The study of Research Group Central Agency (RGCA), an officially accredited agency of the international operator IPSOS, discovered that purchasing patterns of Uzbek consumers are undergoing a radical transformation from outdoor markets to online marketplaces.
With a population of 35 million and dynamic economic growth Uzbekistan is a promising destination for digital services and e-commerce. The National E-commerce Strategy estimates the market capacity of Uzbekistan around USD 1.6 billion in 2023.
If until 2022 the Uzbek e-commerce industry was largely represented by foreign players, in 2023 a new Uzbek brand - Uzum Market - has become the most recognizable shopping platform in the country. In six months since Uzum Market's launch, 91% of respondents recognize the brand and over half demonstrate unaided awareness of the brand. The other popular services include the classifieds platform OLX followed by the messenger Telegram, AliExpress, Mediapark, Zoodmall, Olcha.uz, and Asaxiy.
According to the RGCA study, Uzbek consumers are fast to appreciate the unique benefits of e-commerce - loyalty programs, low prices, and convenient delivery. Uzum with its 27,000 sq. m. distribution center in Tashkent, providing one-day delivery to 16 major cities, and partners' cashback programs is well positioned to benefit from the customers’ wants. In addition, the advanced ecosystem of Uzum, now provides financial services, including Islamic banking Uzum Nasiya and mobile solutions for the unbanked population accounting for almost 50% of the population.
The analysts RGCA note that competition for consumers in the e-commerce market in Uzbekistan will further encourage companies to improve their platforms, as well as expand their range of goods and services. At the same time, Uzbekistan is facing a unique situation where outdoor market buyers immediately switch to buying on websites and apps, bypassing the traditional offline retail stage.
"Today we are witnessing how millions of people who traditionally bought practically everything at millennia-old bazaars are radically changing their habits, replacing a cart with a porter by a virtual basket in the upper right corner of the screen," says Vyacheslav Karpov, CEO of RGCA.
“We are proud to lead the transformation of the e-commerce market in Uzbekistan and greatly appreciate the recognition of our services by consumers,” says Djasur Djumayev, CEO and Co-Founder of Uzum. “We are building the number one e-commerce platform in Uzbekistan and will continue to add new services for both consumers and businesses in the country to truly unlock its immense economic potential”.
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About Uzum: Uzum Group of Companies was founded in 2022. Uzum actively develops a unique ecosystem of digital services in Uzbekistan. The group includes Capitalbank, Uzum Nasiya installment service, Uzum Market online marketplace with a wide range of products and fast delivery, as well as Uzum Bank digital bank. Every month, more than 5 million residents of Uzbekistan use the company's services.
For additional information please contact: PR@uzum.com
With a population of 35 million and dynamic economic growth Uzbekistan is a promising destination for digital services and e-commerce. The National E-commerce Strategy estimates the market capacity of Uzbekistan around USD 1.6 billion in 2023.
If until 2022 the Uzbek e-commerce industry was largely represented by foreign players, in 2023 a new Uzbek brand - Uzum Market - has become the most recognizable shopping platform in the country. In six months since Uzum Market's launch, 91% of respondents recognize the brand and over half demonstrate unaided awareness of the brand. The other popular services include the classifieds platform OLX followed by the messenger Telegram, AliExpress, Mediapark, Zoodmall, Olcha.uz, and Asaxiy.
According to the RGCA study, Uzbek consumers are fast to appreciate the unique benefits of e-commerce - loyalty programs, low prices, and convenient delivery. Uzum with its 27,000 sq. m. distribution center in Tashkent, providing one-day delivery to 16 major cities, and partners' cashback programs is well positioned to benefit from the customers’ wants. In addition, the advanced ecosystem of Uzum, now provides financial services, including Islamic banking Uzum Nasiya and mobile solutions for the unbanked population accounting for almost 50% of the population.
The analysts RGCA note that competition for consumers in the e-commerce market in Uzbekistan will further encourage companies to improve their platforms, as well as expand their range of goods and services. At the same time, Uzbekistan is facing a unique situation where outdoor market buyers immediately switch to buying on websites and apps, bypassing the traditional offline retail stage.
"Today we are witnessing how millions of people who traditionally bought practically everything at millennia-old bazaars are radically changing their habits, replacing a cart with a porter by a virtual basket in the upper right corner of the screen," says Vyacheslav Karpov, CEO of RGCA.
“We are proud to lead the transformation of the e-commerce market in Uzbekistan and greatly appreciate the recognition of our services by consumers,” says Djasur Djumayev, CEO and Co-Founder of Uzum. “We are building the number one e-commerce platform in Uzbekistan and will continue to add new services for both consumers and businesses in the country to truly unlock its immense economic potential”.
***
About Uzum: Uzum Group of Companies was founded in 2022. Uzum actively develops a unique ecosystem of digital services in Uzbekistan. The group includes Capitalbank, Uzum Nasiya installment service, Uzum Market online marketplace with a wide range of products and fast delivery, as well as Uzum Bank digital bank. Every month, more than 5 million residents of Uzbekistan use the company's services.
For additional information please contact: PR@uzum.com