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<strong>HRTech<p> or more formally known as <strong><em>Human Resources Technology</em></strong> is collectively used to denote software and associated hardware. Hence, HRTech automates the human resources activities in a business establishment. This broadly includes employee payroll, compensation, administration benefits, talent acquisition, management, workforce planning & analysis and performance management. There has been a rapid development in HRTech in recent years. It is seen that Midsized and large employers are adapting to HRTech to better plan and manage their Human Resources. Companies such as SAP and Oracle among others are developing enterprise software. Not only new businesses but also many others are now entering the second generation of HRTech with advancements in cloud platforms. Businesses that do not have in-house HRTech prefer to outsource it to third-party providers. </p><h2><b>Why HRTech?</b></h2><p> In any organization, Human Resources require careful evaluation and consideration. Moreover, with changing times, technology has paved the way for planning, managing and analysing the HR aspects of a business. The pandemic witnessed maximum challenges in retaining and managing employees. <em>Here is what the segment analysis of HRTech looks like:</em> <img class="aligncenter wp-image-2273 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd7361827a-2-4.png" alt="Image" width="1200" height="800"> </p><h2><b>The “T” in HRTech </b></h2><p> Artificial Intelligence & Machine Learning are working deep in HRTech along with technologies like blockchain making their presence felt. Blockchain technology can help with data management and other human resource activities for businesses. Similarly, certain HR areas are already adopting blockchain-inspired solutions. Deel, Bitwage, Papaya Global, and Chrono Tech are some of the firms that provide adaptive technology. These help manage employees while diversifying income sources. Also, the rise of new HR Technology has created a $10 billion global demand for HR software by 2022. Blockchain is being implemented in the HR space mainly for employee data security & privacy, recruitment & payroll and compliance & regulations. </p><h2><b>HRTech - Funding Scenario </b></h2><p> Business management & execution has changed significantly following Covid'19. According to statistics, more than $11.5 billion of venture capital was injected into the HRTech market in 2021 alone. Markedly, HRTech is expected to grow from $23.32 billion to $38.36 billion by 2030. This opens various avenues for companies to provide extraordinary solutions. As per the trends, by June 2022, about 250 deals were tracked with an investment amount of over $9.3 billion. Out of this, about $5 billion was invested in Q1’22 & $4.3 billion in Q2’22. Even though there are indications that investors are being cautious. Looking at Q2’22 figures it is safe to say that cash has become scarce. The HRTech start-ups, however, continue to gain interest & investments by raising capital to meet the rising demands for employee-centric solutions. </p><h4><b>HRTech - Acquisition </b></h4><p> Furthermore, Ceridian HCM Inc. acquired Ascender, an HRTech company headquartered in Japan in February 2021. Through this acquisition, the company wishes to deliver complete HCM (human capital management) & payroll solutions to the APAC region. A cloud-based HR Technology startup, Darwinbox raised $72 million in a funding round in January 2022. Up till June 2022, North America had bagged the biggest share of the funding with $5471.5 million in investments. EMEA region among others followed suit. <img class="aligncenter wp-image-2275 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd739ba751-3-3.png" alt="Image" width="1200" height="800"> Numerous talent categories are widely attracting investments. Nonetheless, talent acquisition has received the maximum amount of investments followed by talent engagement and talent operations. Although talent planning & analytics is the least explored segment, they have high scope for development as they will lay the basis for these HRTech companies in creating novel & new product offerings. <img class="aligncenter wp-image-2276 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd73d8745a-4-3.png" alt="Image" width="1200" height="800"> </p><table> <tbody> <tr> <td><b>Application of HRTech</b></td> <td><b>What does it capture? </b></td> </tr> <tr> <td>Payroll</td> <td>Comprises attendance software, time punching & compensation management </td> </tr> <tr> <td>Travel & Expenses</td> <td>Includes mobile expense management tools & long-short distance travel reimbursements</td> </tr> <tr> <td>Talent Management</td> <td>A collegiate of talent acquisition, hiring, search and recruitment among others </td> </tr> <tr> <td>Performance Management</td> <td>Captures 360-degree performance of the employee(s) at one common place for automation and ease of access</td> </tr> <tr> <td>Employee engagement</td> <td>To measure and deliver engagement activities of the employees in further determining their L&D training </td> </tr> <tr> <td>Learning</td> <td>Consolidated yet personalised L&D opportunities that cater to employees of various levels at large</td> </tr> </tbody> </table><img class="aligncenter wp-image-2277 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd74122da9-5-2.png" alt="Image" width="1200" height="800"><h2><b>The Way Forward</b></h2><p> Today, HRTech is steadily gaining popularity worldwide. With changing preferences and behaviours it is important that the HR division of a company take the necessary steps to keep up with the technological advancements. Automation and cloud-based HRTech products will enable quicker and faster processes. However, with digital adoption, the concern for data security and privacy is undeniable. More and more HRTech companies are working on finding apt solutions to curb such issues. It is safe to say that HRTech is the next big thing that will change the face of how enterprises, irrespective of their business sizes, go about managing their human capital and the <a href="http://www.purplequarter.com/leadership-in-the-digital-era-the-what-and-why/leadership-advisory/">leaders of tomorrow.</a> </p><h3><strong>Authored by Richa</strong></h3><p> For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></strong>
