Targeting major growth in Middle East, Trendyol attends The Retail Summit in Dubai

ISTANBUL (AA) - Türkiye's e-commerce platform Trendyol attended The Retail Summit held in Dubai this week, gathering the world's foremost leaders in the retail sector, the company said in a statement on Friday.

The summit provided a platform for discussing the challenges and opportunities within the retail world, hosting over 1,000 industry leaders.

Speaking at a panel, Entering the Middle East - What's the Winning Recipe?, Caglayan Cetin, president of Trendyol Group, shared insights into the company's strategic goals in the region.

Moderated by Founder and CEO of Liminal Retail John Scott, the panel also featured notable figures such as General Manager of Estater Sanjay Goyal and CEO of Majid Al Futtaim Lifestyle Fahed Ghanim.

“Since entering the Gulf market last year, we have quickly reached 1.5 million customers with the support of local and international investors. Our target by the end of 2024 is to hit 6 million customers,” Cetin said.

He noted the shift from physical shopping to online platforms, emphasizing that despite high foot traffic in shopping malls, consumer habits are evolving.

The panel discussion revealed that the internet penetration rate in the UAE stands at 98%, compared to 84% in Türkiye, with a significant portion of the population engaging in online shopping monthly.

"The UAE remains an exciting market for us, showing higher online shopping penetration compared to global giants like the US and China," Cetin added.

Trendyol has introduced thousands of Turkish brands to the Gulf region within six months of its operation, boosting the availability of diverse products, Cetin said.

"We believe that online and physical retail complement each other, and we expect brands that are currently only digital to start opening physical stores in the region," he added.

Highlighting the cultural impact, Cetin noted a strong interest in Turkish products and culture in the Gulf, significantly influenced by the popularity of Turkish TV series in the region. “The engagement at our recent pop-up store, attended by well-known Turkish actors, was overwhelming,” he said.

With a focus on fostering entrepreneurship and supporting start-ups, Trendyol aims to enhance the digital ecosystem and economic growth in the region.

"Collaborating with start-ups on innovative retail technologies not only helps them grow but also positively impacts the substantial trade volume between Türkiye and the UAE, which currently exceeds $20 billion," Cetin concluded.