Bulgaria's E-commerce Set to Contribute 2.11% of GDP in 2023

Business » FINANCE | Author: Diana Kavardzhikova |March 27, 2024, Wednesday // 15:23
Bulgaria: Bulgaria's E-commerce Set to Contribute 2.11% of GDP in 2023 Pixabay

On a briefing held at the National Press Club of BTA, Nikola Ilchev, the creator and organizer of the Balkan eCommerce Summit, showed projections indicating a significant rise in Bulgaria's e-commerce sector. Citing data from three studies, Ilchev disclosed that e-commerce is anticipated to account for 2.11% of Bulgaria's GDP in 2023, up from 1.92% in 2022. Moreover, the average value of goods ordered online has shown an upward trend, reaching €680 in 2023 compared to €555 in the previous year.

The upcoming Balkan eCommerce Summit, scheduled for April 4 and 5 at Arena Sofia, promises to be a pivotal event for businesses across Central and Eastern Europe. Attendees can expect to gain valuable insights into the latest trends and innovations shaping the e-commerce landscape.

Hristo Radichev from Mediapost Hit Mail highlighted the growing inclination among merchants to establish their online presence or expand into international markets. According to a survey involving 600 active online merchants from 12 countries in the CEE region, over a third of respondents anticipate a revenue growth of 20% or more in 2023 compared to 2022. However, challenges such as delivery routes persist, hindering seamless transactions between Bulgaria and Romania.

The Bulgarian Small and Medium Enterprises Promotion Agency (BSMEPA) is set to play a crucial role as an institutional partner of the Balkan eCommerce Summit. Executive Director Boyko Takov emphasized the agency's commitment to facilitating the internationalization of SMEs and fostering their participation in e-commerce activities.

Gergana Ilieva from the Bulgarian-Romanian Chamber of Commerce and Industry underscored the growing interest of Bulgarian companies in tapping into the Romanian market through online sales. Despite this, logistical challenges, such as limited delivery routes between the two countries, remain a hurdle for businesses.

Zvezdelina Lacheva from DS Smith highlighted a significant uptick in the sale of packaging materials, with a reported growth of over 85% in 2023 compared to the previous year. Notably, sustainability has emerged as a key trend, with consumers increasingly prioritizing eco-friendly and biodegradable packaging options. Lacheva emphasized the growing expectation among European consumers for packaging to be recyclable, driving the shift away from plastic-based packaging solutions.

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Tags: Bulgaria, e-commerce, GDP, trends

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