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Turkey is the 20th largest ecommerce market in the world with a revenue of $8 billion in 2019. Turkey’s economic and social development since 2000 has been impressive, in relation to increased employment and income. There are, however, economic vulnerabilities and risks to consider with rising inflation and unemployment along with ongoing geopolitical tensions in the region.
Revenue in the ecommerce market is projected to reach $14,890 million in 2021 with expected annual rate of 14.6%, resulting in a projected market volume of $25,673m by 2025. The market’s largest segment is fashion with a projected market volume of $6,240m in 2021. The average revenue per user is expected to be $364.64.Turkish consumers spend an average of $71 per online purchase, comparable to online spend in Europe and the U.S.
Credit cards dominate in Turkey, accounting for nearly 60% of ecommerce purchases. Credit card usage is expected to increase too, because of new regulations that allow card purchases to be spread out over 18 monthly installments. Bank transfers are growing in popularity and forecasted to account for a fifth of all online transactions in the near future. Cash on delivery accounts for 9% of the ecommerce market and digital wallets account for 5%.
Turkey is an example of how technology shaped itself on the backbone of consumer behavior. Turkey is typically an installments market, so in the advent of the Covid-19 pandemic, credit cards and their installments functionality proved to be factors in maintaining merchants afloat and boosting cashless payments. Mastercard and ING Turkey developed the Tapon-Phone solution that enables small merchants and Small and Medium Size Enterprises (SMEs) to turn a smartphone into a point-of-sale and accept contactless payments via near-field communication.
Cross-Border Fulfillment: Landed Cost is Available.
In-Country Fulfillment: Not available