E-commerce sales surge! This Eastern European market may become the next blue ocean for cross-border sellers

According to the National Bank of Serbia , online sales in Serbia increased significantly in the first quarter of 2023, with total online transactions in local dinars , euros and dollars exceeding 336 million euros.

Like the rest of Europe, Serbia’s e-commerce sector has experienced a slowdown in growth following the pandemic , but analysts point out that during this period people have learned to trust online shopping, so the e-commerce trend may pick up again.

Data shows that in the first quarter of this year, there were 2 million transactions in euros in Serbia , with a value of 96 million euros, an increase of 29.96% and 36.49% year-on-year respectively .

On the other hand, the US dollar trading volume also reached US$1.5 million, an increase of 0.25% year-on-year, and the transaction value increased by 8% to US$37 million.

The most popular e-commerce and shopping websites in Serbia are technology brands Gigatron and Tehnomanija, as well as online pharmacy Srbotrade Apoteka, which have all seen growth rates of more than 9%. In addition, a clothing brand in Serbia achieved a growth of 59.8%.

Unlike the mainstream e-commerce platforms used by other European countries, Serbia has its own local e-commerce platform - Ananas E-Commerce .

“ Ananas’ mission is to become the Amazon of the Balkans — to bring the online shopping experience of developed countries to these parts of the Balkans, ” Nina Angelovska, the company ’s international business development manager, said in an interview last November.

In addition to the e-commerce industry , Serbia's mobile banking business has also achieved rapid growth . Currently, more than 3 million Serbians use mobile banking services, an increase of 11.66% over the previous year.

A statistical agency found that Serbia was abandoning cash payments faster than other Balkan countries . Analysts speculated that the rapid development of related businesses was likely driven by the influx of Russian and some Ukrainian immigrants into Serbia .

E-commerce

Serbia