- Flextock grew its net revenues 10x and doubled its gross profit margin in KSA and Egypt
- KSA is one of the fastest-growing e-commerce markets; on pace to reach a 23.8 billion value in 2028
Flextock, a leading e-commerce enabler in the Middle East, is solidifying its presence in the region. Co-founded by CEO, Mohamed Mossaad and COO, Enas Siam, the start-up launched in January 2021 and witnessed remarkable results shortly after expanding into Saudi Arabia. This enabled the tech-centric company to 10x its Year-over-Year (YoY) net revenues last year while also more than doubling its gross profit margin by leveraging technology and scale.
KSA is one of the world’s 10 fastest-growing e-commerce markets. Witnessing a compound annual growth rate (CAGR) of 15.01%, it is projected to grow from a market size of $11.83 billion in 2023 to $23.80 billion by 2028. The strength of this market, and its promising potential moving forward, has accelerated Flextock’s growth. In one year, the company has successfully acquired hundreds of merchants and currently dispatches thousands of orders daily.
A play on words combining flexibility and stock, Flextock started by addressing inefficiencies within warehouses before evolving to be a complete enabler for e-commerce merchant growth. The company leverages the power of technology to provide a three-in-one service which entails solutions related to logistics, sales, and fintech. While several companies offer one or two of these services, Flextock is a market first as it provides all three of these solutions to propel merchants into a realm of unparalleled empowerment.
From a logistics standpoint, Flextock can be easily integrated into existing stores to efficiently manage the entire order fulfilment cycle, process inbound inventory, and provide the most effective last-mile experience; the company prioritizes accuracy and cost-effectiveness in storing inventory, ensuring clients can effortlessly scale their operations and track orders at the simple tap of a button. Regarding sales growth, Flextock offers merchants access to various channels to effectively grow while reducing reliance on traditional social media advertising.
Mohamed Mossaad commented: “Our comprehensive approach underscores a commitment to providing efficient and reliable services for seamless e-commerce operations while enabling all parties to profit. In a geographic area grappling with challenges in these operational landscapes, our overarching goal was to offer a targeted solution that would comprehensively support the region’s ongoing shift from traditional retail to e-commerce; we have achieved this vision by recognizing a regional lag, jumping on the opportunity to propel this transition, and prioritizing the success of businesses and merchants before our own. Our mission is to be a solution-oriented platform, prioritizing our merchants above all else – because we believe that as we help merchants grow their sales, our business will also flourish, and the industry as a whole will benefit. It’s a win-win-win situation that is dependent on merchants thriving and we are proudly leading the charge.”
Flextock is a hub for a diverse range of users, accommodating micro-brands and large-scale retailers. The company’s commitment to inclusivity is evident in the customization of its services and products to meet the needs of e-commerce merchants. The platform strategically spans more than 10 industries with an emphasized focus on cosmetics, home accessories, fashion, and electronics. Amidst its ongoing regional expansion, Flextock’s cutting-edge technology and strong presence in KSA and Egypt solidify its position as a solution-oriented leader in the dynamic e-commerce landscape across the region.
