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How to Establish a Successful E-Commerce Strategy in Turkey

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How to Establish a Successful E-Commerce Strategy in Turkey PERSPECTIVE J ULY 2015 TURKISH E-DELIGHTS: THE NEXT BIG THING? HOW TO ESTABLISH A SUCCESSFUL E-COMMERCE STRATEGY IN TURKEY Alberto Calvo, Gülben Solakoglu, Anil Kaya, Semih Kilicgedik Turkish e-delights: the next big thing? Our insights on how to establish a successful e-commerce strategy in Turkey Published by Value Partners Management Consulting Via Vespri Siciliani, 9 20146 Milano, Italy July 2015 Written and edited by: Alberto Calvo, Gülben Solakoglu, Anil Kaya, Semih Kilicgedik For more information on the issues raised in the report please contact: [email protected] If you would like to subscribe or to be removed from our mailing list please write to: [email protected] valuepartners.com Copyright © Value Partners Management Consulting All rights reserved CONTENTS INTRODUCTION 5 GROWING UP FAST. WHY AND HOW TURKEY’S 7 E-COMMERCE SECTOR IS ON THE RISE JUST THE USUAL SUSPECTS? 15 WHICH BUSINESSES ARE DRIVING THE E-COMMERCE BOOM? THE WAY WE SEE IT. 21 THE KEY PILLARS FOR SUCCESSFUL E-COMMERCE IN TURKEY OUR EXPERIENCE IN E-COMMERCE STRATEGY 28 AUTHORS 30 PERSPECTIVE TURKISH E-DELIGHTS: THE NEXT BIG THING? In the past years, the main focus of online ventures has been that of getting the customer to buy today, with online platforms and marketing strategies being designed to capture online traffic and convert it to sales before the competition had a chance to. However, the days of easy and cheap customer acquisition (even in Turkey) are ending and the focus is consequently shifting towards getting customers, especially high-value ones, to buy today, come back tomorrow and advocate the company in the process. 4 – 5 INTRODUCTION TURKEY IS ONE OF THE SEVEN LARGEST EMERGING ECONOMIES AND IS HOME TO A YOUNG AND VIBRANT POPULATION OF AROUND 75 MILLION PEOPLE. INTERNET IS WIDELY ACCESSED AND THE NUMBER OF INTERNET USERS IS RAPIDLY GROWING, EVEN THOUGH ONLINE ACTIVITY IS, FOR NOW, MAINLY FOCUSED ON SOCIAL NETWORKS AND INSTANT MESSAGING. HOWEVER, THERE ARE PLENTY OF INTRIGUING SUCCESS STORIES IN THE DOMESTIC E-COMMERCE LANDSCAPE, MAKING IT WORTHWHILE TO BETTER UNDERSTAND THE PHENOMENON. THIS PAPER GIVES A BRIEF OVERVIEW OF THE SURGE OF LARGE-SCALE E-COMMERCE PLATFORMS THAT THE COUNTRY IS WITNESSING AND PROVIDES GUIDELINES TO MAKE THE MOST OF THIS OPPORTUNITY. TURKEY’S STRONGLY GROWING ONLINE LANDSCAPE DEFINITELY PROVIDES PLENTY OF ROOM FOR NEW ENTRANTS, WHICH WILL HOWEVER HAVE TO SET-UP EFFECTIVE BUSINESS MODELS AND COMPELLING VALUE PROPOSITIONS TO STRIVE IN A COMPETITIVE ARENA THAT IS QUICKLY ADAPTING TO CUTTING-EDGE STANDARDS. THE KEY SUCCESS FACTORS TO THRIVE IN ANY ADVANCED E-COMMERCE ARENA ARE COMPLEX AND CONTINUOUSLY EVOLVING. DRAWING ON LESSONS FROM MORE MATURE ONLINE MARKETS, WE HAVE PINPOINTED THE FOUR CORNERSTONES THAT ONLINE VENTURES SHOULD TAKE INTO ACCOUNT WHEN CONSIDERING A FORAY INTO TURKEY’S YET UNTAPPED POTENTIAL CUSTOMERS. PERSPECTIVE TURKISH E-DELIGHTS: THE NEXT BIG THING? EXHIBIT 1 Estimated share of online retail goods sales by country, 2013 16% 7% 6% UK USA FRANCE 4% 3% 3% BRAZIL SPAIN POLAND 2% 1% 1% TURKEY ITALY MEXICO Source: Ecommerce Europe 6 – 7 GROWING UP FAST. WHY AND HOW TURKEY’S E-COMMERCE SECTOR IS ON THE RISE 1 Other uncommon / emerging Connecting Europe and Asia through Depending on who is buying and ecommerce models include: the Bosphorus Strait, Turkey is home to selling, it is possible to identify many C2B (Consumer to Business), G2G (Government to a young and vibrant population of ~75 different business models in the e- Government), G2C (Government mln people. Turkey is the 17th largest commerce universe1, most of which are to Consumer), C2G (Consumer to Government), G2B economy in the world and one of the also present in the emerging Turkish (Government to Business), B2G 7 largest emerging economies. Endur- e-commerce landscape: (Business to Government) ing political and economic stability in 2 Turkish Interbank Card Center (BKM) the last decade, along with favourable • B2B (Business to Business): 3 Is Bank macro fundamentals are expected to online platforms that bring corporate 4 Tusiad further nurture the economic growth of buyers and sellers together for the the country. exchange of goods and services. Transaction value per order is much Turkey is experiencing a bubbling surge higher than in B2C and C2C transac- of authentic, large-scale e-commerce tions. Typically, the large business platforms, even if it is still under-pen- marketplaces fall into this category etrated compared to other emerging (i.e.: Alibaba) countries (Exhibit 1). • B2C (Business to Consumer): Internet usage remains focused on where businesses directly sell their social networks and instant messag- products and services to consumers ing. However, many success stories in through catalogs and shopping carts. the domestic e-commerce market have The large retail platforms belong to been hitting the spotlight over the last this group. Examples include Ama- 10 years (among these, Hepsiburada, zon, Yoox and Hepsiburada in Turkey Yemeksepeti, Sahibinden, Gittigidiyor, Markafoni). • C2C (Consumer to Consumer): this category includes various types EXHIBIT 2 of peer-to-peer transactions, some- E-commerce market times based on auctions. Typical size in Turkey, Try Bln examples include Ebay and Gittigidi- yor in Turkey 34.7% 34.5 The worth of retail goods transacted 29.9 on-line exceeded TRY 34.5 billion in 2013, up from TRY 14.1 bln in 2010 with 22.1 an annual CAGR of 34.7%2 (Exhibit 2). 