Serbia’s e-commerce landscape is experiencing remarkable growth, marked by consistent double-digit expansion. Tomislav Momirović, the Minister of Internal and External Trade, attests to this dynamic trend. The Serbian government is committed to nurturing the ongoing development of the e-commerce sector. Whether you’re considering establishing permanent residence or launching a business in Serbia, our experts stand ready to assist with company registration in Serbia, securing residence permits, and facilitating foreign bank account openings.
Delving Deeper into Serbia’s E-Commerce Market Size
Statista’s data reveals that Serbia’s e-commerce market reached a substantial $710.7 million in 2022. While it experienced a slight 10% dip compared to the previous year, it’s crucial to consider its consistent growth over the last five years. Industry experts anticipate robust growth of 34.5% in 2023, propelling the market value to an impressive $955.7 million. Over the next five years, annual growth rates are projected to remain strong, averaging 14.65%. Consequently, the market is poised to achieve a remarkable turnover of $1.65 billion by 2027.
This growth extends to the number of participants. In 2020, approximately 3.3 million customers engaged in e-commerce in Serbia. Projections indicate a surge in users, reaching an estimated 4.36 million by 2027. This transition is significant, with an expected 56.7% of the population participating in e-commerce by the end of 2023, projected to increase to 62.5% by 2027. On average, customers are anticipated to spend around $236 annually.
Revenue Distribution in Serbia’s E-Commerce Market for 2022:
- Beauty, Health, Personal Care, and Household: $138.4 million (19.5%)
- Drinks: $5.12 million (0.7%)
- Electronics: $179.9 million (25.3%)
- Clothing: $202.6 million (28.5%)
- Food: $9.12 million (1.3%)
- Furniture: $12.44 million (1.8%)
- Mass Media: $17.94 million (2.5%)
- Toys: $145.2 million (20.4%)
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Spotlighting Serbia’s Top Internet Stores by Sales Figures:
Statista highlights the leading internet stores in Serbia, ranked by net sales figures:
- Gigatron — $43.6 million
- Tehnomanija — $40.1 million
- IKEA — $18.6 million
Together, these e-commerce giants command a significant 25.8% share of the total revenue generated by Serbia’s top 100 internet stores.
Legal and Regulatory Landscape
The legal regulation of e-commerce in Serbia has witnessed significant improvements. In 2017, Serbia introduced the Law on Electronic Documents, Electronic Identification, and Trusted Services in Electronic Business, which enhanced the existing services and introduced a number of novel trusted services (including qualified electronic delivery, qualified electronic storage, and qualified electronic seal).
The 2019 amendments to the Law on Postal Service imposed fresh responsibilities on postal service providers to verify both senders and recipients of packages aimed at combating illegal online trade.
In the same year, the Ministry of Trade, Tourism, and Telecommunications (MTTT) introduced a comprehensive Law on Trade and revised the Law on E-commerce, governing online business-to-consumer sales, fostering innovative pricing models, and recognizing various e-commerce business models
Celebrating E-Commerce Excellence with the Hot Spot Award:
The Hot Spot E-commerce Awards, an esteemed annual event held in Belgrade, shines a spotlight on exceptional contributions to Serbia’s e-commerce landscape. In its second edition, this highly anticipated event featured a keynote address by Tomislav Momirović, the Serbian Minister of Internal and External Trade. More than 20,000 people participated in the selection process for the 33 laureates across various categories from 100 companies. An expert jury further enriched the selection process.
The 2022 award winners across various categories:
- Best Marketplace: Ananas;
- Online Store in the Tourism and Travel Sector: Air Serbia;
- Online Clothing Store: Fashion&Friends;
- Online Sports Goods Store: Sport Vision;
- Online Food Products Store: Wolt Market.
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Tomislav Momirović’s Vision for Serbia’s E-Commerce Sector:
The Hot Spot E-Commerce Awards ceremony held in Belgrade at the end of January was a testament to the industry’s growth and success. During his keynote address at the Awards ceremony, Tomislav Momirović emphasized the robust double-digit growth witnessed in Serbia’s e-commerce market in 2022 and the significant transformation that the digital landscape had undergone over the past three years, surpassing the changes in the preceding three decades.
The Ministry of Trade and the Serbian E-Commerce Association are committed to enhancing the legal framework to ensure fair competition in the sector and boost consumer trust in e-commerce. They anticipate positive changes in EU e-commerce regulations, paving the way for Serbian companies to expand into the EU market. Efforts are also underway to promote cashless transactions within the country. Measures include enhancing the legal framework to ensure equitable competition in e-commerce and bolstering consumer trust in online transactions. Furthermore, changes to European Union e-commerce regulations present new avenues for Serbian e-commerce ventures to expand into the EU market.
To effectively combat illicit trade, Serbian authorities actively monitor social media platforms and employ specialized software. In 2022, they tracked 48,000 ads related to unlawful trade and removed over 80,000 online ads promoting counterfeit products. Additionally, the Ministry of Internal Affairs reported the confiscation of more than 800,000 illicit items in the past year, delivering a significant blow to the shadow economy.
The winners of the 2022 awards:
- Best marketplace: Ananas
- Online store in the tourism and travel sector: Air Serbia
- Online clothing store: Fashion&Friends
- Online sports goods store: Sport Vision
- Online food products store: Wolt Market
In conclusion, Serbia’s e-commerce sector presents a compelling growth story, underscored by its consistent double-digit expansion and positive outlook. With a comprehensive insight into Serbia’s e-commerce landscape, you can confidently explore the vast potential it offers for your business or investment endeavors. Serbia’s e-commerce sector is on a trajectory of sustained growth, and seizing the opportunity now can yield significant rewards in the years to come.
Our experts are happy to provide professional advice on entering the Serbian e-commerce landscape. Please contact us today at [email protected] for an individual consultation.