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<h1><b>Overview of the Metaverse</b><p>The world was taken by a storm when Facebook re-branded itself as “meta”, within no time <strong><i>metaverse </i></strong>became a synonym for the <strong>web3.0 series</strong>. Every company that is making its presence felt on the web is directly or indirectly associated with the multi-verse to keep itself abreast with technology and connect at a deeper level with its end consumers. </p><p>While on one hand, fashion brands have been conducting virtual fashion shows the other side hundreds if not thousands of people from across the globe are attending online concerts. The metaverse has something to offer to everyone in its virtual world.</p><p>Now that <a href="https://www.purplequarter.com/metaverse-calling-a-deep-dive-into-business-opportunities-of-tomorrow/all-about-tech/">companies are making their way to the virtual space</a>, individual investors as well are finding their way to invest and make the best out of the situation. There is an upward swing in the trends of investments in the metaverse, the reasons are a few: </p><p>Metaverse's association with <strong>blockchain</strong> and <strong>crypto</strong> is one of the main reasons to consider it as a suitable investment platform. In the metaverse, smart contracts and NFTs are essential for purchasing goods and exchanging them between different virtual spaces. For those interested in investing in the metaverse, NFTs and metaverse cryptocurrencies offer ideal instruments. Virtual real estate platforms such as Decentraland and Sandbox exhibit the potential for growth of the metaverse. </p><p><b><img class="aligncenter wp-image-2167 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd74c60804-5.png" alt="Invest in metaverse - ways " width="1200" height="800"></b></p><h2><b>Best Ways to Make Investments </b></h2><p>Metaverse has become a popular choice among investors for interesting opportunities to invest. Institutional investors are joining the metaverse investment game as well. There are many tech companies that have active investments in metaverse projects. A novice investor may find it slightly overwhelming to begin investing however with the right knowledge and perspective there are many options to invest. </p><h3>Purchase in-game Non-Fungible Tokens (NFTs)</h3><p>The use of NFTs is two-fold, one is in the form of currency to purchase land and other virtual assets while the other is to buy NFTs of metaverse artwork, music and other collectables. One example is the world-famous art gallery auction firm - Sotheby’s; it has a digital art gallery in Decentraland known as Sotheby’s Metaverse. You can purchase the NFTs of this digital art. Brands such as Gucci and Adidas also offer merchandise in the form of NFTs. To purchase NFTs in the metaverse, you’ll have to login and connect the cryptocurrency wallet to make a purchase. </p><h3>Purchase Metaverse Tokens</h3><p>Investing in the metaverse is made easy through the purchase of metaverse tokens. Intriguingly, purchasing metaverse tokens does not involve any complicated steps. To buy land in the metaverse, you’ll need to choose a metaverse platform and login. Popular tokens in the metaverse are SAND and MANA. All you have to do is go to one of the virtual neighbourhoods such as Sandbox, Decentraland and Axie Infinity through their respective websites, choose an avatar and then navigate the world. A few exchange companies you can refer to are - Coinbase, Revolute, Binance, Nakamoto, WazirX, Crypto.com and CoinSwitch Kuber among others. </p><p>In the metaverse, these tokens are the primary form of payment, these tokens offer the right avenue for investors to invest in the metaverse. With time, these tokens are bound to grow in value. The metaverse tokens, however, much like cryptocurrencies are variable thus these too have to take on the risk of price uncertainties. </p><h3>Purchase Virtual Land (also sold as NFTs)</h3><p>To purchase land in the metaverse, you’ll first have to choose a platform, you can choose from Sandbox or Decentraland. The metaverse is the same as the real world when it comes to researching real estate. In the metaverse, you can use sites like OpenSea.io or NonFungible.com to compare similar properties and determine whether a real estate purchase is a good deal. You can check comps, or compare the values of similar properties, for metaverse land on these sites, similar to Zillow in the real world. When you buy land in the metaverse, you’ll receive an NFT that represents the land you purchased. </p><p>Apart from the first choice of tokens, land and NFTs, one can also invest in other avenues such as:</p><h3>Investments in Metaverse Index (MVI)</h3><p>Much like the stock market indices that capture the trends of the companies in the nation, the metaverse index (MVI) captures the trends in entertainment, business and gaming that are moving to the virtual universe. As the volatility of metaverse tokens has been significantly reduced, the MVI reduces the risk associated with purchasing them. The MVI consists of the trends of all the top-performing metaverse tokens.