14.1 The Turkish e-commerce market is esti- mated to count ~12k e-commerce sites3, supporting the online purchases of over 10 mln users4 (~15% of the population). 2010 2011 2012 2013 PERSPECTIVE TURKISH E-DELIGHTS: THE NEXT BIG THING? EXHIBIT 3 Prominent deals in Turkish e-commerce sector since 2011 YEAR ACUIRER ORIGIN SECTOR TARGET STAKE DEAL VALUE (US$ MLN) Delivery Hero Germany Food Yemeksepeti 100% 589 2015 Abraaj UAE Electronic Hepsiburada 25% n/a EBRD USA Apparel Trendyol n/a n/a Naspers South Africa Apparel Markafoni n/a n/a 2014 Aslanoba Turkey Gift Buldumbuldum n/a 2.5 Bancroft UK Hotels & tours Tatilsepeti n/a n/a Hubert Burda Media Germany Apparel Lidyana 22% 5.9 2013 Aslanoba Turkey Gift Buldumbuldum 20% 2.5 Aslanoba Turkey Taxi services Bitaksi n/a 2 Ru-Net Holdings Russia Apparel Lidyana 25% 3.3 Perform Group UK Sports Maçkolik 51% 22.5 2012 Kleiner PC&B, Tiger USA Apparel Trendyol 5.53% 15.7 Global management General Atlantic USA Food Yemeksepeti 36.69% 44 Kleiner PC&B, Tiger USA Apparel Trendyol 12.07% 26 Global management Amazon USA Flower Çiçeksepeti n/a n/a eBay USA Marketplace Gittigidiyor 72% 182.1 2011 Intel Capital USA Group discount Grupanya 13.48% n/a NASPERS South Africa Apparel Markafoni n/a n/a Source: EY, Deloitte Turkish M&A reports, desktop research 8 – 9 5 Turkish Interbank Card Center In Turkey, travelling and plane ticket The market is still extremely fragment- (BKM) purchases represent roughly 30%5 of ed; many companies and individual total online spending, followed by insur- entrepreneurs are rushing into the ance products and consumer products. arena, often without clear strategies As in any other comparable market, the and a solid background. In this context, main consumer product categories sold a “Darwinian” natural selection is ongo- on-line are clothing and sports equip- ing: ment, followed by electronic devices and furniture. • Germany’s Rocket Internet only stayed in Turkey one year, shutting The dynamism of the e-commerce down all operations and laying-off sector is also proven by the numerous hundreds of employees in 2012 M&A transactions (Exhibit 3), mostly triggered by institutional investors (PE, • Online apparel site Limango exited VC,…). The disclosed deal size varies Turkey in 2015, after being acquired from USD 1 mln to as much as USD ~600 by Dogan Online in 2013 mln. • Turkey’s first mobile real estate e-commerce app Metrekare was disposed in 2014 despite the support by VC firm Earlybird and local angel EXHIBIT 4 investor Aslanoba The drivers of e-commerce penetration As in any other country with similar characteristics, the key drivers of the 1 4 e-commerce industry in Turkey are INTERNET LOGISTICS / DELIVERY (Exhibit 4): PENETRATION STRUCTURE • Internet penetration • The average spending power of the population • Access to modern payment systems • Mature and competitive logistics market E-COMMERCE 2 3 DISPOSABLE ACCESS TO MODERN INCOME PAYMENT SYSTEMS PERSPECTIVE TURKISH E-DELIGHTS: THE NEXT BIG THING? EXHIBIT 5 Internet access by country, 2013 (% of total households) 87% 80% 72% UK FRANCE USA 70% 68% 63% POLAND SPAIN ITALY 47% 45% 26% TURKEY BRAZIL MEXICO Source: OECD, Internet World Stat, VP analysis 10 – 11 Internet penetration Over USD 3.3 bln were invested in telecommunications in 20138, mainly on 6 Euromonitor Turkey had 32.2 million Internet users in 3G upgrades, expansion of the fixed- 7 Techcrunch.com 2013, an increase by ~45% since 2008, broadband infrastructure and fiber- 8 Euromonitor making it the fifth largest online popula- optic networks. With affordable devices 9 TurkStat tion in Europe (Exhibit 5). The number and ubiquitous access, internet adop- 10 Euromonitor of internet users is expected to increase tion is expected to improve, paving the by 53.9%, reaching 52.2 million by 2030. way for e-commerce growth. Total mobile internet subscriptions stood at 24.2 mln users, corresponding to a 35% penetration in 2013, compared Disposable income to merely 1.2% in 20086. Turkish GDP increased with a CAGR of Turkey has an active, young online user ~10% from 2008 to 2013, reaching 1.56 base, with 70% of online users being bln TRY by 20139, keeping Turkey in the younger than 34.
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