Russia's e-commerce sales in the first half of the year exceeded US$670 million

According to local Russian statistics, from January to June this year , e-commerce sales exceeded 50 billion rubles, about 670 million US dollars, 2.5 times that of the same period last year. It is expected that by the end of this year, the market turnover will reach 400 billion rubles, and by 2024 it may reach 1.1 trillion rubles.

The development of Russian e-commerce is also a product of the epidemic. Outdoor consumption is restricted, and everyone's main consumption channel can only be transferred back to online. This also shows that consumer confidence has increased. According to the survey, in the past year, the number of active users of e-commerce platforms has increased by more than 40% to about 60 million.

Among them, grocery stores have become the main driving force for growth, represented by fast-moving consumer goods. It is expected that by 2024, the share of grocery stores in the entire e-commerce market will increase from 5.3% to 18.8%.

Relevant data shows that in the second quarter of 2021, fast-moving consumer goods accounted for the largest share of 39% among e-commerce companies, even surpassing electronic products (33%). Food and daily necessities are the most popular categories, among which local demand for baby food, sporting goods, jewelry, garden and household products has grown fastest.

At the same time, many local e-commerce platforms have also caught up with this momentum and have seen significant sales growth, such as Ozon (98% year-on-year growth), Wildberries (147% growth), and Utkonos (17% growth).

Local representatives said that it might be difficult for online retailers in Russia to achieve a double-digit market share in the next two years, but the Russian e-commerce market is still in a relatively early stage, providing ample opportunities for future growth and is expected to grow rapidly in the next five years.

From the perspective of e-commerce, Russia has 116 million users, making it the eighth largest Internet country in the world. It is reported that the number of smartphone users in Russia is expected to reach 110 million this year, which will greatly increase the penetration rate of e-commerce, and the potential is immeasurable.

Although the e-commerce market is still relatively underdeveloped, this also shows that there is still a lot of room for development locally. Interested sellers can also do a good job of market research and a multi-platform layout is more prudent.

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