eCommerce market in Cyprus

Cyprus is the 77th largest market for eCommerce with a predicted revenue of US$1,100.3 million by 2023, placing it ahead of Lithuania. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 6.5%, resulting in a projected market volume of US$1,414.5 million by 2027. With an expected increase of 2.8% in 2023, the Cypriot eCommerce market contributed to the worldwide growth rate of 8.7% in 2023. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Cypriot eCommerce market. Hobby & Leisure is the largest market and accounts for 25.9% of the Cypriot eCommerce revenue. It is followed by Electronics with 21.3%, Fashion with 17.5%, Furniture & Homeware with 11.7%, Care Products with 9.3%, DIY with 8.8%, and Grocery with the remaining 5.6%.

Market development

eCommerce revenue development in Cyprus

Cyprus is the 77th largest market for eCommerce with a predicted revenue of US$1,100.3 million by 2023, placing it ahead of Lithuania. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 6.5%, resulting in a projected market volume of US$1,414.5 million by 2027. With an expected increase of 2.8% in 2023, the Cypriot eCommerce market contributed to the worldwide growth rate of 8.7% in 2023. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Cypriot eCommerce market. Hobby & Leisure is the largest market and accounts for 25.9% of the Cypriot eCommerce revenue. It is followed by Electronics with 21.3%, Fashion with 17.5%, Furniture & Homeware with 11.7%, Care Products with 9.3%, DIY with 8.8%, and Grocery with the remaining 5.6%.

eCommerce revenue development in Cyprus

in million US$

eCommerce revenue growth in Cyprus

in %

Net eCommerce revenue split by sub-category

in %
2020 2021 2022 2023 2024 2025 2026 2027
Revenue (in mUS$) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth (in %) 0.6 14.6 35.8 91.1 22.9 11.6 54.5 56.1

Online share

eCommerce online share in Cyprus

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Cypriot retail market, the online share is 12.3% and will increase by an average of 9.7% to 17.7% by 2027.

eCommerce online share in Cyprus

in %
2020 2021 2022 2023 2024 2025 2026 2027
Online share (in %) 56.6% 96.8% 56.2% 15.1% 12.5% 56.8% 33.9% 90.5%