eCommerce market in Serbia

Serbia is the 68th largest market for eCommerce with a predicted revenue of US$919.8 million by 2024, placing it ahead of Ghana. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 6.8%, resulting in a projected market volume of US$1,197.0 million by 2028. With an expected increase of 7.8% in 2024, the Serbian eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Serbia, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Serbian eCommerce market. Hobby & Leisure is the largest market and accounts for 26.9% of the Serbian eCommerce revenue. It is followed by Electronics with 21.0%, Fashion with 17.2%, Furniture & Homeware with 11.9%, DIY with 9.1%, Care Products with 8.1%, and Grocery with the remaining 5.7%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Serbian retail market, the online share is 4.4% and will increase by an average of 10.2% to 6.4% by 2028.

The biggest player in the Serbian eCommerce market is gigatron.rs. The store had a revenue of US$53.0 million in 2023. Store rankings include every store that generates revenue in Serbia. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Serbia was considered.

With 84.5% share Cash on delivery is the most commonly offered payment method of all online stores in the Serbian eCommerce market in 2023. Unlike Cash on delivery which is of type Cash on delivery VISA, Mastercard, and American Express with shares of 72.7%, 70.9%, and 43.6% are of type Cards.

Despite BEX Express's dominant position with 27.4% of online stores opting for its services, the Serbian eCommerce market in 2023 remains diverse and competitive. Several other shipping service providers, including D Express, City express, Post Express, and AKS Express, hold smaller but significant shares, contributing to a dynamic and fragmented market.