</p><h3>Metaverse Stocks</h3><p>Metaverse stocks are those stocks of organisations that are actively involved in the development of the metaverse. The organisations could be engaged in virtual reality (VR) wearables production, networking technologies or 3D rendering applications, etc. The most popular stock options in this space include Roblox, Apple, Facebook, NVIDIA and Unity. Metaverse ETFs or brokerage can be used to purchase these stocks. </p><h3>Exchange-Traded Funds (ETFs)</h3><p>Do ETFs, take the top place when it comes to the dilemma of where and how to invest in the metaverse? ETFs are undoubtedly an easy solution to reduce volatility which in turn lowers the risk of exposure. To invest in an EFT, one can use a brokerage account. In terms of size, the ETF fund is currently the largest and focuses on computer hardware, gaming, and IaaS. A notable ETF platform for investing in the metaverse is Roundhill Ball Metaverse ETF.</p><h3>Sell or Rent Metaverse Experiences</h3><p>Metaverse experiences are similar to real-world experiences in that they are full of opportunities and possibilities. Yet another form of investment is through these personalized experiences; you can customize virtual land and/ or rent these spaces for business or entertainment purposes. Not just that, you can also rent out billboards on these properties for virtual advertisements as an investment opportunity. </p><h2>Looking Ahead </h2><p>Regardless of investment opportunities, the Metaverse itself is still in its infancy, which inevitably gives investors a lot of uncertainty when making investments. As a result, before investing in valuable assets in the metaverse, investors need to consider every aspect; detailed information, keep up with the trends and up-to-date knowledge. Metaverse already has a lot of options for investments from virtual land to NFTs. It is the choice of an investor to decide what and where to invest. These investments will only further grow with time as the metaverse goes mainstream. </p><h2>Disclaimer</h2><p><em>The information and material on this blog are intended for information purposes only. While Purple Quarter (we) uses reasonable care in compiling and presenting the information and material on this blog. We make no representation or warranty whatsoever with respect to the accuracy, currency, completeness, adequacy and so on. This blog should not be construed as an opinion or anything else whatsoever. It is collated of various inputs available online. </em></p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></h1>
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<p>In recent times, the Emirate of Dubai has been making noise in the crypto segment by implementing regulations to become a global crypto hub. Dubai has already attracted the likes of the world’s notable crypto exchange firms to open their respective offices in the region. Similarly, crypto investors are finding the region favorable making them shift their base; here’s a deep dive into some reasons. Crypto as a domain has been growing rapidly; in 2021, globally, the total transaction volumes increased by more than 500% to $15.8 tn according to Chainalysis. Crypto and blockchain startups across the globe had raised a total VC investment exceeding $30 bn. In Q1 2022 alone, the respective startups received funding in excess of $9 bn. However, many Western regulators appear to despise it. Perhaps, as a result, neither the US nor the UK has a specific supervisory body for the two biggest cryptocurrencies - bitcoin, and ethereum. Despite having expressed interest in the market, Singapore has implemented tougher regulations. Even India has opposed legitimizing crypto assets and the respective government imposed high taxes on digital assets, without announcing any legal status for the respective segment. This opens up a lucrative market for ambitious regions willing to construct their regulatory framework around cryptocurrency rather than the other way around. Here is where UAE has stepped up; the ruler of Dubai - Sheikh Mohammed bin Rashid Al Maktoum, the Vice president & the prime minister of the UAE announced on his official Twitter account on March 9, 2022, that Dubai has adopted its first law to regulate crypto assets. <img class="alignnone size-full wp-image-2126" src="https://admin.purplequarter.com/storage/posts/67fdd758119c4-2-3.png" alt="Image" width="1200" height="800"> The Dubai Virtual Asset Regulation Law was established to promote Dubai as a regional hub for players in the cryptocurrency market. The <b>Dubai Virtual Assets Regulatory Authority (VARA)</b>, will oversee the development of the virtual asset business environment in terms of regulation, licensing, and governance. VARA’s virtual presence will serve as the main channel to engage global virtual asset service providers to create applications, welcome new participants, share insights and drive global interoperability. VARA is also expected to increase foreign investments (FDI) in the respective segment. <img class="alignnone size-full wp-image-2127" src="https://admin.purplequarter.com/storage/posts/67fdd75b87dfa-3-2.png" alt="Image" width="1200" height="800"> This opened the floodgates and the crypto giants came calling. In April 2022, the world's largest crypto platform <b>Binance</b> received in-principal approval from Abu Dhabi Global Market, even as its CEO, Changpeng Zhao, is eyeing Dubai as its global headquarters and his base. Binance is planning to hire more than 100 job positions in the UAE as of March 2022 and is helping to shape Dubai's new virtual assets regulations. Cryptocurrency exchange <strong>Bybit</strong> had also announced that it is shifting its headquarters from Singapore to Dubai in March 2022. In the same month, <strong>crypto.com</strong> which is also based out of Singapore stated that it would establish a regional hub office in Dubai. The move is the result of Singapore's tightening regulatory grip on cryptocurrencies. Another crypto giant, FTX, with its European subsidiary, has also stated that it will open a regional office in Dubai. <strong>Kraken, etoro, Huobi, OKX, Komainu,</strong> etc. are some of the big names in crypto which received virtual assets licenses recently. This shows Dubai’s serious efforts to become the Crypto Mecca of the world as many more