Insights into the growth of Serbia eCommerce with payment methods, target audiences, marketing, social media, economy and logistics all profiled
Serbia is home to 7.1 million people with a total GDP of 37 billion USD. GDP per capita is currently 5,451 USD and expected to reach 7,131 USD by 2021. Serbia is ranked as the 120th richest country by the World Bank GDP per capita rankings.
Digital User Insights
There are currently 2.9 million eCommerce users in Serbia, with an additional 1 million users to be shopping online by 2021. These 3.9 million eCommerce users will represent 69% of the total population. The average user spends 93 USD online, which will grow to 112 USD by 2021.
Dividing internet usage into age groups, gives a better picture of the Serbian eCommerce market. 99% of 16-24 years olds log on daily, 95% of 25-34 year olds, and 87% of 35-44 year olds. 45-54 year olds spend the least amount of time online with a 75% daily penetration rate, and there is an uptick in the older generations with 81% of those over 55 logging on daily.
Total eCommerce revenue across all product categories is 275 million USD, expected to reach 434 million by 2021. Electronics is currently the leading product category, accounting for 134 million USD market share. Fashion is second, accounting for 51 million USD.
By 2021, Electronics will still lead the charge, valued at 192 million USD. Fashion will also grow, reaching 85 million USD.
Preferred Online Payments
76% of shoppers used prepaid cards when shopping online, and a further 13% used credit cards. Mobile payments were also used online accounting for 8% of purchases.
Where does Serbia buy from?
Germany supplies Serbia with 2.2 billion USD in imports. Other key import partners are Italy (2.12 billion USD), Russia (2.07 billion USD), China (1.27 billion USD) and Hungary (1.11 billion USD).
Internet and Device Usage
Internet penetration in Serbia is currently at 64%, and should reach 70% by 2021. Smartphone penetration is 46% and is projected to grow to 53% by 2021.
89% of online shoppers in Serbia shop online via desktop. 4% of shoppers make purchases via smartphone, and 1% made their most recent purchase via tablet.
Total Marketing spend in Serbia has risen in recent years, as advertisers steadily invest more in digital and television advertising. Digital has grown to the second highest market spend reaching 24 million USD. Television is the highest market spend accounting for 103 million USD.
Serbia’s Social Media Penetration is just 3.58 million people in 2017, with this expected to reach 3.77 million people by 2021. Facebook is by far the leading social network. Twitter, Tumblr, Pinterest and Reddit all have a much smaller market share.
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.