E-commerce sales surpass 10 trillion rubles, with over half the revenue shared by just two market leaders
Updated Ranking of Top Russian Online Stores in 2024 and Yandex's Game-Changing Move
Here's the heads-up on the Top-100 Russian online retailers in 2024, as reported by Data Insight, with a revenue close to 10.5 trillion rubles. The heavyweights, Wildberries and Ozon, account for over half of this sales figure, followed closely by Yandex Market, MegaMarket, and DNS.
- Wildberries: 3.32 trillion rubles
- Ozon: 2.52 trillion rubles
- Yandex Market: 535.3 billion rubles
- MegaMarket: 342.6 billion rubles
- DNS: 263.6 billion rubles
- Samokat: 244.2 billion rubles
- Vse Instrumenty: 194.8 billion rubles
- Vkusvill: 176.3 billion rubles
- Kuper: 173 billion rubles
- Lamoda: 169.5 billion rubles
Although Wildberries and Ozon lead in the number of orders, their average order value falls short compared to specialized stores like XCOM-SHOP, MIUZ, Divan.ru, Holodilnik.Ru, and SHINSERVIS. Over the past five years, the Russian e-commerce market has seen a massive growth from 1.7 trillion to 12.6 trillion rubles, with e-commerce's share in total retail sales jumping from 5% to 23%.
The remarkable 7.5x increase in e-commerce revenue was driven largely by universal marketplaces like Ozon and Wildberries, which have aggressively expanded territorially. However, their financial results vary significantly. For instance, Ozon ended 2024 with a loss of 59.4 billion rubles – a 39% increase from the previous year – while Wildberries reported a net profit of 104 billion rubles, a staggering 3.5x increase.
Yandex.Market's financials were more stable, with a profit of 11 billion rubles, though this represented a significant drop from the previous year. However, Yandex Group's EBITDA soared to 188.6 billion rubles (up 56%), and its revenue under IFRS surpassed 1 trillion rubles for the first time, growing by 37%.
Last week, Yandex made a significant move by announcing the acquisition of the delivery service, Boxberry, and its entire infrastructure for an estimated 1-1.5 billion rubles. This strategic move is expected to significantly boost Yandex's geographical coverage and competitive position in the Russian e-commerce market. With Boxberry's established network of over 4,500 points, Yandex aims to meet and potentially surpass market leaders like Wildberries and Ozon in terms of reach and delivery efficiency.
In conclusion, the acquisition is a strategic gambit by Yandex to solidify its position in the Russian e-commerce market, setting the stage for an exciting competitive landscape in the coming years.
- I'm not sure if Yandex's acquisition of Boxberry will surpass Wildberries and Ozon in terms of reach and delivery efficiency.
- The financial results of the top Russian online stores in 2024 show that Yandex Market, with a profit of 11 billion rubles, is stable compared to others, though its profit dropped significantly from the previous year.
- In the updated ranking of top Russian online stores in 2024, MegaMarket, with a revenue of 342.6 billion rubles, is one of the heavyweights, falling behind Wildberries and Ozon but ahead of Yandex Market.
- Over the past five years, the Russian e-commerce market has witnessed a surge in technology and business, with average order values falling short when compared to specialized stores like XCOM-SHOP, MIUZ, Divan.ru, Holodilnik.Ru, and SHINSERVIS.