companies are also expected to set up their operations in the region. Also, the respective government’s commitment to transform the Emirate into a global hub for the future digital economy remains at the forefront of financial innovation. The setting up of crypto exchanges has also encouraged the UAE Population to invest in the platforms. The adoption rate of cryptocurrency in the UAE is very high at 35%. The country is only behind Brazil and Indonesia (both at 41%). This shows the region’s interest in cryptocurrencies and the respective population’s desire in <a href="https://www.purplequarter.com/decoding-cryptocurrency/all-about-tech/">decoding cryptocurrency</a>’s true potential. Around 25% of Middle East millionaires have invested in some kind of cryptocurrency. One-third of the crypto owners in the UAE use it to make in-person purchases at brick-and-mortar retailers, compared to the global average of 19%. <img class="alignnone size-full wp-image-2128" src="https://admin.purplequarter.com/storage/posts/67fdd75f3a6f2-4-1.png" alt="Image" width="1200" height="800"> <strong>Bake N More café</strong> became the first café in Dubai to accept cryptocurrencies as a form of payment. Sizable customers used their cryptos to pay for their purchases at the café in the first couple of days it started accepting this new mode of payment. <strong>Yalla Market</strong> which is a quick commerce app operating in Dubai also started accepting cryptocurrencies through its app in April 2022. Notwithstanding the momentum gained by small businesses in crypto transactions, large businesses in the region also started encouraging <b>crypto payments</b>. One such example is the leading luxury real estate developer <strong>DAMAC Properties</strong> had announced in April 2022 that it will start accepting Bitcoin and Ethereum to buy properties in UAE. The turning point is that UAE’s national airline, <strong>Emirates</strong>, plans to accept payment in Bitcoin as stated in May 2022. It was also announced that the airline is planning to add NFT collectibles on the company’s website for trading. This shows the trend of <a href="https://www.purplequarter.com/asia-emerges-as-the-polestar-of-global-nft/all-about-tech/">Asia’s emergence as the Polestar of Global NFT</a>. Dubai has also been focusing on building a metaverse ecosystem. In July 2022 with increased <a href="https://www.purplequarter.com/metaverse-calling-a-deep-dive-into-business-opportunities-of-tomorrow/all-about-tech/">metaverse calling</a> across the globe, the Government of Dubai announced the <b>“Dubai Metaverse Strategy”,</b> which aims to build on Dubai’s achievement of attracting over 1,000 companies in the blockchain and metaverse segment. Additionally, it promotes Dubai’s ambitions to support more than 40,000 virtual jobs in the next eight years. The respective strategy is expected to improve the development of Web3 technology and its applications to create new governmental work models and development in vital sectors, including tourism, education, retail, remote work, healthcare, and the legal sector. All the hype about Dubai becoming the crypto hub and welcoming the world's largest crypto exchanges comes with many risks. Dubai is coming under increasing international scrutiny as it falters in combating money laundering. The respective segment’s popularity with criminal elements also raises the risk that a crypto-fuelled scandal could dilute the region’s name. Purple Quarter believes that successful management and regulation of these issues would allow Dubai to become a global leader in FinTech. <strong>Technology leadership</strong> is expected to play a crucial role in building a favorable ecosystem for the global crypto platforms in Dubai. We, at <strong>Purple Quarter</strong>, with the necessary expertise have incubated meaningful synergies between the organizations and tech leaderships for numerous fintechs supporting their scale. Most of these tech-first businesses have leveraged pioneering technologies and gained first-mover advantage all with the right people at the helm at the opportune time. Currently, Dubai is at the precipice of the crypto revolution and it remains to be seen how well they leverage the already favorable factors at their disposal. <h3><strong>Authored by Pratheek. V</strong></h3><p> For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<b>Introduction<p> The E-Commerce business has had an enormous economic and societal influence in recent times. Saudi Arabia is one such region that is undoubtedly seeing a shift in the increasing popularity and collaboration in the E-Commerce landscape, with sales increasing by 30% on average annually according to a report by Boston Consulting Group and Meta. The report found that the market value of e-commerce increased from SAR 6 Bn in 2016 to SAR 12 Bn in 2019 which stands at 25 bn in 2022. Saudi Arabia’s E-Commerce market enjoys the strongest position in the appliances and electronics category; it is known to be the 25th largest market. <img class="alignnone wp-image-2026 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd7674abc1-3.png" alt="E-commerce in saudi arabia" width="942" height="495"> <b>UAE E-Commerce is Evolving</b> With time, regulations for the regional e-commerce players have evolved in the interest of the end consumers. To continue operating, all online businesses are to obtain a commercial license from the Saudi E-commerce Council, which was established by the Saudi Ministry of Commerce. The council has stated that all e-commerce businesses in the kingdom – including startups, SMEs, and large-scale businesses – must abide by specific regulations as stated by the authorities. <img class="alignnone wp-image-2027 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd769f25fd-4.png" alt="regulations of e-commerce" width="942" height="495"> <b>B2C E-Commerce successfully disrupted brick & mortar stores</b> In the past few years, E-Commerce has