Following the surge in e-commerce during the years affected by the coronavirus (COVID-19) pandemic, the growth rate of Hungary’s online retail trade revenue considerably slowed down. Since the early 2000s, e-commerce has been constantly expanding in Hungary, encouraging more and more consumers to make their purchases over the internet. Hungary has a population of almost 10 million, out of which 79 percent were online shoppers in 2023.
In recent years, making online purchases from mobile devices has become increasingly common. However, desktop computers still accounted for a larger share of online retail revenue in 2023, measuring at nearly 56 percent. When it comes to paying for goods purchased online, in 2022, over a third of Hungarians still preferred cash on delivery. Nevertheless, electronic payment methods have also been gaining ground over the past period. In the same year, home delivery was consumers’ favorite way of receiving their online orders, followed by picking up the package from a parcel locker.
The e-commerce market size is expected to continue following an increasing trend in the country, however, at a considerably slower pace than in the early 2020s. By 2029, Hungary’s e-commerce revenue is forecast to reach nearly four billion U.S. dollars.
Hungarian e-commerce landscape
The growing popularity of online shopping inspired retailers to rethink their business models and adapt to the online world, making nearly all products available for online purchase. As of 2023, nearly every fourth company operating in Hungary sold their products or services online, which was the highest figure ever recorded. Considering e-commerce net sales, the online marketplace emag.hu, and the leading online FMCG store kifli.hu have been the most successful online retailers in the country. One of the most important indicators of the Hungarian e-commerce market’s rudimentary consolidation is the merger of two key players, eMAG Hungary and Extreme Digital. The fusion of the firms gave birth to one of the most prominent online retailers in Central and Eastern Europe, which will be able to compete with large international e-commerce businesses.Online shopping behavior
In 2023, electronics and fashion were the leading segments considering e-commerce sales, with electronic products generating 659 million U.S. dollars’ worth of revenue. When asked about the articles purchased online over the past year, most Hungarians stated they had bought shoes and clothing, medicated preparations, and food products over the internet as of 2023.In recent years, making online purchases from mobile devices has become increasingly common. However, desktop computers still accounted for a larger share of online retail revenue in 2023, measuring at nearly 56 percent. When it comes to paying for goods purchased online, in 2022, over a third of Hungarians still preferred cash on delivery. Nevertheless, electronic payment methods have also been gaining ground over the past period. In the same year, home delivery was consumers’ favorite way of receiving their online orders, followed by picking up the package from a parcel locker.
The e-commerce market size is expected to continue following an increasing trend in the country, however, at a considerably slower pace than in the early 2020s. By 2029, Hungary’s e-commerce revenue is forecast to reach nearly four billion U.S. dollars.
