Online Consumption in Bulgaria
Bulgarian consumers are generally famous for being rather conservative, rarely tend to accept changes and often skeptical about the unknown. This is partially valid also for local businesses that adopt innovations sometimes rather slowly following strictly the already existing demand. Usually afterwards, however, a subsequent market growth in both consumers and businesses achieves results far higher than initially expected.
Perhaps partially due to the above described reasons the online consumption in Bulgaria did not become as common as in Western Europe and USA. High technologies, the massive use of Internet and development of mobile connection helped Bulgarians believe more and more in online safety and take advantage of the existing online opportunities.
In this context online consumption is growing in popularity increasing its turnover at a high pace. Many specialists believe that soon enough Bulgaria’s online consumption will have a great share in the overall consumption volume due to the easily accessible cyber space and the low transportation and delivery cost. Statistics suggests that more and more Bulgarians respond positively to online shopping trends.
Of course, when referring to online shopping in Bulgaria, it should be pointed out that local people generally prefer foreign-based e-shops and web sites. The purchased goods are often considered ‘luxurious’ in the context of the local living standard and are being favored due to their more reasonable price in comparison to the regularly boosted one. Additional stimulating factors are the recently popular delivery discounts – volume, number of items, overall price, etc. could all contribute to considerable delivery price reduction.
Although online supply from Bulgarian businesses seems much less in volume than online consumption, it also has great potential for development. Many companies are already investing in their own web platforms, e-shops and online payment methods. The so called “Cash on Delivery” payment remains for now, however, the most commonly used payment method for such transactions.
The online consumption rates growth in Bulgaria is undoubtedly impressive. This way of shopping can turn into a factor that could trigger growth in the low internal consumption rates.