ecommerceDB: 12.5% growth for eCommerce in Cyprus in 2023

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.

ecommerceDB: Αύξηση 12,3% για το eCommerce στην Ελλάδα το 2023

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