Seventy-two per cent of Polish e-commerce entrepreneurs expect to see an increase in revenue in 2024 compared to 2023, according to a report by fintech firm Conotoxia.
The expectations highlighted in the ‘Global e-commerce in 2024 – Business opportunity or challenge for Polish companies?‘ report by Conotoxia also align with analysts’ economic forecasts – which suggest consumption will pick up in the coming months and become one of the drivers of economic growth again. This trend has also been confirmed by Polish retail sales figures for the second half of this year.
Only 1.5 per cent of entrepreneurs expect a decrease in revenue, a confidence-boosting decrease from the year before when 7.1 per cent of respondents expected that scenario.
Regarding how Polish entrepreneurs plan to strengthen their position in foreign markets, 53 per cent plan to invest in marketing activities, and 19 per cent in logistics.
Robert Blaszczyk, head of strategic clients department at Conotoxia, commented: “Poland is not the only economy whose condition will definitely improve in the near future, though.
“The Czech Republic, Lithuania, Latvia, Hungary and Bulgaria are the countries where the GDP growth rate in 2024 should accelerate to about 2.5 per cent. Romania will expand even faster. On the other hand, in the eurozone, the growth rate, which in 2023 will be around 0.5 per cent, will not exceed 1one per cent in the following year.”
Among Polish entrepreneurs offering their goods abroad, 53 per cent are opening up to the German market. In turn, 44 per cent enable purchases to customers from the UK, and 35 per cent are trying to establish a presence in the Netherlands.
Further places on the list of the most popular directions for foreign expansion of Polish e-commerce representatives are occupied by France – 30 per cent, the USA – 29 per cent and Sweden 27 per cent.
Preferred payment methods in Poland
Payment methods made available by sellers are also proving important to customers. Conotoxia revealed that while BLIK is the clear winner in Poland, chosen in 84 per cent of transactions, consumers outside Poland are most likely to complete transactions using PayPal (44 per cent) and payment cards (38 per cent).
Providing methods adapted to the specifics of a given market is a crucial element when planning international expansion.
Internet users’ preferences vary considerably from country to country. In Western Europe, the aforementioned PayPal method dominates, with 72 per cent in Germany, 62 per cent in France, 61 per cent in Austria and 61 per cent in Italy.
However, in the Netherlands, iDeal is the most popular method (58 per cent). In the US, card payments are as popular as BLIK in Poland – selected for more than 83 per cent of transactions.
Cards emerged as even more popular for online shopping in Romania (92 per cent) and slightly less so in Bulgaria (78 per cent).