E-commerce in Bulgaria

E-commerce

E-commerce market: Bulgaria ranks second in southern Europe in terms of e-commerce and is one of fastest growing e-commerce markets in Europe. According to Statista, Bulgaria's e-commerce revenue was estimated at US$ 525 million for 2017, which accounts for 1.05% of the GDP, and indicates a growth of 118% compared to 2016. In 2017, there were 3.6 million e-commerce users in Bulgaria, a number that is expected to grow to 3.8 million by 2022. The average revenue per user in the e-commerce market amounts to US$ 157.49 in 2018 and is expected to reach US$ 210.29 by 2022. Fashion is the biggest e-commerce segment in Bulgaria, with a revenue of US$ 229.3 million in 2017, followed by electronics and media (US$ 169.8 in revenue), food and personal care, furniture and appliances, and toys and hobbies. As for payment methods, 80% of Bulgarian online shoppers prefer to pay via mobile, 16% pay by credit card, 2% by eWallet, and 1% by bank transfer. The major challenges with e-commerce in Bulgaria are technical malfunctioning of websites during ordering or payment, speed of delivery longer than indicated, difficulties in finding information concerning guarantees, and wrong or damaged goods delivered. According to the National Statistical Institute of Bulgaria, the main reasons why people don't shop online is because they prefer to shop in person, to see products, are loyal to shops, or just due to force of habit. Cross-border shopping is becoming more popular, and according to the 2017 European E-commerce Report, 10% of e-shoppers in Bulgaria make purchases from foreign websites. Some of the most popular e-commerce websites in Bulgaria are olx.bg, bazar.bg and pazaruvaj.com.

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