The Influence of Online Business in Turkey on Economic Growth

Created: Aug 24, 2023

Updated: Dec 30, 2024

Turkey, like many other nations, faced economic challenges due to various factors, including political instability and the global pandemic. E-commerce emerged as a glimmer of hope, providing opportunities for every online business in Turkey to adapt, innovate, and thrive in a changing economic landscape. In recent years, E-commerce has emerged as a powerful tool that not only revolutionizes the way we shop but also plays a significant role in boosting economies worldwide. Turkey, a country with a rich history and diverse culture, has found itself embracing E-commerce as a crucial player in its economic recovery. In this article, we will delve into the various ways E-commerce is becoming a beacon of hope for Turkey's economic resurgence.

Contents

1 The Growth of E-commerce in Turkey
2 E-Commerce and Turkey: Facts, Figures and Statistics
3 How GO-Globe Can Enhance Your Online Business in Turkey
4 Conclusion
5 Frequently Asked Questions (FAQs)

The Growth of E-commerce in Turkey

Turkey's E-commerce sector has experienced remarkable growth, with a significant increase in online sales and digital transactions. The advancements in technology has fueled this growth, transforming the way consumers interact with businesses. For an online business in Turkey, this trend represents a pivotal opportunity, connecting entrepreneurs with new markets and enabling them to contribute to the nation’s economic resurgence and a ray of hope.

E-commerce has in fact been a major factor in Turkey's economic resurgence and a ray of hope. The expansion of internet shopping has given companies the chance to access a larger customer base, increase consumer spending, and support the nation's overall economic growth. The way that internet platforms are influencing Turkish trade is fascinating to observe!

Enhanced Market Accessibility through Digitalization

E-commerce has broken down geographical barriers, enabling businesses to reach customers across the nation and beyond. This digitalization has democratized access to markets, empowering even small businesses to compete on a larger scale.

E-commerce's Impact on Small Businesses

Small businesses form the backbone of Turkey's economy. E-commerce provides them with a platform to showcase their products and services without the overhead costs of traditional retail spaces. This inclusivity contributes to economic growth and job creation.

Employment Opportunities in the Digital Marketplace

The rise of E-commerce has led to an increase in job opportunities in various fields, from digital marketing to logistics and customer support. This shift to online business in Turkey has diversified the job market and decreased unemployment rates.

Cross-Border Trade and Global Outreach

E-commerce facilitates cross-border trade, allowing Turkish businesses to connect with international consumers. This global outreach not only increases revenue but also promotes cultural exchange and international cooperation.

Innovations in Payment Systems

Secure and efficient online payment systems have played a pivotal role in E-commerce's growth. With advancements in payment gateways and digital wallets, consumers can make transactions with confidence, boosting their trust in online business in Turkey

E-commerce's Role in Tourism

The tourism industry suffered significant setbacks due to travel restrictions. However, E-commerce has provided a lifeline by enabling virtual tours, online bookings, and souvenir sales. This integration of technology and tourism has aided in the sector's revival.

Challenges and Solutions in E-commerce Growth

While E-commerce offers numerous opportunities, challenges such as cybersecurity threats and logistical complexities must be addressed. Collaborative efforts between businesses, the government, and tech experts are essential to mitigate these challenges.

Government Initiatives to Promote E-commerce

The Turkish government has recognized the potential of E-commerce in driving economic recovery. Initiatives to foster digital literacy, improve infrastructure, and provide incentives to E-commerce businesses are paving the way for sustainable growth.

Sustainable E-commerce Practices

As E-commerce continues to expand, sustainability has become a crucial concern. Businesses are adopting eco-friendly practices, from packaging to supply chain management, contributing to both economic and environmental well-being.

E-Commerce and Turkey: Facts, Figures and Statistics

Infographics by GO-Globe Turkey

Turkey's GDP (PPP) resulted to $3.573 trillion in 2023, while its GDP (PPP) per capita increased to $41,412 in 2023.
83% of the total population of Turkey had access to the Internet in 2023.
E-commerce market size in Turkey by the end of 2022 was calculated as TRY 800.7 billion.
Since online shopping is gaining prominence, E-commerce share in total retail sales were 20.4% in the year 2022.
The number of e-commerce transactions in Turkey came out to be 563.38 million for the year 2022.
In 2022, nearly 64% of the population purchased a product or service online at least once.
Turkey is the 19th largest market for eCommerce, with a predicted revenue of US$18,696.1 million by 2023.
Revenue in the Turkish E-commerce market is expected to show a compound annual growth rate (CAGR 2023-2027) of 13.6%, resulting in a projected market volume of US$31,185.0 million by 2027.
With an expected increase of 26% in 2023, the Turkish eCommerce market contributed to a worldwide growth rate of 9.6% in 2023.
Five markets are considered within the Turkish eCommerce market:

