We'd heard rumors that online retail giant Amazon.com was looking to acquire its Middle Eastern counterpart, Souq.com, and yesterday we found out that all the buzz was true.
According to the Financial Times, Amazon has agreed to buy Souq.com for more than $650 million, and the big-budget deal could seriously change the way we shop online in the region.
Souq.com was founded in 2006 by Ronaldo Mouchawar, and began as an auction-based site similar to eBay. The site expanded and evolved and is now the Middle East's largest online retail portal.
Souq.com currently brings in 78% of all e-commerce sales in MENA, and with Amazon's acquisition, it's likely to expand even further. Amazon offers its users in the US and UK a number of unique and convenient services such as two-day shipping on most products, Amazon video, and Alexa (basically Siri for Amazon). There's no word yet on whether or not those features will be incorporated in Souq.com's new platform, or how Amazon plans to rework the site to accommodate more users and host more products, but we're looking forward to the expansion!
According to The National, Souq.com sells 8.4 products on the site while Amazon has over 40 million, meaning that the brand's move to the region could hugely shape the way we shop-- both online and off. Though neither Amazon nor Souq has offered an official comment, we're anxiously awaiting more news. Get your credit cards ready!