Deze week, global e-commerce research continues with the Greek market. Although the country experienced a crisis recently, the online retail sector is still in growth. We’ll find out how. Maar eerst, we’ll go over the basics of the Greek economy.
Greek economy and demographics
- Bevolking: 10.5Mn
- Urban population: 79%
- GDP ranking(nominale): 52th
- BBP/inwoner: $20,571
- Gedomineerd door de dienstensector
- Economic growth is driven by tourism and merchant shipping
E-commerce market in Greece
73% of the Greek population use the internet, while a relatively low proportion of the population, 54% use social media platforms. Nearly all of the social media users have Facebook accounts, meaning, it has a 5.5Mn advertising audience.
15% of the Greek shoppers say that they only do cross-border shopping, a number high above the European average.
According to the Ecommerce Foundation report on Europe, the Greek e-commerce market is growing steadily. Aan het einde van 2019, the total revenue from e-commerce sales is expected to hit $4Bn. E-commerce spending per shopper is €1818.
Voordelen van de lokale markt
In spite of the recent crisis, the online retail market continues its growth. The crisis naturally led to a decrease in the purchasing power of Greek citizens, and the bad experience increased their price sensitivity. Voor de consument, price sensitivity is the major factor for online purchases, met een 75% verhouding. Online stores have better offers than offline retailers.
85% of internet users claim shopping regularly from online stores. In 2016, this number was 65%, meaning, the future is promising.
Helpful facts to improve your business
As we mentioned above, one of the major impacts of the recent crisis is a decrease in the purchasing power of Greek people. Even if it impairs general consumer spending, it has a positive effect on the online retail market. People want to catch the best prices, and online-shopping ease this process. Daarom, direct product price comparison is the second major reason for online shopping, met een 52% verhouding.
41% of the consumers state that finding new offers in online stores is much easier than in offline stores, and that’s the third reason why they shop online.
54% of the online payments are done by cash on delivery, a much higher number than the global average. Because it’s a common preference, it’s important to provide cash on delivery option to the Greek consumers.
Final Thoughts on Greek E-commerce Market
Even though the Greek economy suffered from a recent crisis, its online retail industry grows at a good rate. Traditional retailers should consider investing in online retailing. Online store owners must remember:
- Greek consumers are price-sensitive
- Going for the cheapest positioning can boost sales
- Promotions/discounts attract Greek consumers, Daarom, the frequency of offers could be increased
- Facebook has the largest advertising audience