eCommerce market in Cyprus

Cyprus is the 86th largest market for eCommerce with a predicted revenue of US$548.7 million by 2024, placing it ahead of Ivory Coast. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 2.0%, resulting in a projected market volume of US$594.7 million by 2028. With an expected increase of 2.3% in 2024, the Cypriot eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Cypriot eCommerce market. Hobby & Leisure is the largest market and accounts for 26.4% of the Cypriot eCommerce revenue. It is followed by Electronics with 20.8%, Fashion with 16.7%, Furniture & Homeware with 11.8%, Care Products with 9.3%, DIY with 8.6%, and Grocery with the remaining 6.3%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Cypriot retail market, the online share is 13.5% and will increase by an average of 9.3% to 19.3% by 2028.