What Are the Key Digital Revenue Streams Emerging in the Middle East?
Capitalising on New Revenue Streams & Cross-Industry Partnerships
Following a successful 2023 Telecoms World Middle East, we met with Daniel Kjellander, VP Middle East at CSG to go into a little more detail on how regional communication service providers (CSPs) can capitalise on new revenue streams and reap the benefits of cross-industry partnerships.
What are the new digital revenue streams emerging in the Middle East?
Daniel Kjellander (DK): With a large portion of its population being under 25 years old, the Middle East is the world's most youthful region. The younger generation is the fastest growing segment and also the most tech-savvy. Middle Eastern countries are global leaders in digital penetration levels: consumers in Saudi Arabia and the United Arab Emirates use digital channels to interact with 4.5 industries on average , which means digital business models dominate. To successfully capture their share of this lucrative market segment, businesses should embrace a mobile-first approach and partner with CSPs to transform how they engage these young consumers.
To accommodate an increasing number of partners, however, CSPs need to manage digital marketplaces with large complex partner ecosystems. 5G is reinventing how digital services are created, delivered and consumed. Finding ways to differentiate B2C services in a complex commerce environment will unlock key new revenue streams for CSPs and will be central to their long-term success. With an interconnected ecosystem of enterprises, consumers and partners, CSPs can differentiate themselves and unlock the limitless possibility of 5G-enabled offerings that excite customers and monetise digital marketplaces.
How do CSPs address the needs of B2B customers across different verticals?
DK: CSPs can create and sustain cooperative and co-creative ecosystems where technology partners, industry experts and enterprise customers work together to ideate, develop and monetise solutions. Though managing diverse partnerships and growing ecosystems can be challenging, CSPs can ensure their success by developing and monetising highly customised bundled services quickly and at scale. By uniting the best of their capabilities with those of their partners and embracing B2B2X business models, CSPs can optimize both customer and partner experiences .
Access to real-time customer insights can empower their B2B customers to offer personalised services and seamless access to products and services. Doing so enables businesses across various industries to reap the benefits of customised recommendations, targeted advertising and tailored product offerings derived from these valuable insights. This is where digital marketplaces play a crucial role, enabling businesses to extend their market reach beyond physical boundaries and cater to end-customers in different regions. Businesses worldwide can leverage digital platforms and harness the power of 5G to address a wide range of needs.
