Estonia E-commerce Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Estonia E-commerce market is expected to register a CAGR of 9.7% over the forecast period from 2022 to 2027.

• According to the Eesti Pank, E-purchases by the population in the country have averaged EUR 6 million a month in the last quarter of 2021, with a total turnover of EUR 249 million in 2021. Such statistics indicate the growing interest in e-commerce in the country.
• The trend of E-shopping has increased in adoption as in recent years, people prefer e-stores, and in the last quarter of 2021. The Eesti Bank reported that 58% of the E-purchases have been done through E-stores in the country. It was also estimated that, on average, EUR 138 million per month was spent in e-stores in the last quarter of 2021. With the adoption of varied payment and installment options in e-stores, consumers have increased their spending in the country. In the last quarter of 2021, an average of 11.6 thousand purchases were made using installment as the payment method in e-stores.
• The amount of items sent to parcel machines demonstrates explosive e-commerce adoption. According to the Estonian E-Commerce Association, more than 12 million parcels passed through parcel machines in 2021, with a year-over-year increase of 33%. Increased parcels hold testimony to the booming nature of the studied market in the country.
• The e-commerce market has experienced significant growth since the Covid-19 pandemic. There has been an increase in online purchases of food and medicines, which were rarely bought online prior to the pandemic. Also, e-retailers of essential supplies and food have seen orders with large quantities needed during the pandemic.

Scope of the Report

Conducting an e-commerce business means fostering relationships and selling information, services, and goods over computer communication networks. E-commerce usually refers to trading goods and services over the internet, which means broader economic activity. E-commerce consists of B2B and B2C and internal organizational transactions that support these activities.

The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period in Estonia. The study further analyzes the overall impact of Covid-19 on the ecosystem. The scope of the report encompasses market sizing and forecast for segmentation by B2B and B2C, in which the B2C channel is further segmented by application.

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Key Market Trends

Increased Adoption of Digital Solutions

• The Estonian government has made digitalization a critical agenda to be addressed. The Ministry of Economic Affairs and Communications of Estonia has been made responsible for the implementation of the Estonian Digital Agenda 2020.
• The Estonian Digital Agenda 2020 is focused on identifying priorities, setting strategic objectives, and finding the areas of interest, thus enabling the creation of a functioning, safe and secure environment. This environment is aimed at developing and creating innovative information and communication technology (ICT) solutions for the country's society and economy.
• Estonia has been ranked 7th out of 21 members of the Digital Economy and Society Index (DESI) 2021. According to DESI, Estonia is a major contender in the adoption of digital public services. With increased digitization which can be attributed to government initiatives, the country is expected to witness surging interest in e-commerce.
• According to the DESI, 16% of the SMEs in the country provide sales of their products and services via online portals, and a further 12% of the SMEs' turnover is generated through E-commerce.

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