Page 30 - GS230902

Education

Navigating Understand the market

Türkiye’s Türkiye’s young population, representing 46 percent of
the nation’s inhabitants, holds the key to the country's
thriving ecommerce industry. With an average age of 32,
booming Türkiye boasts a tech-friendly generation that is not only
comfortable with digital platforms but also influences the
country’s market trends and purchasing behavior.
ecommerce market These digital natives are eager to explore new shopping

prefer online transactions for their buying experience.
By Guillaume Tournand experiences, quick to adopt emerging technologies and
Worldline Their strong purchasing power and familiarity with the
digital landscape make them a formidable force in the
s the world continues to embrace the digital ecommerce sector. For international ecommerce compa-
age, Türkiye stands out as a trailblazer, lead- nies seeking opportunities in this rapidly growing mar-
ing the charge toward becoming a fully digital ket, Türkiye’s youthful demographic presents an exciting
A society. For ecommerce retailers, this presents prospect.
an exciting prospect of tapping into a dynamic and rap- Adapt to local payment methods
idly growing market where they can deliver scalable ser-
vices to eager consumers that are primed and ready. The thriving ecommerce market in Türkiye is driven by
its extensive and diverse payment landscape. Turkish con-
Driven by a tech-savvy and expanding consumer base, sumers have a strong preference for card payments, with
Türkiye’s ecommerce market is flourishing. Turks are em- cards being used for 64 percent of online transactions,
bracing online shopping, and consumers are digitally ad- totaling $7.42 billion in annual sales (see https://tinyurl.
ept, discerning and eager to engage with brands on digital com/3pazdwh4).
platforms. Coupled with Türkiye’s rapid digital transfor-
mation, this dynamic environment creates a vibrant ecom- From debit and credit cards to digital wallets and install-
merce landscape, positioning Türkiye as an attractive mar- ment payment methods, Türkiye offers a sophisticated
ket for global retailers. range of options. The popular Troy card, backed by 13
Turkish banks and supported by the government, has ex-
A fertile ecommerce environment perienced a significant increase in usage. With 79 million
The Turkish government has proactively supported ecom- credit card transactions and 139 million debit card trans-
merce by creating a fantastic online marketplace that con- actions in 2020 alone, according to Worldline, the potential
nects Turkish businesses with global buyers. This initia- for growth in this market is tremendous.
tive has been incredibly successful, leading to a signifi-
cant increase in ecommerce transactions and revenue. In This diverse payment landscape caters to a wide range of
fact, between 2021 and 2022, transaction volumes rose by consumer preferences, making online shopping accessible
42 percent, and values surged by 126 percent. To put this and convenient. While international ecommerce compa-
growth in perspective, Brazil, a rapidly growing ecom- nies may face initial challenges due to changes in local
merce market, only saw an 18 percent increase during the processing requirements, these changes also present op-
same period, per Worldline research. portunities for those willing to adapt. By embracing local
payment trends, these international ecommerce compa-
According to Statista, https://tinyurl.com/4vvn2hpa, Tür- nies can tap into the vast potential of the Türkiye ecom-
kiye’s ecommerce market is expected to continue grow- merce market.
ing and is predicted to reach an astounding $44 billion by
2025, outpacing many other markets. However, succeed- Additionally, Turkish consumers' engagement with loy-
ing in this market requires a deep understanding of local alty programs and installment payments highlights their
demands. financial engagement and knowledge, which can benefit
ecommerce businesses through increased customer re-
Türkiye has unique challenges, such as a preference for tention and higher transaction values. The Turkish ecom-
card-based transactions and specific regulations sur- merce market is an exciting prospect for international
rounding local acquiring processing. Additionally, the ecommerce companies looking for growth and success.
country's currency value is subject to fluctuation. In this Overcoming the volatility of the Turkish Lira
article, I'll delve into the factors that make Türkiye an in-
teresting market for international ecommerce companies. Expanding into Türkiye's booming ecommerce market can
Following are some things you need to consider that could be daunting due to Turkish currency fluctuations. How-
help you succeed: ever, there are effective strategies that ecommerce compa-
nies can employ to minimize these risks. One such strat-

30