Muslim consumers contribute to $107b to global digital economy.
Dubai: The overall value contributed by Muslim consumers worldwide to the global digital economy in 2014 stood at $107 billion (Dh393 billion), representing 5.8 per cent of the total global digital economy, a study revealed.
The growth in total value of Muslim consumers' contribution to the global digital economy is expected to outweigh the growth of the total global digital economy, the Digital Islamic Economy Report for 2015 said.
"The report further reaffirms that [the] Islamic digital economy has indeed become an integral part of everyday life, and indicates significant opportunity for growth in terms of business and innovation. We are confident the insights presented by the report will help entrepreneurs and established businesses better navigate this space," Nadim Najjar, managing director of Thomson Reuters, Middle East and North Africa, said in a statement.
Currently, more than 2,000 Islamic lifestyle services are being provided across websites and mobile platforms worldwide. The most popular categories include aACAyNews and Insights' (used by 21 per cent of users), followed by aACAyRetail Sales' and aACAyMedia and Entertainment'.
Five segments within Digital Islamic Consumer Services have emerged as the most promising Islamic segments, namely Sharing Economy; Social Commerce; Retail e-Commerce; Food Transportation and Logistics, and Islamic Finance Investment Products.
E-commerce within the modest fashion sector has been identified as the most successful Islamic business model. Modanisa and SefaMerve, the top fashion online retailers, are among the top five leading Islamic consumer websites. The others include Muslima.com, Qiran.com and IslamicOnlineUniversity.com.
Interestingly, the findings indicate that social media services customised for Muslims have proven less successful as business models, especially services pertaining to aACAyNews & Insights', which typically rely on revenue support from online advertising. In terms of popularity and usage, the Islamic web and mobile application aACAyMuslim Pro' ranks highest in terms of downloads. Productivity and education apps, as well as apps for Halal food ratings and modest fashion also feature prominently on the Digital Islamic Consumer Services leader board.
"The promise and potential of the Islamic digital economy at the global level is well captured in the report, which offers viable solutions well beyond the typical sectors of banking and finance. We look forward to building our initiatives from this solid research for an enriched business environment to strengthen Dubai's positioning as the capital of the global Islamic economy," Abdullah Mohammad Al Awar, CEO of the Dubai Islamic Economy Development Centre, said.
[c] Al Nisr Publishing LLC 2015. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).