PayU GPO Romania, a leader in the local online payment market, projects that the Romanian e-commerce market will reach around 11.5 billion euros in 2024. This estimation suggests a 16% growth compared to the previous year, with services expected to surge by 30%. This growth could position Romania as the second-largest e-commerce market in Central and Eastern Europe (CEE), closely following Poland and potentially surpassing the Czech Republic.
In 2023, Romania’s e-commerce market was valued at approximately 9.8 billion euros, with products/goods making up about 65% of this value and services the remaining 35%. IT and home products, clothing, and food products were among the most searched categories online. Romania ranked third in the CEE e-commerce market size, trailing Poland and the Czech Republic but showing the potential to become the region’s second-largest e-commerce market.
Optimizing for Growth
To support this projected growth, PayU GPO Romania emphasizes the importance for merchants of offering an omnichannel experience, integrating technologies like RPA (Robotic Process Automation) and AI (Artificial Intelligence) to personalize consumer interactions and make informed, swift business decisions.
Future Payment Trends
The payment process remains a critical factor for revenue growth among online merchants. While card payments, including those through saved cards (Google Pay, Apple Pay, and other digital wallets), are expected to maintain a growth rate of 15%-20%, Account-to-Account payment methods like Open Banking or Instant Payments are anticipated to gain traction in the e-commerce industry.
PayU GPO Romania advises merchants to streamline the checkout process, clearly state terms regarding delivery, returns, and refunds, and prominently display payment methods. Offering pre-saved card payment and installment payment options can significantly boost conversion rates, potentially generating up to 30% more revenue, with the average value of installment payments being three times higher than instant payments.
