Souq (Souq.com) also as the Amazon of middle east Asia and an open market place for the people residing in Arab. Here the shoppers can easily purchase and compare the prices of product they are willing to buy. Founder of Souq is Ronaldo Mouchawar and he founded this company is 2005 initially as an auction site that is linked with Maktoob. But later on, Ronaldo decided to change its business model completely to an online shopping portal in the year 2011. Key People of Souq includes the CFO of this company also, who is Asif Keshodia Group.
Souq is providing its services not only in UAE but also in other countries of Middle East Asia such as Kuwait, Saudi Arabia, Oman, Bahrain, Qatar, and Egypt. But the company is providing international shipping in more than 90 countries worldwide. According to the company officials, till March 2017 it sold over 8.4 million products in different categories. Recently in March 2017, world’s largest retailer and eCommerce company purchased Souq for $580 Million. A wide range of products is available at the official website of Souq under 31 different categories such as electronics, fashion, apparels, accessories, gadgets and much more. Some of the unknown and interesting facts of Souq.com that you might even know are provided below in this article. Have a look at these facts.
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- Recently, on March 28, 2017, Amazon purchased Souq for $580 Million. The current owner of Souq is now Amazon Inc.
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- The estimated reported value of Souq according to the experts is $1 Billion but Amazon Inc. purchased it for $580 Million. Isn’t that strange?
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- In March 2014, Souq raised its net income by $75 Million just from Cape Town, South Africa which brings the total revenue of Souq to $150 billion.
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- Raising its total revenue to $150 billion in such a short interval is a record in itself and Souq becomes the first company to raise their business in the whole Middle-East.
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- As described by BBC, Emaar Malls wants to purchase Souq for $800 million but however, the deal is not successful. Later on, Amazon Inc. is the new owner now by purchasing it for $580 million.
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- Anyone knows how many products are there on Souq? According to the reports, there are more than a million products available sold by 70,000 registered merchants on Souq. You can check out more about the products by calling Souq Customer Service Contact Number
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- In the middle-east, it is largest internet retailer with more than 3000 employees working restlessly for them.
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- At Arabian Startup Business Awards, Souq won the award of “Digital Business of the Year” in 2013.
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- Ronaldo Mouchawar, founder of Souq is Syrian and is an engineer by qualification. Mouchawar completed his graduation from Northeastern University, Boston.
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- According to the analytical report of Souq, there are 45 million users hits the site every month and especially from UAE, KSA and Egypt.
- Helpbit is a new after sales service launched by Souq, which provides various after sales services to the consumers such as in-warrant services, repairing, laundry and much more. For all these services, customers can contact the customer service department of Souq at Souq customer support email id.