replaced the traditional ways of buying and selling products and services in Saudi Arabia. Changing consumer buying behaviour and habits has led to a permanent shift in the ways end-consumers purchase their products nowadays, <a href="https://www.purplequarter.com/disrupting-the-retail-space-with-quick-commerce/all-about-tech/">quick commerce</a> has taken over. Convenience, availability of products and one place to shop for everything attitude have been the pillar of the success of E-Commerce. Food, beverages and home-related products have seen the fastest growth with increased competition. <img class="alignnone wp-image-2028 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd76cea817-2-2.png" alt="e-commerce benefits" width="942" height="495"> <b>Top E-Commerce players making waves in Saudi Arabia</b> <strong>1. AliExpress </strong> Launched in 2009, AliExpress soon became the world’s most popular marketplace for small businesses and entrepreneurs to sell their products. It is a global marketplace that connects buyers and sellers from all over the world. The success of AliExpress can be attributed to its commitment to transparency, ease of use, and low fees. A wide range of products are available at reasonable prices on AliExpress, this has made it a popular shopping destination. <strong>2. MercadoLibre </strong> One of the most popular online marketplaces in the world, MercadoLibre has grown rapidly. It offers a wide range of products, including electronics, fashion, books, and more. With MercadoLibre, one can sell any product or service from their homes or buy from others from anywhere in the world. The online marketplace was created as an alternative to traditional brick-and-mortar stores. <strong>3. Amazon.Ae</strong> Amazon is a multinational retailer with operations across the globe. It has grown rapidly and quickly to become one of the most popular online buying destinations. Amazon.ae sells electronics, apparel, home and garden, toys, sports equipment, and a variety of other items. <strong>4. Jazp </strong> Jazp.com is the Middle East's most popular online shopping destination. Its diverse product mix includes exclusive in-house collections, sports products, electronics, mobile phones, perfumes, and globally recognised brands. Among the reasons, customers choose Jazp.com is its aspirational product assortment that is affordable at the same time. Authenticity, affordability, and variety are the company's trademarks. <strong>5. eBay </strong> Originally founded to facilitate transactions between people who wanted to buy or sell items using their personal computers, today eBay is one of the leading online marketplaces with a huge use base. The platform also allows people to buy and sell items that are not available on the market, such as antiques, collectables, or rare items. It has become a trusted platform. <strong>6. Walmart</strong> Walmart with its large number of stores across different countries is known for hiring talented people to work in their stores and help customers find what they need easily. Their site allows people to buy anything they want through online auctions. The platform also offers insights into customer behaviour, which can be used to improve customer experience, needs and preferences. <strong>7. Target Corporation</strong> Target has been around for over 50 years and has grown to be one of the largest retailers in North America. The E-Commerce company sells apparel, electronics, home goods, groceries, and more. Target Corporation has been at the forefront of using technology to improve its business. They have been using digital marketing for years now and are continuing to do so by investing in content generation, customer engagement, marketing, and more. <strong>8. Best Buy</strong> Best Buy is a big chain of electronic retail stores that sells a variety of different electronic items. The company has over 1,000 locations in the United States, making it one of the largest retailers. Best Buy provides consumers with the latest technology and gadgets. It provides customers with a wide range of options at low prices, making it one of the few retailers that can do both. <strong>9. Rakuten</strong> Rakuten is a Japanese company that was founded in 1997 by Hiroshi Mikitani, it operates the largest online marketplace in the world. It offers a wide range of services, including e-commerce, finance, and travel. Over the years, the company has grown to include a variety of online shopping services as well as credit card processing, travel booking, and other businesses. <strong>10. Newegg </strong> Newegg is a popular online retailer of computer hardware, software, and consumer electronics. For more than 10 years it has been around and has continued to grow in popularity over the years. Newegg is the largest online retailer in Saudi Arabia that provides a variety of products and services. In addition to offering a wide selection of computers, smartphones, tablets, laptops, desktops, and other electronics, it is also a leader in e-commerce innovation. <b>B2B E-Commerce is highly attractive</b> Saudi Arabia boasts one of the youngest populations on earth, making it an ideal target for B2B e-commerce, this has in turn made Saudi Arabia a leading target for IT products and services. B2B e-commerce is an extension of an already massive B2C market. In 2015, a Business Insider report found that Saudis spent over $24 billion on B2C purchases alone. There is immense potential for business owners to capitalize on both B2C and B2B forms of commerce. Although quintessentially, Saudi has been seen as a buyers’ market, it has recently entered into agreements with several companies to help build on its online marketplace. One would wonder what is really working in favour of Saudi’s e-commerce growth. The answer is rather simple; </p><ul> <li style="font-weight: 400;" aria-level="1">Opportunities for collaboration on a wide scale</li> <li style="font-weight: 