Growing online consumer spending attracts new sellers to e-commerce
Justina Šidlauskienė, Deputy CEO at Paysera.
According to Paysera, consumer spending in the Baltic e-stores and service websites it provides services to, increased by nearly 5% in the first half of this year compared to the same period last year, reaching 549.9 million euro.
In the first half of 2024, online platforms served by the company – including e-stores and various service websites – processed 6.99 million purchases and service orders. This represents a slight increase from the 6.93 million transactions recorded in the same period last year.
"We're observing an interesting trend – not only are overall expenditures in e-commerce growing, but also the amount consumers spend in a single shopping session. While last year's average shopping cart value was 76 euros, this year it increased to 78 euros. This shift can be attributed to a combination of various factors. Firstly, the inflation rate, which reached 3% in Lithuania in May, likely contributed to higher spending in the digital marketplace. Furthermore, the sector itself is maturing, drawing more customers and instilling greater confidence in online transactions. It's also worth noting the persistence of new online shopping habits formed during the 2020–2021 pandemic" – says Justina Šidlauskienė, Deputy CEO of Paysera.
The State Data Agency reports that in 2023, 60.9% of Lithuania's population aged 16-74 made online purchases of goods or services within the previous 12 months, up from 60.1% in 2022.
As e-commerce expands, the number of online retailers continues to rise. This year alone, over 2,400 new e-commerce stores and service platforms were launched, choosing Paysera as their payment partner.
"Both established businesses and new market entrants are confronting a new reality: launching a physical store without an online sales channel is just inefficient. Many enterprises are opting to shift their operations entirely to the digital realm, where operational costs are substantially lower. Consequently, the continued growth of the e-commerce sector and its ability to attract an ever-expanding array of retailers is a natural progression" – says J. Šidlauskienė.
About Paysera
Founded in 2004 in Vilnius, Lithuania, Paysera is a financial technology company that offers more than 100 ways for European online stores to accept payments from buyers for their purchases. Paysera also provides services such as accounts, transfers, currency exchange, gold trading, and others.