Rapid growth in Turkish eCommerce
Taking a bite from the Turkish delight will reap sweet rewards for online retailers
Turkish e-commerce transactions reached an impressive $12.3 billion in 2011, representing an increase of 57% on the previous year according to the Interbank Card Center. Combine this upsurge with the 12% per year e-commerce growth Forrester Research Inc (FORR) predicts for European growth over the next 5 years, and it becomes obvious that it’s time to pay attention to Turkey.
Impressive statistics but what’s going on?
Half the population of Turkey is under 30 years old. This young society has been quick to adopt technological innovations and they now spend more time online per week than the worldwide average. This tendency translates into a high responsiveness to social media – 89% of Turkish Internet users are on Facebook and they are the 11th most active country on Twitter.
95% of the Turkish population are expected to have a mobile phone in 2013, with global corporations such as Telecom Italia having already entered Turkey to take advantage of this.
Furthermore Turkey has a credit driven economy, with a 62% credit card penetration among consumers. All of this has led to a positive environment for the development of Turkish e-commerce.
How to reap sweet rewards….
Turkey’s Internet Users leaped from just 14% of the total population in 2006 to around 45% of the total population in 2011 representing 35 million Internet users. With only around 10%-15% of these internet users buying online at the moment, it’s clear there’s huge potential. Top categories for Turkish online purchases are electronic devices, home appliances, sporting equipment and clothing – are you one of these types of retailers?
72.4 percent of consumers say they would be more likely to buy a product with information in their own language. Website quality and perceived risk are important factors for Turkish users when shopping online and handing over card details, so building this trust in your brand and the users’ confidence in your security is important. Localise your website and overtake the competition.
Who has taken a bite?
Some of the UK’s biggest companies, including Vodafone, HSBC, Diageo, Shell, BP and Tesco, currently operate in Turkey – will you be joining them?
It’s important to bear in mind that Turkey also has a good geographical location; its proximity to Europe, Russia, Asia and the Middle East makes it well placed to launch into other markets with huge potential. Logistically it also has good shipping firms that can support swift delivery around the country and further afield so it’s only a matter of time before Turkish companies become your competition. Whether you decide to view Turkey as an opportunity for your own growth or a threat to your current global market share, it’s time to think about Turkey.
Got a sweet tooth yet?
To find out how to launch a Turkish version of your website to start selling to Turkey, contact Web-Translations: sales[at]web-translations.co.uk / +44 (0) 113 815 0460.