In a surprising turn of events, Russia experiences a decline in new sellers after five consecutive years of growth.
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A surprising dip in fresh entrepreneurs diving into retail trading on major marketplaces occurred in 2024, marking the first decline in five years. In contrast to the previous year's 194,4 thousand new sellers, we witnessed a modest 7% decrease in 2023. The fascinating details came from a study conducted by "Point" bank, as reported by "Vedomosti".
Looking back, the market witnessed an uptrend since 2020, with a 34% jump in 2020 compared to 2019, a skyrocketing 323% year-on-year increase in 2021, a moderate 20% increase in 2022, and yet another 30% surge in 2023.
Analysts aren't feeling optimistic and believe that the sluggish influx of new players can be linked to market congestion and fierce competition. By the close of the first quarter in 2025, the number of sellers on these marketplaces barely crept up, showing a minuscule 0.45% increase.
Interestingly, the Russian e-commerce market galloped from 1.7 trillion rubles in 2019 to an astounding 12.6 trillion rubles in 2024, skyrocketing by a whopping 7.5 times. This growth transformed the e-commerce sector's share of total retail trades, expanding from a humble 5% to a significant 23%. The primary growth drivers were the universal marketplaces such as "Ozon" and Wildberries, whose total earnings mushroomed 20 times, and their market share increased 2.8 times – from 23% to a dominating 64%.
An earlier report by DK.RU unveiled a near 25% surge in online payments made by Russian consumers by the end of 2024. Notably, 76% of these purchases happened in the regions, with 24% in Moscow and St. Petersburg, and the overall value of online sales increased by 40% year-on-year.
It's worth highlighting that the major marketplaces shifted gears in 2024, venturing into unconventional areas such as the "car leasing market" and launching "страховой компании" (insurance companies). Wildberries had already dabbled in insurance services and even set foot in the B2B market. It also rolled out a cargo transportation solution and a service similar to SDEK for sending packages for personal use. A rumor also circulated that Wildberries is developing its preferred version of “Avito,” an online classifieds platform, expected to launch in the first half of 2025.
Previously reported by DK.RU, the annual increase in marketplaces, just like in other countries, persists. Despite Wildberries and Ozon dominating the market with up to 75%, the number of smaller, niche stores is on the rise.
A debate involving the challenges, opportunities, strategies, and insights on opening a marketplace like Yuliana Gordon, founder of the iWENGO school, is available for you to educate yourself. Learn about who should consider establishing their marketplace, the hurdles they may face, the reasons behind the high cost of private label in Russia, and other intriguing aspects of e-commerce.
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- The study conducted by Point bank, as reported by Vedomosti, also revealed a decrease in the number of new participants in the finance and retail sectors, with a 7% decrease in finance-related startups in 2023 compared to the previous year.
- In the retail industry, the car leasing market and insurance companies are emerging as new sectors for major marketplaces, such as Wildberries, which has already delved into insurance services and the B2B market, and is rumored to launch its version of an online classifieds platform in the first half of 2025.
