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Georgia: The Unexpected Pioneer in Digital Transformation
The analysis’s most significant finding is that Georgia is emerging as Europe’s fastest-growing e-commerce market, with a projected annual growth rate (CAGR) of 15.8% between 2024 and 2028. With current revenues of $127 million in 2024, this comparatively small market is on a path to achieve $228 million by 2028. It is anticipated that the nation’s online sales will increase from the current 7.9% to 12.4%.
This remarkable growth is driven by three main factors:
- a young population (average age of 38.1 years)
- growing digital infrastructure
- developing economic foundation with a GDP of $30.5 billion (2023)
Source: ECDB
Malta and Bulgaria: Up Next
There is also a lot of promise in other smaller European markets. Malta, with an 11.3% CAGR and Bulgaria, with a 13.6% CAGR, offer additional alluring prospects for e-commerce investors.
Both markets are characterized by low but quickly increasing online sales shares; Malta anticipates a 4.9% increase, while Bulgaria anticipates a 3.3% increase.
Iberian Peninsula: Two Distinct Development Narratives
An intriguing contrast is presented by the comparison between Portugal and Spain. Portugal is expanding at a slower rate of 8.6%, whereas Spain exhibits a strong CAGR of 10.1%.
While the Portuguese market offers a more stable but slower growth trajectory, the Spanish market primarily benefits from the quick digitization of major cities like Madrid and Barcelona.
Prospects for Investment
These figures show a distinct pattern for investors and e-commerce business owners: the East and South of the continent offer the best chances for exponential growth, even though traditional Western European markets are still stable.
The next generation of e-commerce leaders can be established in the perfect environment thanks to the growing digital infrastructure, youthful populations, and untapped markets.
According to these EcommerceDB projections, the European e-commerce industry is about to enter a new stage of growth, with emerging markets in Eastern and Southern Europe serving as the primary growth engines.
