Sabah – With high penetration levels of broadband internet and tripling of the per capita income in the last decade, Turkey’s e-commerce market is set to grow exponentially. Supported by a youthful and tech-savvy population, there are some 50 million internet users in the country, the e-commerce sector has flourished particularly in recent years, hitting TRY 22.8 billion (Approx. USD 12.7 billion) in 2011 with a growth rate of 50 percent over 2010.
The sector will receive an added boost with the new e-commerce Code, expected to enter into effect in January 2013, according to the head of ETICAD, an industry association of e-tailers and traders in Turkey. “According to the latest data, only 4 percent of Turkey’s internet users do online shopping. This rate is expected to reach 25 percent within a short period of time and the e-commerce volume is expected to hit TRY 250 billion (Approx. USD 140 billion) over the next 3 years.”, ETICAD Chairman Ercument Erdem said, basing his estimate on the last five year’s impressive growth rates.
There are over 10,000 e-commerce companies operating in Turkey. Turkish internet start-ups have attracted USD 750 million of foreign investment in the last two years.