400;" aria-level="1">High internet penetration and usage of online social channels</li> <li style="font-weight: 400;" aria-level="1">Growth in the local B2C businesses </li> <li style="font-weight: 400;" aria-level="1">Changed shopping behaviour to incorporate the latest technology and trends</li> <li style="font-weight: 400;" aria-level="1">Emergence and ready adoption of diverse Online Payment Options</li> </ul><b>Challenges in B2B E-Commerce Market </b><b>1. Understanding the modern buyer</b><p> Purchasing behaviour and patterns have changed with the influx of modern buyers in the region. A modern buyer is tech savvy, more educated and more sophisticated. According to Google’s research, 61% of B2B buyers are millennials, and they will become 75% by 2025. The new generation of buyers is all set to engage with providers and re-write newer ways of transaction. <b>2. Personalized experiences </b> Relationship building has been of great importance in business development and success, especially in UAE’s B2B segment. Customer feedback is a great way to understand their likes, dislikes and preferences. The more one knows about their customer's preferences, the easier it is to target the right product/ services for them. They will keep coming back for more. <b>3. Buyers have a time-consuming procurement process</b> Businesses acquire products and services in order to support their operations through procurement. Policies and processes are often clearly defined, and it's closely monitored and controlled. procurement can include a lot of documents, like contracts, requisition orders, purchase orders, invoices, and more. B2B buyers are doing their research before making a purchasing decision. They spend about 40% of their time researching online before calling a salesperson or going to the store. In fact, almost half (45%) of B2B buyers reported visiting 4-6 sites before deciding on a vendor. Companies should have a non-complex procurement process so that they don’t drive their customers away. <b>What’s next for Saudi Arabia?</b> Saudi Arabia’s E-Commerce sector is still at its nascent stage when compared to bigger e-commerce markets such as China, the US and the UK. The opportunities however in Saudi Arabia have a multitude of economic and social benefits. Social Commerce is ready to piggyback on E-Commerce; the social commerce industry is expected to grow at a CAGR of 55/6% during the tenure of 2022-2028. In the region, social commerce has already begun to play a decisive role in transforming society. Marketplaces like Facebook and Twitter are becoming mainstream platforms for buying and selling products. It is only a matter of time before Metaverse and social media platforms take over to become the hub for major consumer transactions along with increased interest from businesses' virtual presence. </p><h3><strong>Authored by Richa</strong></h3><p> For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></b>
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<h2>On-demand food delivery has gained popularity<p>Food is a universal language, weaving through various cultures, ethnicities and economies. Recently, the movement of freshly cooked meals has evolved from kitchen-to-dining tables. This has gone all the way to cloud kitchens delivering food to people in remote places. On-demand food delivery is one such industry that has grasped the how what & why across economies. When Covid’19 halted operations across segments, the food delivery industry was undoubtedly at an advantage. Today, it's a common sight for service provider representatives driving through the streets delivering fast meals in and around cities.</p><p>The Middle East is one such region where the food delivery segment has seen a healthy boost. Given the region’s rich and diverse food culture, it is only natural for the area to capitalize on its food delivery industry. According to Statista, it is estimated that the UAE's online food delivery revenue is expected to reach US$2.18 bn by the end of 2022. With an annual growth of 6.33% overall resulting in a market volume of US $2.79 bn by the year 2026.</p><p>Geographically speaking, Saudi Arabia had the highest growth rate of food delivery revenue in 2019-2020. Positioning it as the winner in the Middle East followed by other regions such as UAE, Bahrain, Kuwait, and Qatar.</p><p>What really makes this market thrive are varied factors ranging from accessibility of numerous eateries, the convenience of delivery at the doorsteps and the availability of frequent promotions and offers that entice consumers to try out new dishes and restaurants.</p><p>Clearly, the demand makes way for service providers or players in the market. Over time UAE has witnessed a spurt in online food delivery players in the market spanning from grocery deliveries to on-demand food delivery or a combination of the two. When it comes to market share, Talabat leads the race closely followed by Deliveroo and Zomato taking the third largest share of the pie.</p><p><img class="alignnone wp-image-1979 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd7732b3e8-2.png" alt="market share of food delivery - UAE" width="1280" height="720"></p><h2>Players in the food delivery industry</h2><p>Launched in 2012, <strong>Talabat</strong> literally translates to “orders” in Arabic. Talabat is the largest online food delivery app in UAE. It is a subsidiary of Delivery Hero and currently operates in Kuwait, Saudi Arabia, UAE and Egypt among other regions. The app allows people to explore restaurants. To find their favourite cuisine, get food delivered to their doorsteps, make payments and much more. It is an integrated app that collates and delivers information and services of restaurants in and around the specified region. It is observed that Talabat has comparatively lower order and delivery pricing. When compared to other apps which give it a competitive edge. In UAE specifically, Talabat’s Y-O-Y growth in 2020 and 2021 was high, due to a rise in average order frequency and customer volume. According to measurable.ai, the most popular restaurants on Talabat are the fast food chains - KFC, McDonald's, Pizza Hut and Burger King.