Ecommerce in Hungary was worth 781 billion Hungarian forint (2.2 billion euros) in 2019. The domestic online retail turnover saw a 17 percent increase compared to the previous year.
And if the expectations are correct, ecommerce in Hungary may exceed 4.9 billion euros by 2024. The data come from a joint research by Reacty Digital and eNet.
Steady increase of online purchases
The frequency of domestic online purchases has been steadily increasing for years, eNet explains. According to the study, ICT, clothing & sportswear, and consumer electronics are the product categories with the largest online traffic in Hungary. The highest shopping cart value can be found in the construction and renovation category, while the lowest is observed in online food ordering.
Some ecommerce branches are booming
Baon.hu says the effect of the coronavirus is felt in all areas of the Hungarian economy. “While retail sales growth is expected to slow in the short term, ecommerce will have a historic chance to grow, with some branches booming and expected to stabilize at a higher level than before (e.g. food, household goods, et cetera).”
‘2.7 billion euros in 2020’
Reacty Digital forecasts that the domestic online retail turnover of Hungary will be worth around 2.7 billion euros at the end of this year. By 2024 it may increase up to 2.2 times and exceed 4.9 billion euros.
9 in 10 Hungarians have bought online
Currently, nine out of ten Hungarians aged between 18 and 79 have already bought something online. In recent years, the share of consumers who buy online on a weekly or monthly basis has been increasing. In most cases, these are low-value orders (less than 14 euros), and as the value increases, the frequency of purchases decreases.
The most popular product categories purchased online are clothing, shoes & bags (57 percent), smartphones & accessories (56 percent), and toys & gifts (52 percent).
Most popular payment methods
When Hungarians are shopping online, most of them (45 percent) prefer a cashless payment, which is mainly by credit card through a bank system, although cash on delivery is also still popular. In Hungary, an average online shop offers four different payment options. The most widely available methods are cash on delivery and bank transfer. “This shows that the payment methods offered and preferred by consumers are not always compatible.”