The Next Frontier – PayU’s global e-commerce report

The online fashion market in Romania will exceed the threshold of 1 billion dollars by the end of 2021

22/04/2021

PayU has launched the report entitled „The Next Frontier: The most promising markets for emerging E-commerce Leaders in 2021 and beyond”, which shows unprecedented increases in online shopping for high-growth markets, often overlooked before 2020, in favor of traditional western markets.

The report developed by PayU, examines online consumer spending in 19 countries on five continents for four e-commerce sectors with the fastest growth: beauty and cosmetics, digital products, fashion and gallantry and education.

 

There has never been a better time to be in e-commerce. Multiple factors: accelerated move to online shopping, mobile penetration, increased levels of internet access, and growing financial inclusion more generally, are driving consumers to shop online, while new regulations and innovations are further enhancing the security for consumer payments. This provides an unprecedented opportunity for growth in e-commerce for retailers around the world. Much of this opportunity is in the geographies where we operate. Conquering new markets will be critical for extending customer bases and capturing growth, particularly for online businesses based in more saturated mature markets

Mario Shiliashki, CEO, PayU Global Payments

Romanian Market

22/04/2021

At a time when the COVID-19 pandemic has caused major disruptions in economic activity, online commerce has supported sales for retailers and provided consumers with an important alternative to procuring their essential products for everyday life.

In this context, for several markets, the concentrated government change towards a greater digitalization of the economy is a real help, especially since one of the key pillars of this moment is e-commerce.

In the past months, Romanian shoppers have had the opportunity to experience more and more, how simple, fast, and safe it is to buy online, and for certain sectors, a considerably higher increase could be observed than in previous years.

 

„By the end of 2021, we expect the budget for online shopping in the fashion category to increase by 75%, exceeding $1B for the first time. Revenues are expected to  show  an  annual  growth  rate  of  10%  between  2021  and  2025,  resulting  in  a  projected  market  volume  of  $1.6bn  by  2025.” Elena Gheorghe, Country Manager, PayU România

22/04/2021

In addition to the simplicity and security of online payments, Romanian buyers also benefit from specially developed options for a pleasant experience. Two of the options that the online payment leader offers to those who pay through its platform are:

 

  • One-click payment „Pay by click”, – option through which the customer no longer has to enter his card details and can make the payment only one click away. At the end of las year, transactions paid for with this option accounted for 38% of total card payments.

 

  • The Instant Money Back option, through which the customer receives the money within a maximum of 30 minutes from the time of confirmation of the return, a unique benefit in Europe, offered by PayU România together with its partners

Download the global PayU e-commerce report

22/04/2021

15