GoNabit set to tap Egypt’s US$2.1 billion e-commerce market

GoNabit.com, the Middle East’s first daily deal group-buying website, today announced its launch in Cairo. Bringing one of the Web’s fastest growing retail phenomena to Egypt, GoNabit sources deeply discounted daily deals from local businesses to be sold to its subscribers within a limited period of time. 

Unperturbed by recent events in Egypt, GoNabit says Egypt has the right market fundamentals for it to tap the increasing purchasing power of the country’s online community. According to the Arab Advisors Group, Egypt's Internet users spent an estimated US$2.1 billion on e-commerce in 2009. A recent banking study by market research firm Synovate also showed the number of credit card owners among the upper and middle-upper class increased to 72 percent in 2010 from 66 percent in 2009. The use of credit cards among youth has also increased from 18 percent in 2009 to 33 percent in 2010. 

GoNabit says this increasing propensity to spend online combined with Egypt’s young demographic and active social media community - as evidenced by recent events - make it an attractive market for its online retail offering. With a dynamic blogosphere, twitterverse and good Facebook penetration of over 5.65 million users, Egypt offers favorable online conditions for the creation of an engaged social media community around GoNabit, as consumers share deals online and generate buzz.  

Widely recognized as a pioneer of e-commerce in the markets where it operates, GoNabit runs successful daily deal websites in seven cities – three in the UAE, Beirut, Kuwait City, Amman and now Cairo. With the concept of discovery and enjoying great social experiences at its core, GoNabit caters to both residents and tourists looking to get the most out of the best variety in experiences that Cairo has to offer. 

“We believe the timing is right and the foundations are in place to develop e-commerce in Egypt, starting off with Cairo. There are currently few homegrown retail options to transact easily online so we aim to change that with GoNabit. We believe that Egyptians have a desire to get out and experience new things in their city at a great price and this is what we can offer them through our secure online deals,” said Dan Stuart, CEO and Co-founder of GoNabit. 

How does it work?

Buyers subscribe for free to GoNabit and receive an email offering them something cool to do in Cairo with a discount of between 50 to 90 percent. Deals range from massages and beauty products to dining experiences and outdoor adventures. 

To successfully “nab” the deal, it must first tip – the point at which a minimum agreed number of purchasers opts into buying the deal.  Once the tipping point is achieved and the deal goes live, any GoNabit subscriber can purchase it. However, the deal is only available for 48 hours, or 72 hours for Thursday’s deal which extends over the weekend. 

In this way GoNabit encourages customers to share daily deals with friends via email, Facebook or Twitter, plan joint activities and take advantage of the low prices together. Customers that refer friends are also rewarded. Registered users to the website earn US$10 of store credit every time a new buyer uses their personalized referral link to make their first purchase on GoNabit. 

Purchases are made securely online by credit card or via PayPal and GoNabit customers are only charged if the deal tips. Successful transactions on GoNabit receive an e-voucher for the product or service to be redeemed directly with the merchant within an agreed time frame, normally four to six months. 

To discover a world of online savings and offline fun register at www.gonabit.com/cairo.