Insights into the growth of Bulgaria eCommerce with Payment methods, target audiences, marketing, social media, economy and logistics all profiled
Bulgaria is home to just over 7 million people with a total GDP of 49 billion USD. GDP per capita is currently 6,927 USD and expected to reach 8,878 USD by 2021. Although it’s a small country, with a relatively low income, Bulgaria’s GDP per capita is projected to show impressive growth with a CAGR of 4.5% year-on-year.
Digital User Insights
There are currently 2.4 million eCommerce users in Bulgaria with 1 million new users shopping online by 2021. There will be 3.4 million eCommerce users by 2021, this will represent 59.6% of the total population. The average user spends 201 USD online, which will grow to 224 USD by 2021.
In 2016, males outnumber female shoppers, with this evening out in the younger age groups. Younger shoppers are also more likely to shop online, with just over 600,00 shoppers in both the 16-24 age group, and the 25-34 age group.
In 2021, the ratio of male to female shoppers is expected to remain the same, with new shoppers spread across all age groups. Shoppers in the 25-34 year old age group will account for the biggest market share, with almost 1 million shoppers falling into this category.
Total ecommerce revenue across all product categories is 489 million USD, expected to reach 772 million by 2021. Fashion is currently the leading product category accounting for 208 million USD market share. Electronics is the second leading product category accounting for 157 million USD.
By 2021, fashion will continue to lead the charge, valued at 343 million USD. Electronics will remain in second place, reaching 231 million USD.
In 2016, Bulgaria ranked 72nd in the World Bank Logistics ranking, however as Bulgarians increasingly move to urbanized areas their ranking climbs. 74% of Bulgaria’s population reside in urban areas, this is a result of steep growth in recent years and is projected to continue growing.
Preferred Online Payments
Bulgaria uses similar online payment methods to the rest of Europe. Credit cards are popular, with all major credit cards used online in the last year. Alternate payment methods include SEPA, Mint, Mobiamo, and TrustPay.
Where does Bulgaria buy from?
Germany supplies Bulgaria with 13% of its imports. Other key import partners are Russia (12%), Italy (8%), Romania (7%) and Turkey (6%).
Internet and Device Usage
Internet penetration in Bulgaria is currently at 57%, and should reach 64.5% by 2021. Smartphone penetration is 43.1% and is projected to grow to 61.1% by 2021.
89% of online shoppers in Bulgaria shop online via desktop. 5% of shoppers make purchases via smartphone, and just 3% made their most recent purchase via tablet.
Total Marketing spend in Bulgaria has risen steadily in recent years with brands increasingly turning to TV. TV has grown to 774 million USD market spend and leads the advertising spend categories. Digital market spend has grown slowly and steadily year-on-year since 2008, and is currently at 39 million USD market spend.
Bulgaria’s Social Media usage is expected to reach 52.33% by 2021. Popular networks include Facebook (74.5% of internet users), Youtube (21%), Google Plus (7.9%) and Twitter (5%). A small percentage of the population of internet users (5%) also use LinkedIn.
For more market insights, check out the eShopWorld series of blogs covering a range of emerging eCommerce markets.
*Insights derived from eShopWorld data, Statista, WorldBank, OECD and other industry sources.