Uzum: Uzbekistan Consumers Turn to Online Marketplaces, Choose Local Players
TASHKENT, Uzbekistan, May 3, 2023 /PRNewswire/ -- 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 almost 37 million and dynamic economic growth Uzbekistan is a promising destination for digital services and e-commerce. The experts estimate that the e-commerce market volume of Uzbekistan will grow twelvefold from 150 million dollars in 2021 to 1.8 billion dollars in 2026.
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 the launch of Uzum Market 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 Uzum Market offers - loyalty programs, low prices, and convenient delivery. Uzum with its 32,000 sq. m. fulfilment center in Tashkent, providing one-day delivery to the major cities, and partners' cashback programs is well positioned to benefit from the customers' wants. In addition, the advanced ecosystem of Uzum provides financial services, including Islamic BNPL service Uzum Nasiya and mobile payments solutions for the unbanked population accounting for almost 50% of the population.
RGCA notes 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 Djumaev, 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 and currently develops a unique ecosystem of digital services in Uzbekistan. The group includes Uzum Market online marketplace with a wide range of products and fast delivery, Kapitalbank, Uzum Nasiya installment service, as well as Uzum Bank digital bank. Every month, more than 5 million residents of Uzbekistan use the company's services.
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SOURCE Uzum Group
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