Turkey's E-Commerce Market
The E-commerce sector of Turkey has become a very trending and newly emerging industry for the last four years. The growth rate of this Turkey e-commerce market has recorded as high as 30% on average for each year in recent years, which is the highest in Europe. In 2017 the market was US$ 6.17 million and before the coronavirus pandemic, it was expected to grow to US$ 54 million by 2023.
Future of E-Commerce in Turkey
As per a report of Deloitte, Turkey has huge potential in the e-commerce business sector in the upcoming years compared to the other developed countries. It is true that all over the world the growth of e-commerce business can be seen, but Turkey is showing exceptionally good growth in the e-commerce sector business since 2016. In the upcoming years, e-commerce business will rise its peak in Turkey. Certainly, there are some reasons for this growth.
Turkey with more than 80 million population is one of the most populated countries both in Europe and in the Middle East. So, it has a huge market by itself.
With such a huge population, Turkey had a good Internet penetration rate (69.6% in 2017). As per Internet World Stats. In 2017 the number of internet users was 56 million and the number is still increasing. people will use more internet e-commerce sector will flourish more.
Not only the internet, as per Google and Deloitte survey Turkey has a very high smartphone penetration rate in Europe. This is also very favorable for e-commerce sector growth.
For all the above reasons, the present growth of the e-commerce sector is just the beginning that will grow much bigger in the upcoming years with more internet and smartphone users.
E-Commerce for Foreign Investors
With the growth of the e-commerce business sector, the Turkey government has introduced new rules and regulations regarding the sale of goods and services online through a new Electronic Commerce Law. Setting up an e-commerce business in Turkey is really very easy and is a great growth opportunity for any foreign investor. Just like the traditional business, you will need some basic documents and the registration of ETBIS. ETBIS is the central registrar of the electronic commerce businesses of Turkey. Any foreign investor can set up an e-commerce business as a company or a sole proprietorship with the Trade Register in Turkey. All the facilities for foreign investors or entrepreneurs remain the same in Turkey's e-commerce sector investment.
A Lifelong Opportunity for Investors
The e-commerce sector of Turkey was already a high growth sector and as the pandemic changed so many trends and one of that trend is certainly more dependencies on e-commerce websites so due to pandemic, it is expected that the e-commerce sector will boost even faster all over the world including Turkey. This can be a lifelong opportunity for any foreign investor to invest in a booming industry.