Greek Tech on the Rise in E-Commerce
Greek e-commerce has grown significantly in recent years, increasing by over 8% from 2017 to a current value of €3.7 billion at the end of 2018 — a trend that is just the tip of the iceberg when it comes to observing the growth in this space. In this next post of our Greek Tech Rising series diving into the different verticals of the burgeoning Greek startup ecosystem, we explore the key trends of e-commerce in the local market and which startups are disrupting the space.
Promising Projections of Online Commerce
Seeing as the industry draws new online consumers everyday, this positive growth trend is only expected to develop further through 2019 and the years to come. In fact, projections expect e-commerce in Greece to be valued at €4 billion by the end of 2019, which aligns with linear progression predictions. This new burst in e-commerce shines a beacon of light onto Greece’s gradual recovery from its financial crisis. Numerous e-shops have emerged across all online retail sectors and consumers have followed suit by increasing purchasing to partake in the new developments.
The Surprising Driver of Increased E-Commerce Activity
In 2018, there were over 3.5 million online shoppers in Greece, and this number has continued to grow since. Actually, the economic crisis is a main driver for the boost in e-commerce activity. Due to income reduction, consumers have become more price sensitive which directs them towards online shopping. As bargain buyers, most Greek consumers are looking to compare a wide range of products for the best deals, which only works to the e-commerce industry’s benefit. By allowing consumers to shop and compare many products and prices at one time, e-commerce has gained an important advantage over retail stores.
Companies Disrupting the Travel Space
While one might typically envision an online marketplace selling tangible objects such as clothing or supplies; the future of e-commerce lies in an industry of services. From fresh grocery delivery to Artificial Intelligence technology services, Greek startups are breaking new ground in redefining traditional e-shops. Here are a few companies in the space who are leading the pack.
Connecting Consumers to Local Businesses and Freelancers
Giaola is a local service online marketplace that connects consumers to local businesses and freelancers. Since its founding in 2014, Giaola has successfully helped thousands of users to find, contact, book, and rate these local services in a convenient manner. With Giaola, Greek consumers have an extensive range of services at their fingertips. Thus, Giaola is leading the way to create a new system of efficiency in Greece. Though the startup is a small team of roughly 50 members, Giaola takes on a large scope of work and has a big future ahead. Notably, Giaola has already gained a partnership with the National Bank of Greece and received the national “Get in the Ring” award. With such a strong foundation of relationships and recognition, this local startup has already planted the seeds to reach new heights in the near future.
Providing Email Analytics & Marketing Automation for E-Commerce
Through advanced analytics, unique personalization, and powerful automation, Contact Pigeon works with their customers to craft impactful marketing strategies specific to the client’s market position. Rather than providing general solutions for broad target consumer segments, this startup uniquely uses one-on-one client relationships to craft specific, personalized messages and content. With Contact Pigeon’s services, e-commerce companies are able to create individualized customer experiences across all segments. Given the rapidly expanding Greek startup environment, Contact Pigeon aims to extend its services to a broader range of clients.
Providing Easier, Quicker, and Better Ways to Grocery Shop
e-Fresh has a unique quick delivery service unlike any other. Customers can fill out an online shopping list, and e-Fresh will fulfill the order in 4 minutes and deliver within 3 hours. Thus, the startup helps busy lifestyles become a little more stress free. Since its founding, e-Fresh has gained over 60,000 users. In fact, e-Fresh’s customer base grew by 94% in 2018 alone and the company delivered over 250,000 grocery orders.
e-Fresh uses new artificial intelligence, such as automation and robotics, to process orders in a timely fashion. The startup plans to expand its reach in the coming year by investing in greater technological innovation. By doing so, e-Fresh stands to forge the path for artificial intelligence in Greece and become a leader in online retail services.
Helping Local Retailers Expand Business & Stay Organized
By collecting data on stocks, orders, suppliers, and customers, Intale is able to provide retailers with comprehensive information about their overall business performance. Since the startup’s founding in 2010, the company has assisted over 1000 retailers in digitizing their businesses. Notably, Intale’s clients have reported increased daily transactions and business growth as a result of using Intale’s software.
Intale has already taken major strides toward success in the Greek startup industry. Not only has Intale received funding from both Angel Investors and Venture Capital, but it has also been voted European SME of the month by Microsoft Europe. With such strong support, Intale aims to increase digitalization and efficiency among Greek retailers in years to come.
Bringing Fresh Homemade Meals to Dinner Tables
Rather than paying for high-priced meals from restaurants, foodies can use the Cookisto app to see what their neighbors are cooking for dinner and buy portions at lower prices. By sharing locally made meals, Cookisto facilitates a win-win situation where amateur home cooks earn a little extra by selling their extra food portions and foodies are able to find delicious home cooked dinners at affordable prices. The average price for homemade meals on Cookisto is around €2 to €4.
Since launching Cookisto, the startup attracted over 12,000 home cooks and frequent users of Cookisto seem to love it. Customers have expressed their appreciation for Cookisto’s ability to bring their community closer together.
Greek Tech Rising
The future of Greek e-commerce looks bright given the industry’s recent growing success. As Greece continues to recover from the crisis and consumer confidence continues to rise, e-commerce will play a critical role in transforming and reviving the Greek economy. Explore the rest of the #GreekTechRising series to learn more about other trending industries, emerging ventures in each space, how they are all contributing to the overall rise of the Greek tech ecosystem.
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