Hungary - ECommerce Hungary - ECommerce
eCommerceCiting the boost e-commerce could give Hungary’s productivity and innovation, the Hungarian Government continues to place a high priority on advancing this sector. E- commerce had a slow start in Hungary but has been booming in recent years. The most developed segment is E-banking. There are currently 6,1 million online shoppers in Hungary.
E-commerce in Hungary expected to have a $2.04 billion total turnover in 2019 representing 6.2% of the total retail trade. Revenue is expected to show an annual growth rate of 7.3%, resulting in a market volume of US$2,706 billion by 2023. Online retail and web-shop concepts have been growing steadily since 2010. According to Eurostat data, around 62% of Hungarians shopped online in 2018, a figure which remains below EU average of 69%. Products purchased most frequently online include books, coupons, IT and electronic gadgets, insurance services, e-tickets, and holiday reservations. More than 70% of orders included home delivery, and most Hungarian online shoppers prefer cash payment upon delivery. Both males and females use online retailing equally. Most e-commerce revenue, nearly 40%, is generated in the last two months of the year before the holidays (Black Friday and Christmas).
In addition, the average value of the online shopping cart is higher than that of traditional purchases. The average cart size increased from HUF 7,500 ($27) to HUF 11,600 ($42) during the last five years. The average revenue per user per year currently amounts to US$300.70. Online customers are more inclined to spend a bigger sum at one go. In 2017, there were roughly 12,800 web shops registered in Hungary which is only 1.6 % of the total number of online stores in Europe (Source: eCommerce News.)
According to GKI Digital, the best e-retailers in Hungary include: Extreme Digital, eMAG, Aqua, Mall, Media Markt, Tesco online webshop and Libri-Bookline. The largest e-retailers had a total turnover of HUF 360 billion sales in 2017. More information on the EU Regulations website. Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.