Latest figures produced by research from the “Internet Retailer” an astonishing revelation that two of the top five fastest growing e-retailers in Europe during 2014 are Turkish companies. Considering web sales from Europe’s 500 largest web merchants only grew around 15 percent over the year, the figures shown in the Turkish e-commerce arena were exceptional. Turkish e-retailer Morphio was the fastest growing e-retailer established in 2011 and operated by The Boyner Group one of Turkeys largest retailers, it grew an astonishing 116 percent. Whilst hepsiburda.com established in 1998 and owned by the Turkish conglomerate the Dogan Group, grew around 90 percent.
The top 50 online merchants account for over 67 percent of the total sales value during 2014 of over 141 billion dollars and the European strongholds of the e-commerce market are undoubtedly the UK France and Germany with 17 of the top 50 retailers hailing from the UK.
Shifts are happening and markets are growing in many other countries with Russia and Denmark along with Turkey filling 4 of the top five positions. The striking growth of the Turkish e-retailers shows a growing passion and confidence from Turkish consumers for online shopping, with Hepsiburda.com offering over 500,000 products in over 30 different categories during 2014
It is worth remembering online sales are governed by rigorous rules and regulation in Turkey, which were recently strengthened in law, by strict advertising rules, contract requirements and consumer rights. To stay inline and up to date with current legislation please contact the KILIC & Partners e-commerce and media law specialists