E-Commerce Market in Serbia: Double-Digit Growth and Prospects for 5 Years

According to Tomislav Momirović, the Serbian Minister of Internal and External Trade, the local e-commerce market showed a double-digit growth last year. The country’s government intends to put as much effort as possible to continue further development of the e-commerce sector.

Serbian e-commerce market
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Analysis of the E-Commerce Market Size in Serbia

According to Statista, the volume of the e-commerce market in Serbia amounted to 710.7 million US dollars in 2022. It went a little bit down as it fell by 10% as compared to 2021. However, it had been constantly growing in the previous five years. 

According to experts, the e-commerce sector will increase by 34.5% to 955.7 million in 2023. The annual growth over the five years to follow will make up at least 14.65%, and the market will reach a turnover of 1.65 billion dollars by 2027.

According to the Statistic Bureau of Serbia, the e-commerce market accounted for about 3.3 million customers in 2020. The experts predict the growth in the number of online users to 4.36 million people by 2027.

56.7% of the total number of users in the country are expected to become e-commerce sector customers in Serbia by the end of 2023. This figure will rise to 62.5% by 2027, with the average expenses of one customer amounting to 236 dollars a year.

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The revenue on the e-commerce market in Serbia was distributed as follows last year:

Commodity groupVolume, million dollarsMarket share
Beauty, health, personal care and household138.419.5%
Mass media17.942.5%
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Best Internet Stores in Serbia By Sales Figures 

According to Statista, here are the Top 3 best Internet stores in Serbia by net sales figures:

  1. Gigatron — USD 43.6 million
  2. Tehnomanija — USD 40.1 million
  3. Ikea — USD 18.6million

These e-commerce sector representatives occupy a share of 25.8% from the total revenue volume of Serbia’s 100 largest Internet stores.

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Hot Spot Award for E-Commerce Development in Serbia and in the Region

At the end of January, Hot Spot E-commerce Awards ceremony was held in Belgrade to give bonuses to the e-commerce sector representatives in Serbia. This event was held for the second time, and it is planned to organize it annually. This year, Tomislav Momirović, the Serbian Minister of Internal and External Trade, had a speech to honor the start of the ceremony.

The organizers polled more than 20,000 people to select 33 laureates in different categories from 100 companies. They also relied on an expert jury to complete this task.

Here are the 2022 winners in the following nominations:

  • Best marketplace: Ananas
  • Online store in the tourism and travel sector: Air Serbia
  • Online clothes store: Fashion&Friends
  • Online sports goods store: Sport Vision
  • Online food products store: Wolt Market

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Declaration Made By Tomislav Momirović, the Serbian Minister of Internal and External Trade, on the E-commerce Sector

In his speech at the Hot Spot E-Commerce Awards, Tomislav Momirović declared that the e-commerce market in Serbia has shown double-digit growth. He specified that the 2022 achievement should be compared with the indicators recorded three years ago. In the past 3 years, the digital ecosystem has changed much more than in three decades. 

Momirović confirmed that the Ministry of Trade and the Serbian E-Commerce Association strive to further combat the shadow economy on the Internet. In particular, they will improve the legal base to create equal conditions for competition in the e-commerce sector. The Serbian authorities want to increase customer confidence in electronic commerce.

According to the minister, the laws of the European Union that regulate e-commerce are going to change for the better in the near future. Following that, the Serbian companies will start their expansion to the EU market in the e-commerce segment. They are also working to develop cashless settlements in the country.

The Serbian government suppresses illegal trade by monitoring social media and using special software. In 2022, the powers tracked 48,000 ads related to illegal trade. Different online platforms were also ordered to remove 80,000 ads on social media that advertised counterfeit products. The Serbian Ministry of Internal Affairs reported the confiscation of more than 800,000 items of different products over the past year alone, which helped to do serious damage to the shadow economy.

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