What Are The Essential Aspects To Know About The E-Commerce Market Size In Turkey?

The e-commerce market in Turkey ranks 18th with a predicted revenue of USD 23000 million by 2023. The economy of Turkey relies heavily on private consumption, making the consumer goods and retail sector important. 

The recent growth is fuelled by the expansionary policies implemented by the government. Turkey is a transcontinental Eurasian country. As a foreign investor, if you are interested in establishing an online marketplace, you should know about the e-commerce market size. 

The economy of Turkey has a promising growth rate in the world. Furthermore, the country attracts a large number of foreign investors. Here are some of the essential aspects to know about the e-commerce market size in Turkey. 

The Turkish Ecommerce Market Outlook 

For the best e-commerce business opportunities in Turkey, you need to address the critical growth opportunities. The Turkish e-commerce market is highly competitive and dynamic. The following aspects offer a detailed overview of the current Turkish e-commerce market outlook. 

• The pandemic restrictions in 2020 have resulted in increased growth of the online marketplaces in Turkey 
• Most sellers nowadays are increasingly adopting e-commerce solutions 
• By 2027, the total number of people accessing e-commerce platforms will be 66.10 million 
• The user penetration is expected to rise to 76% by 2027

The e-commerce market of Turkey comprises numerous online marketplaces and retailers. Therefore, you should initiate the right business approach to establish your online marketplace in Turkey. 

Opening an E-commerce Business in Turkey- Things to Know 

Even if you are opening an online business, the platform needs structure. It requires to be registered with the Trade Register and Turkish tax authorities so that you can issue invoices. Therefore, company registration in Turkey is necessary. To boost the reliability of your e-commerce business, you should also ensure the following:

• Email address where you can receive and sort the queries of your customers 
• Certificates that guarantee the protection of users’ personal data 
• Online payment solutions like merchant accounts 
• A valid business address for your company in Turkey
• Your company’s tax number 

Registering your Turkish Ecommerce Company with the ETBIS 

ETBIS, also known as Electronic Commerce Information System, plays a crucial role in developing effective policies associated with e-commerce. The ETBIS aims to register e-commerce companies in Turkey. Its main aim is to ensure the safety of customers when they’re shopping online. 

If you are setting up an online marketplace in Turkey, it is mandatory for you to register with the platform. You must register your online store with ETBIS. During registration, you should file the unique registration number issued by the Turkish Trade Registrar. 

While registering with the ETBIS, you should also provide the tax identification number. Your online store’s email address and the accepted payment methods should be mentioned clearly while registering. 

As a foreign investor, you can have 100% ownership of the company. Moreover, you will have the freedom to transfer your profit out of Turkey without any issues. Foreign entrepreneurs might find it difficult to tackle the challenges of e-commerce company formation in Turkey. You can derive key insights on e-commerce company formation by visiting http://fo-consultancy.com/.