24-May-18, HKTDC
Despite its turnover reaching a record-breaking level of RUB1 tn (USD20 bn), growth in Russia's e-commerce sector slowed noticeably in 2017. The sector only expanded by 13% in 2017, compared with 21% in 2016.
%20Yandex_Market.jpg "New entrants undeterred by slowdown in Russian e commerce (c) Yandex Market")
Image: Yandex.Market
Consumer durables, electricals, clothing and footwear were hardest hit. Some, however, have questioned the validity of the figures relating to the apparent slowdown.
One company stands as the indisputable leader in Russia's cross-border e-commerce market – AliExpress, which processed 20 million Russia-sourced transactions in 2017, with an average receipt of USD19.
Tmall is now looking to make a similar impact on the Russian market and a JV between Russia's largest bank, Sberbank, and price comparison site Yandex.Market will see the latter transformed into a comprehensive e-tailing platform servicing the 11-strong Commonwealth of Independent States.