SouqTime success story: a wonderful model for challenging and keeping up with evolution
SouqTime is a bright name in e-commerce and the Gulf region in general. It’s an e-commerce store that specializes in selling just about everything: electronic devices, watches, home appliances, perfume, clothes and much more. It’s a fully integrated shop where you can find anything you need or desire. It is also a strong competitor in the world of e-commerce in the Middle East, featuring fast delivery and free returns of goods, as well as multiple payment method options.
So the questions here are: How was SouqTime able to achieve this success? What are the secrets behind this success? And how has it managed to be one of the most important electronics stores in the Middle East? Keep reading to learn the answers.
SouqTime’s website launched in 2016 in response to the steadily growing e-commerce market. As people in the Middle East increasingly bought through the internet, the idea of creating the store emerged. Referring to this idea, SouqTime Operations Manager says, “We were inspired by the e-commerce world’s rapid progress. So we established an active company in Saudi Arabia, a country characterized by its developing economy, and its tech-savvy population. We had to keep pace with the development of trade and enter the world of e-commerce from its widest doors so that we could be one of the pioneers in this field.”
SouqTime originally launched in Saudi Arabia for two reasons. First, the company’s headquarters and all its branches are located in Saudi Arabia. Second, the Saudi market is a solid and developing well, and it constitutes a suitable environment for launching e-commerce projects, additionally, the demand for and trust in internet shopping is increasing among the Saudis.
How did the founders inspire the name of SouqTime? And what is the story behind this name? The name is inspired by the style of Saudi market where multiple dealers sell their wares: a “Souq”. So they used the word “Souq” and added the word “Time”. Thus, the name was born, which has become a brilliant brand name in the world of Arabian Gulf e-commerce.
Naturally, all emerging businesses face challenges and difficulties while making their way through. SouqTime’s Site Operations Manager, in discussing these challenges, says, “Being a new company with an unknown brand name, it is difficult to reach customers and convince them to buy your product, because people don’t trust you as a new brand name. But, we tried to convince people to buy our products, and once they did, they would come back again and again and again. This is due to our after-sales service, guarantees, and our response to complaints, which increased the confidence of our customers to buy again from us. Not to mention the advantages of our products, of suitable prices and high quality, which contributed to increasing our customers.”
According to him, the most difficult challenges SouqTime faced were during the beginning of their work. The challenge was to reach the stage of selling 100 orders a day. But they knew that beginnings are always difficult and they were armed with determination and patience to achieve their goal. When he was asked about the advice he gives to business leaders who have similar projects to SouqTime, he says, “I advise them to work hard and follow the market trends. Success in business requires more hard work than capital. We faced many problems and obstacles in the beginning, but we were able to overcome them with determination, and we’ve been keen on developing ourselves and following the market’s developments and trends.”
In the world of e-commerce, there’s no room for idleness or resting on one’s laurels. It’s a world of continuous change and evolution, a world that requires hard work and persistence. Today’s market trends are not the same as yesterday’s market trends, and this creates a great challenge for businesses (especially new ones). Its viability, continuity, and success depend on its ability to evolve and keep pace with the electronic market trends, and this characterizes SouqTime more than any other company in its field.
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This blog is intended for informational purposes only, and should not be considered business or legal advice. MENA 360 DWC-LLC (Fetchr) will not be held liable for the use, non-use or misapplication of this information, lost profits, personal or business interruption, or any other loss.