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Sberbank, e-commerce arm of Russia’s largest bank, announced on Friday that its trading volume had tripled in the third quarter of the year, a significant development in Russian e-commerce.
Online platforms have been able to connect products and customers directly in the past year. At the height of the pandemic, about 45% of all Russian companies and businesses could switch to telecommuting. Due to the pandemic, all sectors of the Russian economy, including banks, urban transport, retail, radio communications, and the media, have changed to adapt and have shifted to the online way of doing business transactions.
SberMarket’s domestic production value increased from $203.75 million from July to September, whilst the number of orders quadrupled. Last year’s quarantine period also accelerated e-commerce as people were forced to shop online. Most retailers report double-digit growth in online sales such as the market leaders like Ozon, Wildberries, reporting sales growth breaking into the triple digits.
In the first nine months of this year, the GMV rose to 36.2 billion rubles, three times more than in the same period last year. They have started using online space.“The leading players are going to be able to unlock the potential of Russia’s regions, with online penetration in sales of non-food products reaching 27.3% by 2025, according to our estimates,” says Burmistrov.
Last month, Russia’s AliExpress, an e-commerce investment between Chinese online shopping giant Alibaba and Russian partners, reported GMV 133.3 billion rubles for the first half of the 2021-2022 fiscal year, an increase of 36% compared to last fiscal year’s results.