Morgan Stanley projects online retail sales of physical goods in Russia will grow to $31 billion in 2020 from $18 billion in 2017, and could reach $52 billion by 2023. Despite the growth, a dominant e-commerce player has yet to emerge in Russia.
By Adrien Henni, chief editor, East-West Digital News | Oct 16, 2018
According to a Morgan Stanley report released last month, the Russian e-commerce market for physical goods will grow to $31 billion by 2020 and may reach $52 billion by 2023—up from around $18 billion (1,040 billion rubles) in 2017.
“Russia is the last major emerging market without a dominant online retailer. Russia is at an inflection point,” believe the Morgan Stanley analysts, who bet on the emergence of “a leader being worth $10 billion” by 2020.
The report underlines the high penetration rates of the Internet (80%) and smartphones (66%) in Russia, in contrast with a mere 3% e-commerce share in total retail.
The top four e-commerce companies in Russia currently account for a mere 27% of the market vs. 63% in the USA and 84% in China.
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