E-Commerce in Greece Rising to €4 Bln Annually

More and more Greeks choose to make their purchases online, and more and more merchants offer their products and services on the Internet, a Greek E-Commerce Association (GR.EC.A.) survey says.

According to the study, e-commerce turnover in Greece now reaches 2% of GDP, while in absolute figures it amounts to 4 billion euros, while there are more than 6,500 e-shops in Greece.

The e-commerce sector in Greece is constantly growing. Today, in Greece, there are more than 3 million online shoppers (in over 7 million internet users), spending an average of about 1,300 euros each year. The figure accounts for 40% of the “online” user population, while the increase in purchases from Greek e-shops (more than 80% of e-shoppers) is also important. Indeed, in a related survey, 30% of respondents replied that they spend 50% of their spending budget for the purchase of goods and services over the Internet.

However, according to research data presented by ELTRUN (E-Commerce Laboratory of the Athens University of Economics and Business) regarding e-commerce in Greece (2016), despite the rapid growth of card use over the past two years, cash on delivery remains the most popular method of payment for online purchases. As figures show, the high rate of C.O.D. payments in Greece is associated with consumers’ fear of security and privacy violation (online fraud) as well as concerns about the product they will eventually receive (quality, and terms of return or change of product purchased).

Furthermore, card payments increased from 44% to 54% since capital controls have been imposed in June 2015. Still, compared to Europe, Greece has a long way to go, as the average European citizen makes more than 65% of their purchases online.