- Turkiye’s e-commerce sector saw a growth of more than 100 per cent last year, hitting a volume of $29.8 billion, according to a recent industry report.
- E-commerce transactions soared to nearly 4.8 billion in volume more than twice the 2020 figure.
- E-commerce’s share of the GDP has steadily increased in the last five years, reaching 2.8 per cent.
Turkiye’s e-commerce sector witnessed a growth of more than 100 per cent last year, hitting a volume of TL 800 billion ($29.8 billion), according to a recent report by fintech company iyzico, the Association of Turkish Internet Retailers (ETID) and Istanbul-based consulting firm Dogma Alares.
The report revealed a significant jump in transactions and order values. E-commerce transactions soared to nearly 4.8 billion in volume more than twice the 2020 figure.
Average basket values also jumped significantly, with an increase of TL 13 from 2020 to 2021 and a substantial leap of TL 79 from 2021 to 2022, the Turkiye E-Commerce Ecosystem Report said.
The report predicts further diversification in payment methods within the e-commerce landscape.
Alternative payment methods like prepaid cards, account-to-account (A2A) transfers, digital wallets, shopping credits, cryptocurrency-based payments and ‘buy now, pay later’ (BNPL) services are expected to gain traction and contribute to the sector’s expansion, the report said.
The country is now the 18th largest e-commerce market globally.
The COVID-19 pandemic has brought about a lasting change in consumer shopping habits, the report noted.
The size of the country’s e-commerce sector reached an economic volume of nearly TL 801 billion last year, corresponding to nearly 6 per cent of its $900-billion economy.
E-commerce’s share of the gross domestic product has steadily increased in the last five years, reaching 2.8 per cent. This rise mainly resulted from a 1.6 per cent growth recorded since 2019, primarily driven by the pandemic’s impact on the sector’s expansion.