eCommerce market in Greece

Greece is the 32nd largest market for eCommerce with a predicted revenue of US$9,423.2 million by 2024, placing it ahead of Belgium. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 10.4%, resulting in a projected market volume of US$14,012.6 million by 2028. With an expected increase of 13.4% in 2024, the Greek eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Greece, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Greek eCommerce market. Hobby & Leisure is the largest market and accounts for 26.9% of the Greek eCommerce revenue. It is followed by Electronics with 21.0%, Fashion with 17.2%, Furniture & Homeware with 11.9%, DIY with 9.0%, Care Products with 8.4%, and Grocery with the remaining 5.7%.

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 Greek retail market, the online share is 7.4% and will increase by an average of 9.2% to 10.5% by 2028.

The biggest player in the Greek eCommerce market is shein.com. The store had a revenue of US$303.9 million in 2023. Store rankings include every store that generates revenue in Greece. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Greece was considered.

The Greek eCommerce market in 2023 in terms of offered payment methods is fragmented and highly competitive with VISA (Cards) covering the largest share with 95.8% of all online stores checked. Other offered payment methods in the Greek eCommerce market in 2023 are Mastercard (Cards) with 95.5%, Cash on delivery (Cash on delivery) with 79.8%, and Bank transfer/cash in advance (Bank transfer) with 77.5%. With 62.8% PayPal (E-wallets) still has a considerable market share amongst the offered payment methods compared to VISA (Cards).

Despite ACS's dominant position with 42.8% of online stores opting for its services, the Greek eCommerce market in 2023 remains diverse and competitive. Several other shipping service providers, including ELTA, Geniki Taxydromiki, BOX NOW, and SpeedEx, hold smaller but significant shares, contributing to a dynamic and fragmented market.

In the Greek eCommerce market, there is intense competition among various shop software solutions, leading to a highly fragmented landscape in 2023. None of the major shop software solution, including Magento, WooCommerce, and OpenCart, have been able to secure a market share exceeding 13.1%, suggesting a diversified market with numerous players holding smaller stakes.