E-commerce

Retailers in Turkey made a rather weak start into 2022 as their businesses declined in January more than usual.

Turnovers of retailers fell by 20 percent in the first month of this year compared with December 2021, according to a survey the United Brands' Association (BMD) conducted among member companies.

Consumers in Turkey have filed most complaints about online shopping experiences, banking as well as internet service providers last year, while arbitration boards settled 870 million Turkish Liras ($64,1 million) worth of dispute.

Amazon has reported its profit doubled to $14 billion in the crucial holiday quarter, giving a boost to jittery markets that expected less due to higher labor, sourcing and delivery costs.

The e-commerce colossus said its net sales climbed to $137 billion, and its profit benefited greatly from a return on investment in electric vehicle maker Rivian, which went public in November.

November's shopping spree is expected to boost the sales of both physical and online retailers by as much as 60 billion Turkish Liras (around $6.2 billion).

Retailers are keenly waiting for the Singles' Day on Nov. 11, the "Legendary Friday" on Nov. 26 and the Cyber Monday on Nov. 29.

Legendary Friday is the Turkish equivalent of Black Friday.

E-commerce growth in Turkey has continued to be above the pre-pandemic level and it grew by 89 percent at the end of the first eight months compared to the similar period of the previous year, a sectoral expert has said.

The Scientific and Technological Research Council of Turkey (TÜBİTAK) and D-Market Electronic Services and Trading, the company behind Turkish e-commerce giant Hepsiburada, will jointly establish an artificial intelligence center, Industry and Technology Minister Mustafa Varank said on Sept. 12.

He directed consumers to an online service for better comparative prices

The pandemic may have boosted the country's e-commerce industry, but it has also sparked fraud.

The data of the Consumer Ombudsman are revealing, according to which there was:

The Independent Authority for State Revenue (AADE)  has started an investigation, as celebrities promote products and services through social media, but there are indications that they do not declare the income from this activity.

Turkish e-commerce firm Trendyol, backed by Chinese internet giant Alibaba, said yesterday it had entered into agreements to raise $1.5 billion from a number of high-profile investors, valuing the company at $16.5 billion.

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That makes the company Turkey's first "decacorn," a word used for those companies over $10 billion, according to a written statement.