In 2020 Revenue Of Start-Up Firm ITCAN Set To Hit AED 100 Million
Start-up Company ITCAN, a full-service Technology and Digital Marketing organization that brings insights, information, and knowledge to create exponential growth, has announced that it is close to earning AED 100 million this year since its launch in Dubai. The milestone is about to be reached against the backdrop of increasing e-commerce activities in the UAE and Saudi Arabia as noted by a recent report by the World Economic Forum. Across the GCC, a study by A.T. Kearney estimated that the value of the e-commerce market would amount to USD 20 billion by 2020. The UAE, in accordance to the same study, is the most advanced e-commerce market in the region, with a penetration rate of 4.2 per cent, like that of Turkey and Brazil. Saudi Arabia at 3.8 per cent intently follows the UAE.
According to the firm, its huge enlargement is anticipated this 2020 in terms of earning potential, market reach, and new offerings amid the constantly rising popularity of e-commerce and increasing support for start-ups from both the government and private sectors throughout the region.
Mansour Althani, CEO and Co-Founder of ITCAN, said: Starting with zero capital, ITCAN has remained a self-funded organization until today. It was a difficult start for us when we launched our operations; however we have nonetheless gained traction over the years. The e-commerce segment continues to be a fertile floor for growth as more and more customers go online to look for excellent and affordable products. Industry reports share the equal boom outlook for the GCC e-commerce market, which is predicted to turn out to be a USD 20-billion industry this year.
We will continue to take benefit of the sectors growth opportunities. As digital marketing leaders, we will scale online retail businesses that are looking to enlarge their profitability, client base, and expand their presence in the Middle East region via our transformative performance marketing service. On the other hand, as technology development experts, we will constantly create transformative omnichannel technology to assist deliver seamless and integrated customer experience. We are proud of our gains; however we are not slowing down. Our customers can expect more from us in the coming years, Althani added.
ITCAN, which was founded by young Saudi entrepreneurs, is behind the boom of many e-commerce companies in the MENA region by its portfolio of services. The company has expanded since its launch in 2015 to enter new markets outside the UAE, with unique focus on the Saudi market, while at the same time broadening its provided digital services to its customer base along the way. Its Saudi Arabia and Egypt workplaces formally opened their doors in 2016, followed by its branch in India in 2019.
Initially, the start-up company provided performance and digital marketing services before launching its technology development service in 2016. Through its expertise, two e-commerce giants in 2017 made excellent headway in their digital initiatives. In 2018, ITCANs teams throughout its workplaces grew drastically with 60 marketers and developers joining its organization. By then, the organization had mounted its leadership in scaling and growing businesses in the local market. ITCAN also made history in 2015 as the first company to utilize influencers within the affiliate marketing landscape.
With its groups of more than 12 nationalities based in its different offices, the company, which creates the ultimate digital ecosystem where businesses grow, seeks to deliver transformative growth to all its customers by developing a path towards reaching their maximum digital potential. Internally, ITCAN is exploring growth possibilities through partnerships, investments, and affiliations to meet its 2020 business targets.
