yStats, research company reveals growth rate that exceeds Western Europe.
Eastern Europe is expected to see a 20% growth rate (or more) in 2013 with total e-commerce sales to extend to over 50 billion euros by 2016, even though this rate is predicted to decrease by 2017.
Russian B2C e-commerce grew by more than a quarter last year and reached double digit figures in the billions – it is expected to continue to soar. The figures have brought foreign investment with the Asos creating a Russian website and Amazon planning to set up shop with a local office in Moscow – not surprising considering the 50% growth rate of Russian online retail company, Ozon. Growth in particular products is also evident including: clothing, household products, auto parts and cosmetics.
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Check Republic is also experiencing progress in this area of its economy, with B2C e-commerce to reach several billion euros this year. More than 40% of internet users make purchases online, slightly less than 50% in Slovenia.
Turkey, E-Commerce sales numbered 10 billion Euros in 2012 and both Poland and Hungary have too made some strides in online retail.
This is more food for thought on the opportunities available in emerging markets. Read Payment Magnates’ article 5 helpful tips for entering new markets to explore the the possibilities and considerations when embarking on the cross-border expansion of your business.
Image courtesy of Wiki Commons