Russia is an Emerged Market and part of the BRIC (Brazil, Russia, India, China); four countries in a similar stage of advancing economic development. (See other related World Market Blogs). I would like to share a few points on Russia from a recent article in The Economist. It emphasizes the consumer demand for eCommerce products and it defines how the Russian consumer is in tune with the cash-based online payment programs offered in their country.
According to The Economist, Russia’s e-commerce buyers prefer to pay for online purchases with cash. With online participation up by 14% in the last year, Russia is home to Europe’s biggest online population. This is with an Internet penetration rate of just 37.1 percent, nearly half that of nearby France and Germany.
The Economist notes that Russia is certainly an eCommerce market worth keeping an eye on. I fully agree, and strongly suggest you include Russia in your target market list for review and analysis. I also recommenced you review the many World Market Blogs that address marketing and regional economies.
We welcome the opportunity to help you grow. To learn more about Established Markets, Emerged Markets, Emerging Markets, and Seedling Markets continue to monitor this Blog and contact a World Market Vendor Support Representative.
References:
http://pymnts.com/briefing-room/commerce-3-0/The-Wacky-Ways-of-Russian-eCommerce/
http://www.economist.com/node/21555560
https://www.cia.gov/library/publications/the-world-factbook/index.html
http://www.internetworldstats.com/
http://www.slideshare.net/Gemius_com/ecommerce-in-ukraine-trends-and-attitudesminireportjuly-2011
http://www.imrg.com/ImrgWebsite/IMRGContents/Files/UkraineCountryProfile_july11_uk_executive_summary.pdf
http://ec.europa.eu/information_society/activities/internationalrel/docs/pi_study_rus_ukr_arm_azerb_bel_geor_kaz_mold/3_ukraine.pdf
https://www.cia.gov/library/publications/the-world-factbook/geos/up.html
https://www.cia.gov/library/publications/the-world-factbook/geos/rs.html
eCommerce News and Commentary by Glenn Gearhart, CEO of World Market Vendor Services, Inc. - Addressing: Pay online with CASH; cross border online sales without payment fraud; simple expansion into regional and global sales to 235 countries; effective online cash payment in product sales; service and hosting of simple and direct international selling and promotion; leveraging business operations to immediately reach 2.3 billion internet and a billion smartphone cash paying users.