- An interest in the WestProducts from the European Union are considered to be of higher quality and harder to find.
- The rapid growth of e-commerceThe Ukrainian market has over 40 million people and demand outstrips supply.
- A competitive advantageMany entrepreneurs are discouraged by the difficulty of market entry, which can actually make Ukrainian expansion a competitively viable opportunity.
Interesting facts about the Ukrainian market
The large Ukrainian market is still relatively unknown to many people. When expanding eastwards, businesses need to prepare for customs obligations outside the Schengen area, the use of the Ukrainian hryvnia, the vastness of the country with a more complex infrastructure, the Ukrainian language and the Cyrillic alphabet, and the administrative complexity of accounting and tax obligations.
On the other hand, the advantages of entering the Ukrainian market include the very rapid growth of interest in online shopping, Google as the most used search engine being, the lower costs for online marketing, and no initial obligations to establish a local company. Moreover, online shops have patient customers with an enthusiasm for quality Western goods which are not available on the Ukrainian market.
How can you gain local customers besides localising to Cyrillic, using verified transport services and including popular payment options using a local bank account number in the Ukrainian hryvnia? Ukrainians also appreciate things like detailed product descriptions, a clear order form, an easy way of returning goods to a local address and the confirmation of order receipt using the Ukrainian customer support. You can therefore gain credibility with articulate Ukrainian customers by using a local phone number or popular live chat.
- 44 millionResidents
- 4.7%Share of Online Sales
- €5 billionTurnover
- 75 000Number of Online Shops
- 25%E-commerce Growth