16.22 billion in May, compared to SAR 14.85 billion in April 2024, with the number of executed transactions amounting to 91,868,518. Sales have recorded a growth of 12.4% since the beginning of the current year, with an increase of approximately SAR 1.7 9 billion, rising from SAR 14.43 billion in January. The sales include transactions made with "Mada" cards used for payments and purchases through online shopping sites, electronic applications, and electronic wallets, but they do not include transactions made with credit cards. Source: Saudi Press Agency