Eastern European Market Table of Contents
Ecommerce in Eastern europe is seeing continued growth as the years go by. Eastern Europe constitutes Bulgaria, Hungary, Poland, Romania, Serbia, Ukraine and Russia.
The European market is a hive of activity. It is made up of a variety of markets that are both demanding and diverse. The European market has a lot to offer as a result of this. It allows for growth and exposure to a variety of exciting and enlightening e-commerce activities.
In the European market, there are 34 countries. Almost all residents have access to the Internet, with 67 percent of them shopping online. Europeans have money to spend, according to GDP. In 2019, the old continent's total GDP was € 13 trillion.
Eastern Europe is a hub for historical goodness and so many stories. But amid the incredible things it has to offer, there is an important element that never fails to surprise people. The eastern European market has definitely built a good name over the years. Despite the good name it has built for itself, its market is less expensive compared to other parts of Europe. This and many other features of the European market will be addressed in this article.
According to United Nations Statistics Division, Eastern Europe consists of Belarus, Bulgaria, Czech Republic, Hungary, Poland, Romania, Russian Federation, and Slovakia, the republics of Moldova, and Ukraine. Countries in Eastern Europe share similar properties as they are smaller in size. They also have an open market. This means that they freely trade with foreign countries and depend on their exports. The automobile industry is quite big in Eastern Europe and cars, as well as vehicle parts are exported from there to other countries.
Unlike Eastern Europe, Western Europe is known as the hot topic of Europe. Western Europe includes the greats like France, Germany, Italy, among others. Their economy is more blooming and they are by far wealthier than Eastern Europe. But why so? Firstly, we need to acknowledge that Western Europe is a developed country. Eastern Europe, on the other hand, is still a developing country. Hence, Eastern Europe is referred to be poorer than Western Europe. This is a result of the effects of communism still lingering over there.
Right before the end of World War II where Eastern Europe belonged to the Soviet Union, they practiced communism. Then the event of the fall of the Berlin Wall occurred. This was a remarkable event that paved the way for many occurrences in the world. It also brought a divide in the Soviet Union, and Eastern Europe was finally free from communism. Their lifestyles were gradually sipped in with capitalism. But till date, the effect of the Soviet Union still prevails.
The economy of Eastern Europe has widely grown since the fall of the Berlin Wall. A good example of a country that the break out of the Soviet Union has had a positive effect on is Poland. Their GDP has increased by over 100%. This growth is seen in other Eastern European countries except for Ukraine. Unlike its counterparts, Ukraine’s GDP reduced by over 20%.
Although Eastern Europe boasts of economic improvement, we must acknowledge that their economy didn’t start soaring immediately after the collapse of the Soviet Union. There was a decline in their GDP in the first decade as they witnessed a recession. Their GDP began to rise after the 21st century.
There is no doubt that Eastern Europe has a lot of potential for a boost in their economy. This has been testified by global investors that have seen the vision of Eastern Europe. As mentioned earlier, Eastern Europe has already gained ground in the automobile industry. With household names like Mercedes-Benz, Kia, Ford, among others, they proudly beat their chests at the fast-growing automobile industry.
Cars and vehicle parts are not the only things Eastern Europe trades. They also pride themselves in their prosperous food and wholesale industry. A major industry that is thriving and has the potential to thrive better is technology. Eastern Europe is already doing very well with its trade in Biotechnology products and services. With their quality of staff, educated workforce, and proximities to Western Europe, they have an edge while delving into the technology sector. As we continue to see the growing need for technology in the world, Eastern Europe could use this to their advantage and meet the needs of people as regards technology.
Eastern Europe has no doubt experienced some setbacks but they are pulling up strong. We see their growth and advancements as opposed to the eras of the Soviet Union. The future seems to be very promising as great entities and investors confirm they are heading in the right direction.
Scroll down to read our indepth European Ecommerce Platforms guide. What you should know, European Ecommerce Platforms features, price plans and support. Pros and Cons of European Ecommerce Platforms as a ecommerce, everything is explained below.
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