World Bulletin – 16 july 2013
World Bulletin/News Desk
According to the research, Internet retail is expected to see a compounded annual growth rate (CAGR) of 15.8 percent by 2017 at a value of $6.6 billion. “On-going technological development, Turkey‘s growing youth population and a drive towards the convenience of online shopping will continue to support the rapid expansion of Turkey‘s e-commerce sector,” the report stated.
The research also predicted that Internet usage will rise 27.5 percent between 2012 and 2017, “driving e-commerce and allowing increased exposure for e-retailers through online advertising.” Stating that Internet users made up 45.7 percent of the population in 2012, the report said that the real value of Internet retail expanded by 314 percent in real terms from 2007 to 2012.
Noting that the rapid market penetration of smartphones is expected to increase by 124.4 percent between 2012 and 2017, the report said that by 2017, the mobile sector will be a $5.2 billion industry and will drive M-commerce (Mobile Commerce) in Turkey.
Pavel Marceux, a Euromonitor international’s technology, communications and media analyst, noted in the report: “The Turkish young population is increasingly technologically literate and urbanized, having grown up in the Internet age and in cities, unlike their forefathers. This trend is exacerbated byTurkey‘s growing wealth, which is allowing more consumers to buy luxury goods such as smartphones and PCs, as well as receive improved technology skills training. With the expansion of Turkey‘s GDP per capita by 10.9 percent in real terms between 2007 and 2012, we expect a bright future for e-commerce.”