eCommerce market in Cyprus
Cyprus is the 91st largest market for eCommerce with a predicted revenue of US$961.4 million by 2023, placing it ahead of Serbia. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 11.5%, resulting in a projected market volume of US$1,486.9 million by 2027. With an expected increase of 20.9% in 2023, the Cypriot eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Cypriot eCommerce market. Fashion is the largest market and accounts for 29.0% of the Cypriot eCommerce revenue. It is followed by Food & Personal Care with 27.5%, Electronics & Media with 20.3%, Furniture & Appliances with 11.9%, and Toys, Hobby & DIY with the remaining 11.2%.
Market development
eCommerce revenue development in Cyprus
Cyprus is the 91st largest market for eCommerce with a predicted revenue of US$961.4 million by 2023, placing it ahead of Serbia. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 11.5%, resulting in a projected market volume of US$1,486.9 million by 2027. With an expected increase of 20.9% in 2023, the Cypriot eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Cypriot eCommerce market. Fashion is the largest market and accounts for 29.0% of the Cypriot eCommerce revenue. It is followed by Food & Personal Care with 27.5%, Electronics & Media with 20.3%, Furniture & Appliances with 11.9%, and Toys, Hobby & DIY with the remaining 11.2%.
eCommerce revenue development in Cyprus
Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source: Statista Market Insights, ecommerceDB
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|
| Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Growth (in %) | 73.9 | 85.6 | 45.8 | 97.0 | 80.8 | 9.7 | 81.5 | 95.2 |
| AOV (in US$) | 80.1 | 94.8 | 23.7 | 62.9 | 17.2 | 61.6 | 21.6 | 62.7 |
| CVR (in %) | 73.9 | 85.6 | 45.8 | 97.0 | 80.8 | 9.7 | 81.5 | 95.2 |
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