Giulio Gargiullo explains why Russia is one of the 10 fastest growing online markets in the world.ROME, ITALY / ACCESSWIRE / February 11, 2021 / E-commerce in Russia reached a turnover of 2.5 billion roubles (33 billion dollars) in 2020 according ... Giulio Gargiullo
Giulio Gargiullo explains why Russia is one of the 10 fastest growing online markets in the world.
ROME, ITALY / ACCESSWIRE / February 11, 2021 / E-commerce in Russia reached a turnover of 2.5 billion roubles (33 billion dollars) in 2020 according to Data Insight's report, growing by 44% when compared to the previous year, with an increase of 10 million new online shoppers.
The same company's report predicts that in 2021 the Russian digital market will have a turnover of 3.3 billion roubles ($44.5 billion) instead of the previously estimated 2.8 ($37.8 billion). Overall, Russian e-commerce between 2020 and 2024 will be worth 23.4 trillion roubles, $310 billion with a CAGR of 33.2% over this time period, thanks to the new situation. In 2018, Morgan Stanley estimated that the digital market would be worth $30 billion in 2020 and $52 billion in 2023, boasting +170% growth in just a few years.
Giulio Gargiullo, who has been an expert in digital business in Russia for more than 15 years, explains: "E-commerce was only worth 1.4% of traditional trade, so there is plenty of room for the development of the market and for new operators wishing to enter it, in a market where foreign operators are essentially absent. The e-commerce share of retail is expected to reach 19% in 2024. It is a market undoubtedly full of potential, of buyers eager to buy online from both domestic and foreign online shops. Russians are notoriously fond of quality international brands and are very loyal to them over time. Although Russian eCommerce is not comparable in size to that of the US or China, it is the largest online market in Europe, growing 10 times faster than traditional retail, among the 10 fastest growing online markets in the world".
Mr. Gargiullo adds: "To enter the Russian digital market, it is essential to work with people who know the language, the culture, and the target market: the Russian Federation has its own ecosystem of websites, in most cases dominated by Russian and not international websites. It is essential to develop an online store in Russian language, localised for Russian culture. To this end, it is important to develop an initial feasibility analysis, a digital business plan, an adequate digital marketing plan including your own digital store, and consider selling your products online at domestic marketplaces. Some of these domestic sites offer the possibility of cross-border sales, giving Russians the chance to buy goods from abroad, with fast delivery from other countries to cities in the Russian Federation within a few days".
Russia is the world's largest nation, and access to its large market is possible with a solid digital marketing strategy.
For more information about Giulio Gargiullo and e-commerce in Russia, visit: https://www.giuliogargiullo.com/ecommerce-russia/
About Giulio Gargiullo
Giulio Gargiullo is an Online Marketing Manager that for many years has worked between Italy and Russia and at an international level with companies and other leading facilities linked to different sectors in the domain of luxury. He's a speaker at leading digital marketing conferences and events regarding marketing in Russia and luxury market strategies. Giulio Gargiullo fluently speaks Italian, Russian and English and is involved in bringing new customers and business opportunities to companies worldwide through advanced business activities and digital marketing. He is also responsible for building privileged relations between business partners.
SOURCE: Giulio Gargiullo
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