ecommerceDB: 12.5% growth for eCommerce in Cyprus in 2023

Dimitris Samaras — Tue, 25 Jul 2023 09:45:01 +0000

The eCommerce market in Cyprus

Cyprus is the 91st largest e-commerce market with projected revenues of USD 845.5 million by 2023, placing it ahead of Haiti.

Revenues are expected to show a compound annual growth rate (CAGR 2023-2027) of 11.2%, resulting in a projected ecommerce market turnover of USD 1,290.6 million by 2027.

With an expected growth of 12.5% in 2023, the Cyprus e-commerce market contributes to the global growth rate of 9.6% for 2023. As is the case in Cyprus, global e-commerce sales are expected to grow in the next few years.

The ecommerceDB examines five markets in the context of the online market for goods in Cyprus.

Food and personal care products have the largest share of the market and account for 29.5% of e-commerce revenues in Cyprus.

This is followed by fashion products with 24.3%, electronics and media with 21.3%, furniture and appliances with 13.0% and finally toys, hobbies and DIY products with 12.0%.

Market Share of the eCommerce market in Cyprus

Internet market share – ecommerce market share – refers to the percentage of retail sales made via the Internet. It includes shopping via desktop computer, tablet or smartphone, both through websites – eshop as well as through applications. Only retail trade in physical goods is taken into account.

The online retail market share for Cyprus is 12.2% and will grow on average from 9.7% to 17.7% by 2027.

Source: ecommerceDB

ecommerceDB: 12.3% growth for eCommerce in Greece in 2023

Dimitris Samaras — Tue, 25 Jul 2023 09:28:14 +0000

The eCommerce market in Greece

Greece is the 51st largest e-commerce market with projected revenues of USD 3,739.8 million by 2023, placing it ahead of Qatar.

Revenues are expected to show a compound annual growth rate (CAGR 2023-2027) of 8.9%, resulting in a projected ecommerce market turnover of USD 5,266.8 million by 2027.

With an expected growth of 12.3% in 2023, the e-commerce market in Greece contributes to the global growth rate of 9.6% for 2023.

As is the case in Greece, e-commerce sales worldwide are expected to increase in the next few years. Five markets are examined by ecommerceDB in the context of the online goods market in Greece.

Fashion products and accessories have the largest share of the market and account for 32.8% of e-commerce revenues in Greece.

This is followed by food and personal care products with 23.7%, electronics and media with 21.0%, toys, hobbies and DIY products with 12.7%, and finally furniture and appliances have the remaining 10.0% of the market.

Market Share of the eCommerce market in Greece

The online retail market share for Greece is 6.8% and will grow on average from 8.7% to 9.4% by 2027.

The five largest online stores in Greece by 2022

The biggest player in the Greek e-commerce market is public.gr. According to ecommerceDB, the store had revenues of USD 129.0 million in 2022.

The ranking of stores includes every store that generates revenue in Greece. These stores can either have a national focus and sell only in Greece or operate on a global scale. For this evaluation, only revenues generated in Greece were taken into account.