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SEE Offers Vast Room for
Growth to Internet Retailers
By Nikola Kosutic and Ivan Uzunov from Euromonitor International
Internet retailing in the countries of the
former Yugoslavia is still in the early stages
of development, according to a study conducted
by Euromonitor International. The
ex-Yugoslav market is relatively underdeveloped
in comparison with Western Europe,
where average spending on internet
retail per household reached EUR 325 in
2009. In general, Eastern Europeans are
a bit sceptical about internet shopping,
but internet sales have been on a constant
rise over the last five years, growing by
approximately 28% per year in terms of
consumer retail value per household. Russia,
Poland and the Czech Republic are the
largest internet retail markets in Eastern
Europe. Bosnia-Herzegovina and Slovenia
were among the fastest growing ones last
year, reaching EUR 1 mln and EUR 74
mln, respectively. Talking about the markets
of the former Yugoslavia alone, Slovenia
and Croatia were the countries with
the highest spending on internet shopping
in 2009.
In Romania and Bulgaria, internet sales
have grown faster than conventional retail
sales over the last several years as increasing
salaries and growing disposable income fueled
a sizeable growth in the retail sector as a
whole. The global financial crisis has had a
largely negative effect on traditional retailers
and has caused a significant slowdown in the
sales of large retail chains but has not led to
a decrease of online sales. On the contrary,
many internet retailers have been recording
significant growth. Internet retail value grew
annually by 18% in Bulgaria and by 30%
in Romania over the last five years.
INTERNET-ENABLED
COMPUTER POSSESSION IN
SEE STILL RELATIVELY LOW
The expanding Internet penetration and
the unrestricted use of credit cards across
a country are the key growth drivers of
internet retailing. With the increase of online
access a larger number of shoppers, including
consumers from smaller rural areas, becomes
able to initiate online transactions from
popular e-commerce portals like eBay or
1 Media products category covers books, periodicals and audio-visual
recordings.
Western Europe
Slovenia
Serbia
Romania
Croatia
Bulgaria
Bosnia-Herzegovina
Amazon. Latest research by Euromonitor
International shows that internet-enabled
computer possession in 2009 in the countries
of the former Yugoslavia ranged from 58%
in Slovenia to 32% in Croatia and 10%
in Bosnia-Herzegovina. Internet-enabled
computer possession was directly related
to the ranking of the top internet retail
markets in the region in 2009: Slovenia
(EUR 101 per household), Croatia (EUR 29
per household), Bosnia-Herzegovina (just
EUR 1 per household). It should also be
noted that the internet retailing business
SEE TOP Industry Profiles
Internet Retailing Growth in SEE Euro per Household (Y/Y Change in %)
Per Household
Eastern Europe 2008-09
2009-10
-20,0 -10,0 0,0 10,0 20,0 30,0
120
100
80
60
40
20
0
Bosnia-Herzegovina
Internet Possession vs Sales via Internet
Bulgaria
Croatia
Source: Euromonitor International, 2010
is highly dependent on telecommunications
providers and the purchasing power of the
population.
The greatest problem for the non-store retail
channel remains lack of awareness of its
potential and its possible positive impact on
the economy. Younger people, aware about
the benefits of Internet retailing are able to
increase the popularity of this industry and
will contribute to its development which
will increase competition in the retailing
channel. However, the greatest problem is
Romania
Serbia
Slovenia
Possession of Internet Enabled Computer - % of households
Retail Value RSP excl Sales Tax - € Per Household
Source: Euromonitor International, 2010
SEE TOP Industry Profiles
70
60
50
40
30
20
10
0
% of households
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