Market Trends of Moldova E-commerce Industry
This section covers the major market trends shaping the Moldova E-commerce Market according to our research experts:
Growing use of the Internet and Online Banking Methods are Booming in Moldova
- The growing use of the internet, credit cards, PayPal, and online banking is favoring e-commerce development in Moldova. Additionally, mobile commerce will become a supplement to the e-commerce industry due to the growing mobile penetration rates and widespread use of smartphones in the country. There is considerable potential for B2B e-commerce as many online stores may be used by small businesses to purchase products for reselling.
- According to a statement delivered by the government, the development of the ICT sector and trade facilitation are the main priorities of the economic development plan. It intends to facilitate customs procedures, integrate technology in the supply-management chain and eliminate the barriers faced by trade and e-commerce.
- Moreover, For Moldova, the COVID-19 problem underscored the critical need for digital transformation. This is especially essential for commerce in general because physical routes were no longer available, forcing consumers and e-commerce merchants to trade through online channels.
- A more comprehensive digital vision and strategy, including e-commerce, might benefit Moldova. Moldova would also benefit from a national implementation authority that could plan and administer all digital and e-commerce projects and coordinate the provision of technical assistance as needed.
- About 37% of Moldovans do shopping or pay bills online. It is estimated that e-commerce will develop dynamically over the years. However, m-commerce has the potential to be an excellent complement to it. Ecommerce has room for maneuver, especially in the B2B market.
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Government Plays an Important Role In Expansion of E-commerce Sector in Moldava
- The government is prioritizing the digital transformation of the Moldovan economy and e-commerce. The COVID epidemic of 2020 has emphasized the importance of e-commerce, and MSRP has commissioned a rapid Rapid Review of e-commerce prospects to capitalize on this opportunity.
- The country has launched trade facilitation measures that should include a component focused on e-commerce development and cross-border e-commerce transaction facilitation. AliExpress, Amazon, ASOS, eBay, Rozetka, and Zap are some of the most popular websites. Electronics stores were among the first to open internet shops.
- There are fewer trade entrance obstacles in this sector than in traditional retail. E-commerce websites headquartered in China and the United States are particularly popular among Moldovans for online purchases of principally consumer electronics. France and the United Kingdom are the most popular destinations for footwear and clothes.
- Domestic e-commerce websites rarely accept electronic payment methods. Thus cash on delivery or wire transfers is the only options. There are a few domestic e-commerce aggregators that compare prices on products sold online (All Prices), digitize ticket sales (iTicket), distribute restaurant food (Straus), and assist in the delivery of things ordered online from a variety of foreign retailers to Moldova (Fullship, Pesoto).
- Furthermore, B2B eCommerce has a lot of promise because many online stores may be utilized by small firms to buy things. Given the government's attempts to promote electronic signatures and the usage of e-documents, there is potential for enterprises and SMEs to sell and buy online or shift procurement activities to the internet.
