Market Size of Slovak Republic E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 14.22 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Slovakia E-Commerce Market Analysis
E-commerce refers here to the trading of goods or services over computer networks such as the internet by methods specifically designed for the purpose of buying and selling commodities and services. The Slovak Republic is one of the fastest-growing regions in Central Europe in e-commerce. As the digital infrastructure and logistics network improve, the potential for growth in the country is obvious.
- Rapid urbanization in the country is a major factor that drives the e-commerce market. For instance, in 2022, according to World Bank, 53.76% of Slovakia's population were living in urban areas, while 46.24% were living in rural areas. The country has huge areas of development in the urbanization rate, indicating the strong potential for growth of the studied market.
- The strong growth of B2C e-commerce in the Slovak Republic in the past years means that the internet is now a good place for Slovak enterprises and Slovak citizens to do their businesses and shopping. The widespread use of the internet and high access to smartphones and mobile broadband is the driving factor for the growth of the e-commerce market in the Slovak Republic. According to the European questionnaire on Information and Communication Technologies by Eurostat, 80% of internet users in Slovakia will use the internet at least once a day in 2021.
- Small and Medium Enterprises (SMEs) are accountable for an essential role in the economy's growth, employment of a large number of people, and helps in innovation. According to Eurostat, 68% of internet users bought goods or services online in 2020 in the country. The country is expected to witness increasing traction in the studied market with increased internet penetration.
- Moreover, according to OECD, SMEs account for 99.9% of firms, 72% of jobs, and 58% of value-added in the Slovak Republic. Manufacturing is the biggest sector in the Slovak Republic, which employs around 500 000 people, of which approximately 54% work in SMEs.
- The COVID-19 pandemic has significantly impacted the studied market in a positive manner. Further, social media penetration is high in the country and has become a key contributor to the SMEs during the COVID-19 pandemic to reach out to the masses. The social media platforms are letting the users shop conveniently with different modes of payment. Such factors are contributing to the growth of the studied market.
