From being an economic laggard to outranking its competitor, Kosovo has gloriously bounced back in the age of digitization.
The E-commerce industry has undoubtedly witnessed rapid growth in the few years in the state of Kosovo. It is said to become a popular trend in the following years. A recent Google report says that the setting up of E-commerce in Kosovo will grow US$150 million in sales by the year 2025. The high-quality services are provided at comparatively low costs. This is what attracts potential customers from all over the globe. Further, the ease and feasibility of doing business in Europe captivate numerous business owners to approach Kosovars for their outsourcing and other business needs. As they say, if your business isn’t present online, it doesn’t exist. This sounds snarky but holds true in today’s world of internet dominance.
The moment someone hears your company’s or brand’s name, the very first thing they are likely to do is search for it on Google. If they fail to find you there, oops! You will fail to appeal to them as well. And you certainly don’t want this to happen. Therefore, an E-commerce portal is ideal for any business to make its presence established throughout the world. It helps in greater recognition and will help you to expand your business.
E-commerce gives you a universal platform where there are multiple opportunities to market your products around the globe, thereby achieving more sales than a regular store. With the help of well built and SEO optimized website, you can reach your business goals by offering higher quality service and satisfaction to your customers round the clock.
Due to all the above benefits, many key players have switched to E-commerce business leading to growth in the sector.
What Do the Statistics Say?
According to a Telecom report from March 2018, 89% of households in the state have continuous access to the internet that has led to the rise of small entrepreneurial E-commerce businesses reaching nearly 1.2 billion people. The Technology sector has seen a breakthrough in their business due to the setup of E-commerce sites. Kosovo’s E-commerce services follow the regulation of consumer protection policies and standards of the EU.
Before five years, there weren’t online services available. But after 2016, Kosovo has witnessed a massive hike in online retail both regional and cross border E-commerce. Amazon and Ali Express have opened their services, to Kosovo simplifying the process of online shopping.
The statistics of Kosovo data agency says that most services and businesses of Kosovo deals with the U.S. and European retailers. E-banking and credit card payment services are available in Kosovo while, platforms like PayPal and Payoneer are yet to introduced in the state. The accessibility to digital payments also plays a crucial role in the growth of the E-commerce industry.
By 2017 the number of E-commerce sites has scaled up to nearly 30,000. The world of such digital market estimates to be around 40 million Euros and expected to grow at a rate of 30% more by the year 2025. Research says that 35% of the population and the online retails in Kosovo use online shopping platform. Also, besides, the percent is expected to grow at a rate of 16% by 2022.
With everything becoming virtual in the present modern age, customers prefer to business with E-commerce industries more than local shops. The information provided also states the same concerning E-commerce development in Kosovo. As a developing state and a major hub for technological services, the state of Kosovo is expected to witness rapid growth in the digital industry as per the regulation of the world trade regulations and the European Union. The design of cross border services has focused more on developing countries. This phenomenon can change the case for Kosovo by hiking its E-commerce industry’s growth rate to 25% by 2030.
Kosovo has a tonne of opportunities waiting to cross its path. Not only the people here are enthusiastic about modern technology, but the government is also lending complete support to make the IT sector flourish. What awaits Kosovo is the economic boom through the increase in the export of e-commerce services all over the world.