</p><p><strong>Deliveroo</strong> entered the market a year later in 2013, it is the most popular app in the UAE and has also expanded beyond the borders. Although Talabat ranks higher in volumes, Deliveroo attracts bigger spenders that focus on premium restaurants. With the recent investment from Amazon, the brand has plans for further expansions. It has an aggregate of 7.1 mn active users that avail of the services to order food from their favourite restaurants and have their meals prepared and delivered quick and hot. With its machine-learning algorithms, the app ensures the fastest delivery to its end consumers. The app has seen tremendous growth and success in UAE, it stands second after Talabat in the region.</p><p>Next in line is the India-based app - <strong>Zomato.</strong> It understands the core values of UAE making it a sought-after on-demand food delivery app in the region. Established in 2008, the company has made its presence felt outside the geographical walls of Asia. It currently operates in Dubai and Qatar and is quickly expanding throughout the UAE. As a food delivery aggregator, the company allows its consumers to browse all partnered restaurants, order food, make reservations, enjoy offers and much more. With consumers spoilt for choices, the app is a saver for fast orders from a favourite or “must try” restaurant in town!</p><p><strong>Careem Now</strong> is another popular food delivery app contender in the region. It began its operations in 2012 offering services to the end consumers. Customers can earn bonus points by ordering food through Careem that can be further availed. One competitor of Careem was UberEats until 2020 when the latter acquired Careem expanding its reach and consumer base. Although Careem Now feasts on a small share of the market, it is an active player in the region.</p><h2>Will the demand continue to rise?</h2><p>In spite of the delivery giants, the Middle East market has a place for the younger entrants that are making their way to the top. Aggregating the on-demand food delivery and <a href="https://www.purplequarter.com/disrupting-the-retail-space-with-quick-commerce/all-about-tech/">quick commerce</a> services alongside other operational services are notable mentions of EatEasy, MunchOn, Eat Clean and Mrsool among others.</p><p>Despite its popularity in the Middle East, on-demand food delivery still poses its own set of challenges. Many players struggle with low penetration rates due to poor technological adoption limited to only a handful of cities. Improper handling of food leads to long-lasting issues between the service providers and the consumers. Limited operational and logistic expertise is another drawback that doesn't allow for continued business growth. This also leads to the fear of more prominent players gobbling up the market share. To overcome the challenges certain players are compensating with favourable alternatives. The companies have realized that strong reward programmes are effective in winning the customer base. Thus, they are opting for subscription-based delivery models with renewed tactics.</p><p>Post-pandemic-induced digitalization, changing consumer preferences and consumption patterns have starkly reshaped the face of online food delivery services for good in the Middle East. With over $19 million in funding received in Q2 2022 by the region's food delivery sector alone. The future of the industry looks promising as more activities are expected to further transform it.</p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></h2>
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<p>Gaming in one form or another has always been a source of entertainment for the youth. India, owing to its high concentration of a youthful demographic, has emerged as a promising market for the gaming industry. As of today, gaming is not only considered an entertainment industry but also supports India’s economy and is successfully creating alternative career paths for other professionals. Let’s look at some numbers to find out what this industry is all about. <h3><strong>India to be at par with the leading giants </strong></h3><p> Gaming is one of the fastest-growing industries in India overtaking the US in terms of the user base which was 390 mn as of 2021. Experts believe that this figure might exceed 450 mn by next year. According to Boston Consulting Group and Sequoia India’s 2021 report, India’s gaming market is growing more rapidly than China ($45 bn) and the USA ($40 bn). The Chinese gaming industry is under extreme duress from the serious crackdown by the government. More than 140,000 gaming firms have shut down as China continues its new license freeze in the previous year. The fall of China’s gaming industry proves to be a great opportunity for India to capture the global gaming landscape and dominate it.[image_with_animation image_url="1122" image_size="full" animation_type="entrance" animation="Fade In" hover_animation="none" alignment="" border_radius="none" box_shadow="none" image_loading="default" max_width="100%" max_width_mobile="default"]The recent trends of an Indian gamer have been skewed towards investing in better mobiles, PC and console games. A gamer no longer wishes to be a one-game-only individual, the more exposure the better it is. Mobile seems to be widely used in the industry with smartphone gaming apps accounting for 86% of total gaming apps in 2021. What is interesting to see is that the Indian online gaming segment has grown tremendously in recent times and it only seems to be growing more. Web3 gaming is considered to be the next big thing in India. Many experts are of the opinion that web3 gaming is likely to replace traditional gaming as these games provide value beyond the scope of the game. Many companies such as Rush, India GG, Tegro, etc. are aiming to create an ecosystem for Web3 gaming to flourish in India, by supporting both developers and gamers.