42.3% - Electronics & Media
18.5% - Toys, Hobby & DIY
18.4% - Fashion
11.3% - Furniture & Appliances
9.6% - Food & Personal Care

According to the survey done by the Turkish Statistical Institute, 92% of the households had access to the Internet from home in 2021, which was an increase from 90.7% in 2020.
For payment, debit and credit cards are the most popular method in online stores in Turkey: they represent nearly 60% of payments.
In 2023, cash on delivery makes up 7% of transactions. Bank transfers account for approximately 11% of online payments. Digital wallets represent roughly 11% of all online transactions.

How GO-Globe Can Enhance Your Online Business in Turkey

To establish a strong online business in Turkey, you must build a strategy that aligns with local consumer preferences and market trends. GO-Globe is a top-rated web development company that offers a suite of services designed to help businesses stand out and thrive online.

Here’s how partnering with GO-Globe Turkey can enhance your online presence in the Turkish market. We take care right from building a robust website to implementing effective SEO strategies.

Customized Web Development and Design

As a leading provider of web design Ankara, GO-Globe’s team focuses on designing websites that not only look great aesthetically but also provide user-friendly experiences that are the foundation for building trust and retaining customers.

We understand that with over 75% of the population active online, a unique, optimized website is essential to capture consumer attention and set your brand apart. GO-Globe’s specialized approach ensures that each site is in accordance with your brand's core identity. Moreover, it engages users effectively and ranks well on both local and global search engines.

SEO-Driven Strategies for Enhanced Visibility

GO-Globe understands that visibility of a website is key to the success of an online business in Turkey. Our experts diligently integrate SEO best practices in every project starting from keyword research to technical optimization. First they analyse popular Turkish search terms and competitors then they optimise content and other site elements to enhance rankings.

With expertise in both local and global SEO, We promise to enhance your brand’s discoverability and organic traffic across platforms

E-Commerce & ERP

The Turkish e-commerce market is projected to raise up to $31 billion in the next three years. However, many firms face issues meeting the requirements and needs of their users. With GO-Globe’s ERP and e-commerce solutions, you receive safe and easy-to-use platforms. We also incorporate user-friendly payment systems, solutions for inventory and order management, and sophisticated analytics to serve both B2B and B2C models.

Internal Efficiency with Intranet and Extranet Solutions

It is necessary for companies to enhance collaboration and streamline their internal operations. Aware of this fact, GO-Globe provides reliable, scalable intranet and extranet solutions. You can also get these solutions customized to meet the communication and data-sharing needs of Turkish companies. With this approach, GO-Globe helps businesses to focus more on customer service and less on administrative burdens. As a result, productivity and service delivery are enhanced, and businesses flourish.

Corporate Image Revitalization

Turkey is a competitive market where businesses require a strong corporate image to stand out. As a prominent contributor in web design Ankara, GO-Globe enhances your brand’s online identity with professional designs, quality visuals, and consistent branding. Our team of experts ensures your digital presence aligns with modern Turkish consumers.

Ethical and Transparent Business Practices

GO-Globe is committed to transparency and ethical business practices. What sets us apart is that we communicate with our clients honestly. Not only do we keep them informed about every stage of the project but also welcome their feedback.It helps build trust on our clients and also resonates with Turkish users who prefer brands that show responsibility and transparency.

Data-Driven ROI Optimization

From the start of your project to its completion, we continuously use data analytics to monitor web performance to exclude any shortcomings. With our focus on conversion rate optimization and key performance indicators, we ensure that your website is not just visibly appealing but also capable of driving conversions and increasing profitability.

As a market leader of web design Ankara, GO-Globe offers a full range of web development services to help businesses stand tall among competitors.

From boosting SEO rankings and customer engagement to optimizing operations with ERP solutions, GO-Globe delivers expert strategies for sustained growth, increased visibility, and long-term success for every online business in Turkey.

Conclusion

E-commerce's role in Turkey's economic recovery cannot be overstated. It has brought forth a wave of transformation, empowering businesses, creating jobs, and fostering international connections. As the country navigates its path toward economic resurgence, E-commerce remains a beacon of hope, guiding the way to prosperity for every online business in Turkey.