Report on the internet economy Online stores Two-billion-forint sales volume, upbeat expectations – buoyant online stores (Summary for the press)

05. 06. 2003.

According to the survey of GKIeNET Internet Research and Consulting Inc. in cooperation with Westel Telecommunications Co. and Sun Microsystems Hungary, the sales volume of online stores in Hungary totaled almost two billion forints in the first quarter of 2003. The number of purchases over the internet are estimated  at 300 thousand during the same time period. Based on this estimate, the average value of an online purchase was approximately 6000 forints.

The full-year revenue outlook is promising, given that online store operators expect the revenues of the first six months to double in the second half of 2003 (owing to seasonal factors, including Christmas shopping). Online-only stores predict a three-fold increase, while online stores with brick-and-mortar backgrounds anticipate an almost 50% growth in the second half of the year. Respondents project a 20% increase in revenues per transaction.

Retail sales (B2C) are expected to total six billion forints in 2003 as a whole, up one-third from the total B2C sales volume in 2002.

Sales volume of online stores (in billions of forints)

*forecast – Source: GKIeNET-WESTEL-SUN

About the survey

Almost 250 online stores were sent questionnaires via e-mail in the second quarter of 2003. The assessment of the current situation and future expectations of online stores was based on over 60 responses.