Russia is a leader in e-commerce in Eastern Europe
04.06.2013 3842

Russia is a leader in e-commerce in Eastern Europe

The Russian Internet retail market with a volume of about 10,5 billion dollars is the largest in Eastern Europe. These are data from a study by Euromonitor International (EI), the Kommersant newspaper writes. The top five countries in online trading also included Poland (4 billion dollars), Czech Republic (2 billion dollars), Ukraine and Hungary, whose market size was 700-800 million dollars.

Due to the rapid growth in consumer demand and Internet use in Eastern Europe, the region’s e-commerce market has grown by 107% over 2007-2012 years, according to a report by EI, an international research company.

The challenges for the further growth of online commerce are high competition in a number of segments and insufficient development of electronic banking tools. Consumers are not fully using electronic payments, and the lack of trust in them hinders the development of e-commerce. Nevertheless, the number of payment services is growing, and the activities of companies such as Qiwi in Russia or PayLane in Poland, offering alternative methods of cash payment, are attracting customers, EI points out.

In the future, the boom of Internet commerce in the region will continue, we are confident in EI: this will be explained by the growth in the use of the Internet via mobile devices, the continuing effect of replacing traditional electronic commerce, as well as technological progress, which allows reducing the cost of maintaining servers using cloud services.

By 2014, the volume of the Internet retail market in Russia will increase to 25 billion dollars, McKinsey & Co analysts had previously predicted: despite the fact that Russian online retail accounts for only about 2% of total retail turnover (which is significantly less compared to such markets, like the USA and the UK - 10%, China - 6%), it is growing by more than 50% per year.

Morgan Stanley gives even more optimistic forecasts for the development of Internet commerce in Russia: according to the estimates of the investment bank, by 2015 year the market volume may increase to 36 billion dollars, reaching 4,5% of all retail sales, and by 2020 year these figures will increase to 72 billion dollars and 7% respectively. In many ways, this will be facilitated by a further increase in the number of Internet users and bank card holders, experts say.

The Russian Internet retail market with a volume of about $ 10,5 billion is the largest in Eastern Europe. These are the findings of a study by Euromonitor International (EI), writes ...
5
1
Rating

Latest News

Clarks to cut 150 more jobs

Due to growing losses, the British shoe manufacturer Clarks intends to reduce staff. A reduction of 150 office jobs is planned. Clarks closed 2023 positions in 103, writes...
24.06.2024 121

Expo Riva Schuh attracted more than 9000 visitors

In the Italian Riva del Garda, from June 15 to 18, the 101st exhibition of shoes, bags and accessories Expo Riva Schuh & Gardabags was held. The exhibition featured 1300 exhibitors from 40 countries (80% came from abroad). Event…
23.06.2024 168

Golden Goose postpones IPO

Permira-backed luxury sneaker company Golden Goose has decided to delay its IPO due to political uncertainty in Europe. The start of trading was supposed to take place on June 21, writes...
21.06.2024 406

EKONIKA launched an advertising campaign in support of its new collection

EKONIKA invited fashion influencer, founder of the Komisstore resale platform, fashionista and socialite Oksana Rim to the advertising campaign of its new Premium collection. “The union of strictness and relaxation,” this is how it describes...
21.06.2024 474

Camper x Sunnei created sneakers with symmetrical half-pairs

The Forone sneakers, created in collaboration between the Spanish shoe brand Camper and the Italian fashion brand for men and women Sunnei, are suitable for any…
20.06.2024 523
When you sign up, you will receive weekly news and articles about the shoe business on your e-mail.

To the beginning