eCommerce market in Serbia

Serbia is the 92nd largest market for eCommerce with a predicted revenue of US$955.7 million by 2023, placing it ahead of Haiti. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 14.6%, resulting in a projected market volume of US$1,650.7 million by 2027. With an expected increase of 34.5% in 2023, the Serbian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Serbia, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Serbian eCommerce market. Fashion is the largest market and accounts for 30.6% of the Serbian eCommerce revenue. It is followed by Food & Personal Care with 20.3%, Electronics & Media with 19.6%, Toys, Hobby & DIY with 18.3%, and Furniture & Appliances with the remaining 11.2%.

Market development

eCommerce revenue development in Serbia

Serbia is the 92nd largest market for eCommerce with a predicted revenue of US$955.7 million by 2023, placing it ahead of Haiti. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 14.6%, resulting in a projected market volume of US$1,650.7 million by 2027. With an expected increase of 34.5% in 2023, the Serbian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Serbia, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Serbian eCommerce market. Fashion is the largest market and accounts for 30.6% of the Serbian eCommerce revenue. It is followed by Food & Personal Care with 20.3%, Electronics & Media with 19.6%, Toys, Hobby & DIY with 18.3%, and Furniture & Appliances with the remaining 11.2%.

eCommerce revenue development in Serbia

in million US$, in %

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$) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Growth (in %) 80.9 87.3 32.0 32.4 73.6 37.7 0.1 75.1
AOV (in US$) 71.5 30.2 45.2 66.8 82.9 13.8 23.1 31.7
CVR (in %) 80.9 87.3 32.0 32.4 73.6 37.7 0.1 75.1
AOV: Average Order Value CVR: Conversion Rate

Top stores

Top five online stores in Serbia by net sales 2021

The biggest player in the Serbian eCommerce market is gigatron.rs. The store had a revenue of US$43.6 million in 2021. gigatron.rs is followed by tehnomanija.rs and ikea.com as the second- and third-largest stores with US$40.1 million and US$18.6 million, respectively. Altogether, the top three stores account for 25.8% of the top 100 online stores' revenue in Serbia. Store rankings include every store that generates revenue in Serbia. 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 Serbia was considered.

eCommerce net sales generated in Serbia in 2021

in million US$

Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed

Source: Annual report, secondary sources, ecommerceDB analysis

no-access-0 no-access-1 no-access-2 no-access-3 no-access-4
Filtered revenue (in mUS$) 900.0 550.0 470.0 430.0 370.0
Share of global revenue (in %) 20.7 12.0 3.9 20.6 20.7
Global revenue (in mUS$) 8,300.0 4,600.0 1,190.0 2,122.0 1,814.0
Growth global revenue (in %) 8.3 12.4 33.6 18.0 12.6