Greece’s economy took a big hit in the 2008 global financial crisis. Many sectors were affected, but ecommerce managed to stay strong.
In 2016, ecommerce sales in Greece totaled at $5 billion, an 18.8% increase from the previous year. This trend is expected to continue over the next few years.
There are numerous reasons behind this growth. First, IT development and internet penetration in Greece have yet to reach the average EU level. Due to continuing government efforts in this area, connectivity keeps improving, which results in large amounts of new consumers “arriving” into the online marketplace.
Another reason is due to the crisis, Greek consumers are increasingly aware of how they spend their money. Since price and product comparisons are quickly and easily done online, more people opt to buy products via ecommerce. According to a survey, six out of ten people in Greece make over 80% of their annual purchases online.
According to a survey, six out of ten people in Greece make over 80% of their annual purchases online.
This means that there is a great untapped potential in Greek ecommerce that provides US small businesses with plenty of opportunities. If your business is active in ecommerce, consider widening your reach to customers in Greece, and make the most of this barely discovered market niche. Whether you’re selling to other businesses or consumers, the expanding Greek ecommerce market provides your business with many opportunities. Conducting ecommerce in Greece could bring you many new customers, a great new way to acquire your own supplies, and a valuable competitive advantage over your domestic competitors.
What Greek consumers buy online
The top product categories of Greek ecommerce are travel services, hotel reservations, electronic equipment and peripherals, entertainment tickets, as well as apparel and footwear. Be aware that as with anywhere else in the world, trust is a main issue for Greek people when buying online. According to a survey, half of the customers who bought an item from a Greek ecommerce seller didn’t return for another purchase due to trust issues.
Maybe this is one of the reasons many Greek buyers turn to international online shops. Currently, cross-border ecommerce amounts to about 30% of all online purchases. Greek customers prefer to buy from US, UK, Chinese, and German sellers. Earning your customers’ trust and building on it is crucial in the world of ecommerce: good experience and feedback travel fast across the internet and can make or break a business’ future in ecommerce.
Sourcing products through ecommerce
There is another side to international ecommerce: buying your supplies from Greece. Greek suppliers have only recently discovered the benefits of entering the international market. Currently, only 24% of Greek businesses offer their goods abroad via ecommerce, and ship products mostly to the US, the UK, France, Germany, and Italy.
Sourcing products from overseas is generally a great way to reduce costs, acquire supplies and increase your competitive advantage. Try to find Greek suppliers, and see how this untapped ecommerce market could benefit your business.
Whether you import from or export to Greece, remember that the safest and easiest way to pay your supplier or get paid by them is through Veem. With innovative multi-rail technology, Veem is able to send international payments through the fastest and most secure path. And because it doesn’t use traditional banks, there are no hidden fees and $0 wire fees. Using our dashboard you can track each payment on its entire journey, so you always know where your money is.