Strong Growth in The Turkish E-commerce Market

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Strong Growth in The Turkish E-commerce Market

Turkey’s e-commerce market experienced a rebound in 2023, with online spending more than doubling compared to the previous year. This momentum is expected to continue in 2024. While rising inflation, currently at 75%, is a key factor, there is also a substantial underlying growth trend within the sector itself. In 2023, e-commerce spending reached 1.85 trillion Turkish lira, equivalent to around 53 billion euros at current exchange rates. 

Products and services contributed equally to the total. However, due to significant inflation reducing the value of the Turkish lira, the large increase in spending measured in lira does not accurately show the true importance of e-commerce in Turkey’s economy.

A True Representation

To gain a comprehensive understanding of the e-commerce landscape in Turkey, it’s crucial to focus on transactional data. In the past year alone, the number of transactions surged by an impressive 22.3%, reaching a staggering 5.87 billion units. This growth significantly outpaces the stagnant or minimal increases witnessed in online spending across the five largest Western European countries in 2023, as per Forrester’s analysis. 

Furthermore, Turkey’s online market has grown significantly, with the share of online spending doubling in total consumer expenditure over the last four years. From 10.1% of consumer spending in 2019, the online turnover share soared to 20.3% by the end of last year. While the COVID-19 pandemic undoubtedly accelerated the adoption of e-commerce in Turkey, it’s noteworthy that this growth has continued even after the pandemic, highlighting the ongoing strength of Turkey’s digital retail sector.

Sustained Expansion

The Turkish Ministry of Commerce forecasts continued strong growth in online spending by 2024. It forecasts an 84% increase, driven by 6.67 billion transactions, up 13% from last year. This forecast even exceeds the optimistic European growth averages predicted by industry experts such as Forrester and GlobalData.

This increase reflects a thriving e-commerce ecosystem in Turkey. More than 559,412 companies are currently registered to sell online. The most popular product categories are household appliances, closely followed by electronics and clothing, footwear, and accessories. 

Conclusion 

While the Turkish e-commerce sector boasts impressive growth and a diverse range of products, there’s one area where improvement can be made: delivery speed. Currently, customers in Turkey wait an average of 46.2 hours to receive their orders. This wait time could potentially deter some shoppers who have grown accustomed to faster delivery options in other markets. Streamlining logistics and fulfillment processes could be a key strategy for Turkish e-commerce companies to enhance customer satisfaction and further fuel the industry’s growth. 

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