Under 0.5% of business in Cyprus happens on the web

E-Commerce is tiny in Cyprus - so it's a major opportunity to capitalise on!

Amazing statistic, but true. The source is The Statistical Service of Cyprus report, “Information and Communication Technologies (ICT) Usage and e-Commerce Survey in Enterprises”. It tells a story of an economy in the dark ages when it comes to the use of the internet to help businesses grow.

If you work the numbers in the report, the only conclusion is the value of internet business being transacted in Cyprus is very, very small. Probably under 0.5% of all business transacted in Cyprus. There are many factors behind this.

Infrastructure Issues

The infrastructure to support e-commerce in Cyprus is still in its early days. That’s not just about the availability of broadband – it’s about the means to pay for things sold online and then to distribute them.

Cultural Issues

There are underlying cultural issues and concerns about the security of internet shopping. That’s already changing. I picked up some books shipped to me by Amazon from the Post Office last week. The rack they came from was filled with similar Amazon boxes and other well known internet shopping sites.

The attitude seems to be it can’t happen here. It can – and it will. Prices in Cyprus are now sufficiently high that in many cases it’s cheaper to buy elsewhere in Europe and get stuff shipped here. Internet shopping also opens up wider choices than typically exist in Cyprus. If you can choose from a wider selection and buy cheaper – that’s a tide ultimately nothing can hold back.

Huge Opportunity

There’s a huge opportunity to offer innovative customer service and marketing propositions – and it will happen. Sure there’s a need for all of the infrastructure to support e-commerce to catch up – read more about ‘What’s stopping internet shopping taking off in Cyprus?’

For businesses wishing to grab market share quickly – e-commerce is the place to be in Cyprus. For the businesses that get this right – the rewards are huge.