Noon E-Commerce Platform Will Focus On Fashion Brands
Several months ago the Middle East experienced the announcement of a new tech entry to the market. Noon.com was introduced as a new generation e-commerce platform which would shake up the digital market. The leadership behind the entity announced there will be a strong emphasis on fashion brands. The e-commerce platform will provide hundreds of options in the fashion sector to prospective buyers. The management team also announced that the platform would have at least five times more fashion labels in contrast to any alternative platforms in the industry. Noon.com will look to have around three million items within the fashion genre.
The Chairperson of Emaar Properties is Mohamed Alabbar who incidentally is also the founder of Noon.com and is a very influential figure in the business arena across the MENA region. Mr Alabbar stated that customers and buyers have struggled when purchasing fashion goods due to the lack of variety in the region. However Noon will help change this by creating a unique platform for fashion brands to reach more people across the Arab nations and beyond. In addition to this there will also be a colossal private label launched which will allow for added value and act as a highly competitive aspect of Noon’s e-commerce development strategy.
Noon will provide affordable prices which will entice customers to buy from the platform. The online sales platform aims to have 20 million products available when it launches in the public arena. Products, goods and items will cover various sectors such as fashion, sports, beauty, home, toys and baby products amongst other areas.
Noon has a strong position and potential in the online e-commerce market because the entity is supported by a $1bn initial investment from Alabbar and other Gulf investors and the Saudi Public Investment Fund, which is a 50 per cent shareholder. Towards the end of 2016 Noon founder Alabbar signed a joint venture deal with global digital prestigious fashion retailer Yoox Net-A-Porter (YNAP) in order to set up an online luxury retail business in the Middle East.
Noon will begin trading in the Gulf region, specifically the UAE and Saudi Arabia, but plans to soon launch across the wider Middle East area. Noon aspires to grow online sales in the region from 2 per cent of the total market ($3bn), to 15 per cent ($70bn) within a decade.
For All The Latest In The Global Islamic Economy Visit: www.halalincorp.co.uk