Home Commerce Russian e-commerce firm SberMarket’s transaction volumes triple

Russian e-commerce firm SberMarket’s transaction volumes triple

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The logo of Russia’s largest lender, Sberbank, in one of its offices in Moscow, Russia on December 24, 2020. REUTERS / Maxim Shemetov

Nov. 12 (Reuters) – The e-commerce arm of Russia’s largest lender, Sberbank (SBER.MM), said on Friday that its transaction volumes tripled in the third quarter, helped by an expanding range of services, including express delivery.

Sberbank became the majority shareholder of SberMarket in January after purchasing a stake in its joint venture with internet company VK (MAILRq.L), known as Mail.Ru Group before a rebranding last month.

SberMarket’s gross value of goods (GMV), an e-commerce measure of transaction volumes, jumped in July-September to 14.5 billion rubles ($ 203.75 million). The number of orders more than quadrupled to 5.994 million.

Express delivery accounted for 24% of the total number of orders.

In the first nine months of this year, the GMV reached 36.2 billion rubles, three times more than in the same period a year ago.

Last month, AliExpress Russia, an e-commerce company between Chinese online shopping giant Alibaba and Russian partners, announced a GMV of 133.3 billion rubles for the first half of fiscal year 2021-22, in 36% increase over one year.

($ 1 = 71.1640 rubles)

Report by Olga Popova, writing by Anna Rzhevkina; Editing by Steve Orlofsky

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