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Report
Greece E-commerce Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)
Market Report I 2022-06-01 I 100 Pages I Mordor Intelligence
The Greece E-commerce market is expected to grow at a CAGR of above 12.15% during the forecast period, 2022-2027. The European e-commerce market has been expanding rapidly in recent years, providing exciting potential for online retailers in various industries. Greece is one of Europe's most important retail marketplaces and an important e-commerce market. In terms of internet penetration, e-commerce customer proportion, and average expenditure, Greece's e-commerce market is slightly behind the European average.
Key Highlights
In recent years, Greece's electronic commerce (e-commerce) has grown significantly, particularly during the current COVID-19 crisis, when the Greek government has made significant strides to modernize the country digitally. The Ministry of Digital Governance has modified its digital strategy, known as the "Digital Transformation Bible," first introduced in the pre-Covid era and is now planned to be developed between 2020 and 2025.
Implementing the unified government e-cloud platform is prioritized, as is assisting the marketplace's digital transformation. A One-Stop-Shop platform was built in 2019 to reduce the time to start a business dramatically. The Hellenic Development Bank has developed two funding initiatives to help SMEs with their digital development: "Business Innovation Greece" and "4th Industrial Revolution."
Greece's e-commerce sales have been steadily increasing and are expected to reach $539 million by 2020. Greece's e-commerce is lagging behind other EU member states despite this increase. Apart from the prolonged economic crisis, the key reason is that Greece has not reaped the benefits of ICT adoption and scores below the EU average on several of the European Digital Agenda's ICT indicators.
The COVID-19 crisis measures, according to the latest data supplied by the Greek Electronic Commerce Association (GR.EC.A), significantly enhanced the rising trend in online sales. Consumer expenditure grew at a rate of 107 percent faster in May 2020 than in 2019. According to a Nielsen study, 22% of Greek shoppers made their first online supermarket purchase during the pandemic quarantine. Only 4% of shoppers would switch stores before COVID, but that number has risen to 26% presently. This growing trend is bolstered by investments announced by several significant firms interested in developing their online marketplaces.
Key Market Trends
Significant Growth in E-Commerce is Expected Due to the Outbreak of COVID-19
In Greece, only 4% of shoppers would switch stores before COVID, but that number has risen to 26% presently. This growing trend is bolstered by investments announced by several significant firms interested in developing their online marketplaces. According to a recent study by the Hellenic Federation of Enterprises (SEV) Digital Transformation Observatory, a company with an online presence can generate up to 20% more sales than one without.
According to the Hellenic Statistical Authority's (ELSTAT) 2020 annual ICT report, e-commerce still has room to develop because only 47% of the population shops online. Fashion (31%), electronics & media (25%), food & personal care (19%), toys, hobby & DIY (16%), and toys, hobby & DIY (16%) account for the majority of eCommerce income in Greece.
The economic crisis still influences greek consumers' shopping patterns and trends. Compared to the European average, Greek customers research more than they buy online. The Greek consumer's mindset has shifted due to the COVID issue. More than 60% prefer online shopping to in-store buying, and 49% say they will continue shopping online even after the COVID situation has been stabilized.
After searching online through search engines and price comparison services, Greek online buyers make more than 65 percent of their total physical purchases. This supports firms' significant investments in digital marketing to draw customers to their physical locations.
Competitive Landscape
Many competitors are present in the Greece e-commerce business, leading to high competition. In the e-commerce business, many local and worldwide firms have expanded, resulting in fierce competition. Aside from eBay and others, certain retail companies, such as ACS, already have a robust physical presence and are preparing to enter the e-commerce industry, strengthening the overall competition. eBay, Geniki Taxydromiki, and ELTA are some of the essential participants in the Greece e-commerce business.
Skroutz is another famous e-commerce platform in Greece, where small businesses can list their wares. Skroutz is used by the majority of consumers for market research, product identification, and pricing comparison. Skroutz's turnover climbed by 95.42 percent in 2020. Although Greece does not have an Amazon dedicated to the Greek market, it offers smaller marketplaces primarily focused on electronics.
E-shops with the higher sales in Greece include Kotsovolos, Zara, e-shop, plaisio, and e-Jumbo, with toys-shops being a fast-growing new entry and the Public mainly focusing on books but also building on creating a Greek marketplace for electronics and appliances.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness-Porter's Five Force Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers/Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitute Products
4.2.5 Intensity of Competitive Rivalry
4.3 Key market trends and share of E-commerce of total Retail sector
4.4 Impact of COVID-19 on the E-commerce sales
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Demand from Apparel and Footwear Industry.
5.1.2 Penetration of Internet and Smartphone Usage
5.2 Market Challenges
5.2.1 Low Internet Penetration
5.3 Analysis of key demographic trends and patterns related to E-commerce industry in Greece (Coverage to include Population, Internet Penetration, E-commerce Penetration, Age & Income etc.)
5.4 Analysis of the key modes of transaction in the E-commerce industry in Greece (coverage to include prevalent modes of payment such as cash, card, bank transfer, wallets, etc.)
5.5 Analysis of cross-border E-commerce industry in Greece (Current market value of cross-border & key trends)
5.6 Current positioning of country Greece in the E-commerce industry in region Europe
6 Market Segmentation
6.1 By B2C E-commerce
6.1.1 Market size (GMV) for the period of 2017-2027
6.1.2 Market Segmentation - by Application
6.1.2.1 Beauty & Personal Care
6.1.2.2 Consumer Electronics
6.1.2.3 Fashion & Apparel
6.1.2.4 Food & Beverage
6.1.2.5 Furniture & Home
6.1.2.6 Others (Toys, DIY, Media, etc.)
6.2 By B2B E-commerce
6.2.1 Market size for the period of 2017-2027
7 Competitive Landscape
7.1 Company Profiles
7.1.1 eBay
7.1.2 Amazon
7.1.3 Zara
7.1.4 E-shop
7.1.5 Plasio
7.1.6 Aboutyou
7.1.7 MarksandSpencer
7.1.8 Shein
7.1.9 Kotsovolos
7.1.10 Apple
8 Investment Analysis
9 Future Outlook of the Market
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