How to Win in Oman’s E-Commerce Market: Strategies for Online Retailers & More
The e-commerce market in Oman is expected to grow rapidly in the coming years. The government of Oman is supportive of e-commerce, and it is investing in infrastructure and regulations to support the growth of the market. The increasing internet penetration and smartphone adoption in Oman are also driving the growth of the e-commerce market. In addition to these major players, there are a number of smaller e-commerce companies in Oman that are growing rapidly.
Oman stands as the 62nd largest player in the eCommerce landscape, poised to generate an estimated revenue of US$1,984.7 million by 2023, surpassing Azerbaijan in this regard. Projections indicate a compound annual growth rate (CAGR 2023-2027) of 9.2%, leading to an anticipated market volume of approximately US$2,821.6 million by 2027. In 2023, an upswing of 4.7% in the Omani eCommerce sector not only bolstered the national market but also contributed to the global growth rate of 9.6% for the same year. This trend aligns with the global trajectory of rising eCommerce sales expected in the years ahead.
Within the Omani eCommerce landscape, e-commerce recognizes five distinct segments. Electronics & Media takes the lead as the largest sector, commanding 32.0% of the Omani eCommerce revenue. It is followed by Food & Personal Care at 27.4%, Fashion at 19.0%, Furniture & Appliances at 14.3%, and Toys, Hobby & DIY rounding out the remaining 7.3%.
Implementing 8 Strategies for Omnichannel Commerce to Expand Your Business in Oman
#1 Customize the commerce experience across various platforms
Reason: With consumers exploring multiple platforms, tailoring commerce experiences is crucial. This personalization drives purchasing decisions and fosters customer loyalty. As per Google’s findings, companies with apps or mobile sites that offer pertinent product recommendations are favored by 63% of smartphone users, increasing their likelihood of making purchases.
Approach: Employ multiple channels to individualize the shopping journey and exhibit your attentiveness. Utilize tools to personalize the eCommerce and mobile shopping experience, allowing customers to create accounts to track their histories, orders, and payments. Leverage banners or pop-ups on your online store to showcase new products, best-sellers, or sales. Employ email or text marketing to follow up with customers after purchases or suggest new products based on their buying histories.
#2 Expand using social commerce tools
Reason: The surge in consumers shopping on social media platforms has led to the rapid growth of the social commerce industry, projected to reach $1.2 trillion by 2025. Social apps offer personalized shopping experiences, while influencers and user-generated content impact purchasing. Selling on social channels, or social commerce, connects businesses with a diverse customer base spanning age groups and purchasing power.
Approach: Enter social commerce through tactics like social selling to enhance your presence and awareness among your target audience. Sync your eCommerce store with social media platforms to create a shoppable storefront. Use scannable QR codes at checkout or on your store to enable easy following on social channels. After social shoppers complete purchases, encourage reviews and loyalty program participation through text or email. An effective social media marketing agency in Oman can assist you in strategizing for all these aspects.
#3 Engage with customers via mobile devices
Reason: Mobile commerce (mCommerce) is rapidly growing and is expected to constitute 44% of retail eCommerce sales by 2025. Businesses must offer mobile-friendly experiences to enhance sales and retain customers. Fast, seamless mobile experiences are critical for conversion, as 29% of consumers would leave a site or app that doesn’t meet their needs.
Approach: Ensure your site is optimized for mobile use. Connect with customers through mobile devices via text marketing, QR codes, and notifications. Moreover, consumers use mobile commerce for email, text messages, appointment and order notifications, loyalty messages, and QR code scanning.
#4 Utilize loyalty and discount incentives to drive sales
Reason: In a competitive market, strategies like promotions, discounts, and loyalty programs set brands apart and foster customer loyalty. Exclusive offers and loyalty rewards influence purchase decisions and repeat business.
Approach: Leverage discounts, promotions, and loyalty programs across omnichannel platforms. Advertise promotions through various channels and incentivize actions like newsletter sign-ups or reviews. Encourage loyalty program sign-ups post-purchase, leveraging exclusive offers to increase repeat business.
#5 Provide seamless payment options across all channels
Reason: Customers seek diverse payment options, including digital payments and buy-now, pay-later services. Offering multiple payment choices ensures a consistent checkout experience, reduces abandoned carts, and aligns with evolving payment preferences.
Approach: Offer payment options like Apple Pay, Google Pay, and Afterpay for both in-person and online sales. Share payment links through social channels, text, or email to direct customers to your online checkout. Generate payment links and QR codes for sales across all business locations.
#6 Devote assets to a Customer Data Platform (CDP)
A Customer Data Platform (CDP) forms the core of your personalization and omnichannel endeavors, ensuring a top-notch shopping experience. It empowers you with comprehensive insights to learn from your customers, enabling the formulation of a successful omnichannel marketing strategy.
A CDP compiles and consolidates primary customer data from diverse origins, creating a unified profile for each customer. This data encompasses attributes (transactional or behavioral information) as well as their interactions with your brand (both online and offline).
#7 Harnessing AI to anticipate user behavior
Retailers should effectively wield their customer data to proactively engage customers, steering away from reactive tactics that often come too late. Real-time, in-depth understanding of shoppers empowers retailers to predict their forthcoming actions and capture their attention with apt messages through suitable channels, precisely when needed. For instance, retailers can prevent customer attrition by offering discounts through exit-intent pop-ups before the customer leaves the website.
In particular, AI-driven personalization is the linchpin for delivering the tailored customer experience that shoppers crave. This entails personalized product suggestions, delivering well-timed messages to the right customers, and fostering heightened customer retention rates.
#8 Ensure competitiveness in your onsite search
Onsite search surpasses the conventional search box, it serves as the voice of the customer. By actively listening, you can obtain invaluable insights about your shoppers and convert their search queries into pertinent search outcomes—popular items, current trends, and other significant shopper patterns. A smart onsite search is key for a seamless shopper journey, acting as an indispensable tool for product discovery. It effectively minimizes friction and drop-offs, thereby expediting conversions and repeat transactions.
To Wrap Things Up
In the dynamic landscape of Oman’s e-commerce market, success is attainable through strategic innovation and customer-centric approaches. By delving into tailored strategies, such as harnessing hyper-personalization, fostering a culture of adaptability, and making informed decisions driven by data, online retailers can carve their path to triumph. Embracing these approaches not only empowers businesses to navigate the unique challenges of the Omani market but also positions them to capitalize on the immense opportunities it offers. As the realm of e-commerce continues to evolve, these strategies stand as guiding beacons for online retailers aspiring to not just survive, but thrive in Oman’s burgeoning digital economy.