[image_with_animation image_url="1123" image_size="full" animation_type="entrance" animation="Fade In" hover_animation="none" alignment="" border_radius="none" box_shadow="none" image_loading="default" max_width="100%" max_width_mobile="default"] </p><h3><strong>New Pillar for the Economy</strong></h3><p> The gaming industry with its gaining popularity has now been recognized as a key pillar of the economy. The market value of India's gaming business is $1.5 bn currently. This value might increase to around $5 bn by 2025. India has already yielded three unicorns in the industry with Dream 11, a fantasy sports platform becoming the first unicorn. While MPL and Games 24x7 are the second and third unicorns in the industry respectively. There are more than 15,000 game developers in India major international gaming organizations such as Electronic Arts (EA), Ubisoft, and Zynga set up gaming development centers in India in early 2010 and they continue to groom several gaming developers since. This exponential surge in gaming has been beneficial for the individual content creator industry, contributing to its overall growth. With over 100 million active users on YouTube gaming in India, a new source of monetization has emerged. Accordingly, streamers are estimated to make about $1 million per year. 2021 was the breakthrough year for the Indian gaming sector with a record investment of $1.7 billion. The total investment poured into the gaming startups in India between 2014 to 2020 was $350 mn. Nearly 90% of the total funding and exits were contributed by the real money gaming vertical. Not just that, the previous year also witnessed M&A activity worth a whopping $700 million which was attributed majorly to the e-sports vertical.[image_with_animation image_url="1124" image_size="full" animation_type="entrance" animation="Fade In" hover_animation="none" alignment="" border_radius="none" box_shadow="none" image_loading="default" max_width="100%" max_width_mobile="default"]Fantasy sports are pivoting the enthusiasm for sporting events, with their popularity in India skyrocketing in the last few years. The vast fan base and high level of interest in major sports leagues such as the NFL and IPL have helped India become one of the largest fantasy markets in the world. According to a recent Deloitte report, the fantasy sports domain is expected to be valued at $21.43 Bn by FY2025 in India with a CAGR of 38%. There has been an explosion of Real Money Gaming (RMG) in India with popular interest in games such as cricket, football, and tennis, as well as indoor games such as rummy, carom, and ludo. A steady increase in gamers looking to make money from these games has helped the RMG industry to grow exponentially, with estimated revenues soaring from $200 Mn in FY2015 to the $2 Bn markets in FY2022. </p><h3><strong>Impact of Regulations</strong></h3><p> As the gaming industry has grown, it has also become more complex, with multiple stakeholders. The laws specifically governing these games are inconsistent and unlaid. Indian regional governments have mixed views on the topic; online games have been specified as a "State Issue" in India. This means to say that each Indian state has the ability and the right to oversee and regulate the rules and regulations of these games as they see fit. While states like Tamil Nadu continue to allow online games, other states like Telangana and Andhra Pradesh have banned all online games for money or stakes.[image_with_animation image_url="1125" image_size="full" animation_type="entrance" animation="Fade In" hover_animation="none" alignment="" border_radius="none" box_shadow="none" image_loading="default" max_width="100%" max_width_mobile="default"]Some laws and regulations consider all ‘online games’ illegal, while others allow them given they meet the minimum requirements of being a ‘skill-based’ game rather than “chance-based”. Laws and regulations governing online games are underdeveloped in India currently and are becoming a major source of concern for all stakeholders involved — investigating authorities, firms, and customers. One of the primary legal concerns is how to effectively regulate online games in order to avoid them from turning into betting platforms. The lack of accurate financial information on customers in RMG such as on credit worthiness, incomes, etc has been a major concern for most investigating authorities. With more and more similar types of games entering the market every day, creating evolved contracts to anticipate and cover eventualities that have not occurred yet is extremely crucial at this point. </p><h3><strong>Conclusion</strong></h3><p> Even with the regulations that may prove to be a hindrance to the progress of the gaming sector, the industry is expected to grow strong in the future. The gaming startups are likely to increase their focus on the smaller and rural cities as they are expected to contribute to mobile gaming and real money gaming numbers. The major factor is the growing trend of gaming becoming a regular fun activity in smaller towns and cities of India, thanks to growing internet connectivity and smartphone use. With the increase in the demand for online gaming, the count of gaming startups may rise which in turn will provide new career opportunities for the young tech talents. To manage these young talents and technology developments, technology leaders are necessary. It is likely that the hiring of technology leaders like CTO, Head of Engineering, VP of Engineering, etc roles will also be in demand. We at Purple Quarter, have the right expertise in solving the extremely niche and pivotal problem of finding able tech leaders relevant to the specific tech domain.</p></p>
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