Russia's e-commerce sector experiences strong growth, reaching USD70.34B in sales
Date
2/13/2024 7:58:41 AM
(MENAFN) The Russian Federation of Internet Commerce Companies, through its press service, disclosed to the Russian TASS news agency a notable surge in the volume of e-commerce sales within Russia, indicating a significant 28 percent year-on-year increase to approximately 6.4 trillion rubles (USD70.34 billion) in 2023. This substantial rise in online trade, as reported by TASS, underscores the continued expansion and resilience of the digital marketplace within the country. According to the union's statement, the total volume of online trade in Russia in 2023 amounted to 6.359 trillion rubles, with a noteworthy 3.1 percent of this figure, equivalent to 197 billion rubles (USD2.16 billion), attributed to cross-border transactions. Notably, Russian online trading companies accounted for the lion's share of sales, comprising 96.9 percent or 6.2 trillion rubles (USD68.13 billion) of the total e-commerce volume.
Moreover, the union highlighted the stability in the distribution of products across various categories, with certain sectors maintaining their popularity among online consumers. Digital and home devices retained their position as the most sought-after category, constituting 18 percent of total purchases. Additionally, other prevalent categories included furniture and household goods (15.4 percent), clothing and shoes (14.6 percent), food items (11 percent), as well as beauty and health products (8.1 percent). This delineation of consumer preferences underscores the diverse array of products driving the growth of the Russian e-commerce market, catering to a broad spectrum of consumer needs and preferences.
The surge in e-commerce sales reflects not only the increasing adoption of digital platforms for shopping but also the evolving consumer behavior and preferences within the Russian market. As technology continues to reshape the retail landscape, online retailers are poised to capitalize on this trend, offering a convenient and accessible shopping experience to consumers while driving economic growth and innovation within the digital economy. Amidst these developments, the Russian e-commerce sector remains a dynamic and integral component of the country's broader retail landscape, poised for further expansion and transformation in the years ahead.
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