WMX EMEA: eCommerce is booming in the Middle East

Egon Veermäe, Chief Operating Officer, Asko Pukk, Product Manager, and Ardi Ghorbani, Director of Partnerships, participated in the event and represented Eurora. They exchanged ideas with other industry leaders and presented Eurora’s AI-based compliance solutions to the Middle East market.

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Last February, Eurora already took part in WMX Americas in Miami to share expertise on the future of cross-border trade taxation. The team had a rewarding experience and agreed that WMX events are a great way to connect and exchange ideas on cross-border trade with other industry leaders. Therefore, Eurora decided to join WMX EMEA as well. “It was a great event because strictly industry professionals attended and there were a lot of great presentations from attendees,” said Asko Pukk about WMX EMEA.

All WMX events bring together C-level and senior executives from across the globe to discuss key developments and trends affecting a region. As the Middle East is a fast-growing market, it made sense for WMX to organize such an event in Dubai. Eurora also plans to expand rapidly in the Middle East to help more businesses develop their activities cross-border. WMX EMEA was therefore not to be missed.

Eurora at WMX EMEA

Eurora was a Premium Sponsor and participated in the conference as well as the networking sessions at WMX EMEA. Egon Veermäe, Chief Operating Officer at Eurora, shared expertise with the audience on how to reshape cross-border trade with AI-based solutions.

“We have developed unique software together with universities, that is actually and really AI-based, fully automatic.” Egon Veermäe

Egon presented how Eurora’s AI automated solutions can help online sellers, marketplaces, and logistics companies at each step of their global activities. He also showed that before Eurora’s efforts in building an automated AI-based classification service, the automatic tariff code allocation was considered impossible.

On his side, Ardi Ghorbani, Director of Partnerships at Eurora, had many engaging exchanges with other industry experts. He shared that Eurora has been noticed with its HS code allocation AI engine: “Everyone is looking for an HS code solution that really works!” According to Asko Pukk, this event was also a “great opportunity to get to know people and introduce our services to new and previously met customers.”

The Middle East, a fast-growing eCommerce market

The Middle East eCommerce market has recently been experiencing fast growth and attracts an increasing number of businesses. In 2015, eCommerce revenue in the GCC (Gulf Cooperation Council) was $5.3 billion and represented only 0.4% of the gross domestic product. In comparison, by 2020 revenue had quadrupled to $21.6 billion. Moreover, it is projected that GCC eCommerce sales will continue accelerating, reaching $52 billion per year by 2025.

The United Arab Emirates and Saudi Arabia are the main hubs in the market. An increasing number of customers from these two countries are willing to buy online. According to Kearney, UAE’s eCommerce market size will grow from US$10 billion in 2021 to US$17 billion in 2025. Besides, according to a recent eCommerce report, 74% of UAE’s online shoppers expect to spend more online in 2022.

With this upsurge in eCommerce, professionals face shifting consumer behaviors. As a consequence, to ensure that modern customers remain satisfied with their faster and cheaper demands, businesses must invest in technology and innovation. It is the most reliable way to enhance productivity, competitiveness, and customer satisfaction.

Eurora, a fully AI-based solution

Eurora offers AI-based cross-border compliance solutions to logistics providers, postal operators, and eCommerce sellers. Our team of experts in the fields of eCommerce, logistics, taxation, machine learning, and data mining gathered with one mission: breaking down barriers that block global players. Our solutions include HS Code Allocation, Duty & Tax Calculation, Electronic Custom Declarations, Fiscal Representation (IOSS, VAT intermediary), and Customs Clearance in European Countries.

After closing a $40 million A round investment last month, Eurora plans to expand in rapidly growing and high revenue markets, including the Middle East. An increasing number of online sellers are developing their activities and searching for easy ways to expand to new markets. With its end-to-end compliance solutions, Eurora can open new markets to eCommerce players and help them grow global.