Turkey's e-commerce feast: A promising banquet for Australian fintech
- Written by Business Daily Media
As Christmas discussions around the dinner table turn to turkey, tech enthusiasts are setting their sights on a different kind of feast in the bustling markets of Turkey, or Turkiye as it is now known, which is predicted to become a global e-commerce powerhouse by 2026.
According to projections, Turkiye is poised to become the world's fifth-largest economy by 2030, with a staggering GDP of $US9.1 trillion, driven by a booming e-commerce sector.
The surge in Turkiye's e-commerce market is not just a seasonal trend but a reflection of the country's anticipated overall economic growth.
Standard Chartered forecasts an impressive trajectory for the Turkish economy, with a GDP more than tripling in size from 2017.
This economic dynamism has created a fertile landscape for the e-commerce sector, spurred by COVID restrictions, increased vendor adoption of online solutions, and evolving consumer behaviours.
PwC predicts that that the online shopper base will reach 45 million in 2026, representing over 70% of the total addressable population.
Mark Nagy, the CEO of DataMesh, which hosts an e-commerce gateway as part of its unique omnichannel payments orchestration platform, has been closely monitoring Turkiye's e-commerce developments.
Nagy notes that Australia, a global leader in fintech innovation and cashless technology, is now eyeing Turkiye as a strategic growth opportunity.
“Turkiye is strategically located between Europe and the Middle East and has been one of the key emerging markets to embrace e-commerce solutions,” he said.
DataMesh, which was recently awarded the Best Service Innovation prize at the 2023 AFR Most Innovative Companies awards night, is gearing up to expand its footprint globally.
“There are a host of opportunities available to our business, and we are spoiled for choice,” Nagy said.
“Ultimately, it will come down to where we see the greatest growth potential, with emerging markets such as Turkiye now being considered when they would have previously been overlooked.”
The consensus within the Australian e-commerce industry is that exciting times lie ahead, with technology and the sector continuing to evolve.
As Australian-born companies, including fintech innovators like DataMesh, explore new markets, emerging economies like Turkiye are taking centre stage on the global arena.
The potential for growth in Turkiye's e-commerce market is staggering, with a projected 17% increase from $US26 billion in 2023 to $US48 billion in 2026. This growth trajectory aligns with the broader trend of Australian companies seeking opportunities in emerging markets, breaking away from the conventional norms of expansion.
As we toast to the holiday season, the Australian fintech industry is raising a glass to the exciting prospects that lie ahead in Turkiye's e-commerce landscape.
