GKID-Mastercard: e-commerce will continue to polarize in 2023

By: Trademagazin Date: 2023. 10. 06. 14:02

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A half-yearly increase in turnover below inflation, an unceasing increase in order frequency, a stagnant domestic market and an invigorating import turnover characterize the first six months of this year’s online retailing, according to the GKID and Mastercard Digital Commerce Overview.

Based on the measurements of GKID and Mastercard, online retail reached a gross turnover of HUF 631 billion in the first half of the year, which means an increase of 8.8% compared to the same period of the previous year. While the turnover of online sales increased by 7.7% in the first quarter, and by 9.8% in the second quarter compared to last year. Although the growth in itself is encouraging, taking inflation into account, this expansion actually represents a decline for the sector in real terms. In addition, the change in the dealer mix also contributes to the growth:

“The growth of the Hungarian e-commerce market is currently mainly driven by foreign e-traders not operating in Hungary. The online traffic of domestic companies is rather on a stagnant or slightly decreasing track”

– assessed the reasons behind the growth of the market in the first half of the year, Norbert Madar, senior consultant and partner of GKID, which prepared the research.