NEW YORK, April 18, 2021 /PRNewswire-PRWeb/ -- The e-commerce industry had phenomenal growth in 2020. Only with USA retailers consumers spent $861.12 billion online in 2020, up 44.0% from $598.02 billion in 2019. The rise of online shops in other parts of the world was also noticeable. Recently British retailer Asos has more than tripled first-half profits to a record £106m. For example, in 2020 the local market of e-commerce (purchases from Romanian merchants), e-tail and services, amounted to approximately EUR 7 billion, an increase by 36% compared to the previous year, based on the analyses of both external and internal data made by PayU, the leader of the online payments market in Romania.

Anyway, if in Europe and the United States buying products online is a usual thing for more than a decade, in the Caucasian region it's still quite a new trend.

Of course, the pandemic shifted the perspective on online shopping for many companies. Consumers' behavior also changed: they started actively buying products from different international online retailers. All of that has contributed to the growth of e-commerce.

Customers love the convenience of e-commerce, but as brands start cultivating the conscious consumer, increasingly customers will also value brand purpose and trust.
A global study reveals that consumers are four to six times more likely to purchase, protect, and champion purpose-driven companies:

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In Armenia, though, the most significant e-commerce boom already happened back in 2016. It was provoked by the Armenian shopping platform Globbing that provides delivery from international shops of 7 countries to Armenia.

Moreover, the above mentioned Armenian shopping platform is actively following and implementing the e-commerce latest trends. It started to place lockers so that the customers can receive the parcels everywhere in Armenia, as Amazon did in the USA. But Globbing went even far if you consider the population of both countries. The company already has placed more than 125 lockers in Armenia and continues to expand the geography of the lockers' network, while Amazon has only around 20,000 lockers in the USA.

The development of online shopping is also notable in another Caucasian country, Georgia. Although the Ministry of Finance has not published data on foreign online shopping of Georgian citizens in recent years, according to the latest information from the Revenue Service, Georgian residents spent about $34 million on online purchases in the first six months of 2017.

As everywhere in the world, Covid-19 only increased the pace of online shopping development. With the newfound local online shops, shopping platforms and innovative lockers, the popularity of e-commerce in the region is expected to grow even faster in the following years.

Sources:

https://business-review.eu/money/the-local-e-commerce-market-amounted-last-year-to-eur-7-billion-an-increase-by-36-pct-compared-to-2019-217627

The Guardian

Digitalcommerce360

Sputnik Georgia
Forbes

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