Market Size of Serbia E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 22.30 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Serbia E-Commerce Market Analysis
E-commerce is becoming an increasingly popular form of purchasing goods and services among the citizens of Serbia. The number of internet users in the Republic of Serbia is undoubtedly increasing daily. The e-commerce market in Serbia is expected to register a CAGR of 22.3% during the forecast period (2022 - 2027).
The Internet is widespread in Serbia, but Serbia lags behind the developed countries of Western Europe. Serbia is one of the leading countries in the West Balkan region in terms of absolute and relative numbers of online shoppers. However, this is far behind Western European countries, where more than 80% of the population buys at least one product online.
The development of the digital economy, and therefore the growth of e-commerce, is one of the Government's priorities in the country. The Program for the Development of E-Commerce in the Republic of Serbia for the period 2020 was adopted, with an Action Plan having a set of measures and actions aimed at improving all elements in the field of e-commerce boosting customer assurance in online shopping, preserving the position of e-merchants, improving logistics flows, enabling electronic payment, etc.
Consumer spending has improved in 2020 and early 2021, and growth is expected to exceed the EU average by 2022. In 2020, the National Bank of Serbia recorded a significant increase in online purchases primarily attributed to the COVID-19 pandemic. However, household spending on non-food and services is expected to witness restrained growth beyond this period as consumers are unable to shift spending to less essential items due to the relatively low projected long-term GDP growth.
However, the Government has introduced new obligations for postal service providers to identify the sender and recipient of parcels. Implementing e-commerce is critical, and many government agencies still avoid public consultations and RIA. This can make long-term business planning a significant challenge, and access to adequate financial resources for Serbian consumers/importers could also be an issue.
According to the International Trade Administration, Serbian e-commerce doubled during the COVID-19 pandemic. Online grocery sales witnessed the most significant surge, followed by clothing and shoe sales and technology sales. According to the Serbian Statistics Bureau, Serbia had 3.3 million online customers in 2020.
