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Russian e-commerce venture SberMarket’s transaction volumes triple -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo of Russia’s biggest lender, Sberbank, in one its Moscow offices, Russia. December 24, 2020. REUTERS/Maxim Shemetov

(Reuters] – Sberbank’s ecommerce arm, which is Russia’s biggest lender, announced Friday that it saw its transactions triple in the third quarter. This was due to an increasing range of services including express delivery.

Sberbank, which purchased a stake in the joint venture it had with VK internet company VK in January, became majority shareholder in SberMarket.

SberMarket’s gross product value (GMV) in July-September, an online measure of transaction volume, increased to 14.5 trillion roubles ($203.75million). More than 4x more orders were placed, reaching 5.994 millions.

24 percent of all orders were sent expressly.

GMV grew three-fold in nine months to 36.2 billion rubles during the first nine months. This is three times more than it was in the same time period last year.

AliExpress Russia launched its e-commerce venture last month between China’s online giant, Alibaba. Alibaba (NYSE:) Russian partners reported GMV of 133.3 million roubles in the first half 2021-22 financial years, an increase of 36% over the previous year.

($1 = 71.1640 Rubles).

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