In the past decade, Turkey has emerged as one of the most promising economies in Europe and Asia, particularly in its CEP Market. Its location connecting Western Europe to the Middle East and Asia makes it a key interlocker of the global economy. And, as its economy grows, firms will have to change their strategies in order to adjust to evolving consumer needs. This article will discuss three major trends affecting the CEP Market in Turkey.
1, Rapid E-Commerce Growth: According to PricewaterhouseCooper, the e-commerce market in Turkey is forecasted to reach 400-450 billion TRY by 2026, from 46 billion TRY in 2019, a growth of well over 800% in just 7 years!
2, Greater Digitalization: By 2026, the online shopping base in Turkey is forecast to be approximately 45% (roughly 70% of the adult population), according to PricewaterhouseCooper
3, Increased Competition: As the CEP Market grows in Turkey, established leaders in this industry, such as Yurtiçi Kargo and Aras Kargo, have found themselves in competition with digital disruptors such as Banabi or Getir. These firms offer innovative services, such as live-tracking or pre-scheduled deliveries, whose practices have been adopted by the larger companies in order to stay competitive.
With increased digitization and competition, consumers in Turkey now have a variety of options for their purchases, meaning that firms must be agile and adjust to the specific needs and values of their clientele. As opposed to a ‘one-size fits all’ strategy, firms should tailor their services to the specific needs of their clients. Are you looking to enter the Turkish CEP Market? With our logistics knowledge and experienced management, Mail Boxes Etc. is the ideal partner for any firm looking to be a leader in this rapidly growing marketplace.
(Photo: Unsplash)
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