E-commerce brings an enormous improvement enhance to the retail commerce and tourism sectors in Greece. Probably, e-commerce may add to the tourism sector a gross added worth of over €3 billion, whereas the corresponding profit for the retail sector is estimated at €1.6 billion.
General, as reported by SEPE, e-commerce can result in a rise within the gross added worth (GVA) of the retail commerce and tourism sectors by 20% and thus contribute to a rise in Greece’s GDP by 2.5% or by €4.6 billion by 2030.
The above estimates are included within the survey “Digital Commerce: A Progress Alternative for Greece”, ready by the consulting firm McKinsey & Firm in Greece. The analysis highlights the catalytic function that e-commerce performs in selling financial progress and enhancing development. The report focuses on the retail commerce and tourism sectors, that are key pillars of the Greek economic system.
As famous within the analysis, the ever-increasing digitization of commerce in Greece affords vital alternatives for companies, as it could assist them enhance the effectivity and high quality of the companies they supply, whereas facilitating their entry to new markets.
Low penetration of digital channels
Nonetheless, regardless of vital investments in digital options and infrastructure, which promote the nation’s digital maturity, the penetration of digital channels and instruments within the commerce sector stays considerably decrease than the EU common, leading to vital missed alternatives improvement.
Particularly, though our nation’s efficiency improved by 17 factors (2017:22 – 2022:39), based on the Digital Economic system and Society Index (DESI), Greece continues to be in twenty fifth place among the many 27 EU international locations. E. The image is comparable based on McKinsey’s Digital Macroeconomics Index (DMI), based on which Greece ranks twenty second out of the 27 EU international locations.
These two crucial sectors of the economic system have been characterised (with a reference 12 months of 2022) by low productiveness charges, whereas recording e-commerce utilization charges of simply 23% and 25% respectively, at a time when the EU common have been 30% and 37% and the common of Portugal, Italy and Spain have been 26% and 41%, respectively.
In response to the analysis, financial improvement, based mostly on digital commerce, can contribute considerably to the discount of the big productiveness hole between Greek and corresponding European firms.
Productiveness deficit
Particularly, small European firms are stated to be 3.8 occasions extra productive than their Greek counterparts and the biggest ones by 1.4 occasions. Accordingly, inside Greece, the productiveness ranges of the biggest firms are 5.8 occasions greater than these of the smallest firms, whereas the corresponding distinction in the remainder of the European international locations is 2 occasions.
“Strengthening the digital maturity of companies can considerably speed up the nation’s improvement over the subsequent 3-5 years and enhance the added worth of companies working in retail commerce and tourism by an estimated 20% or extra,” he says. the examine.
Accordingly, retail and tourism companies turning to e-commerce for the primary time may considerably enhance their profitability. By investing of their digital maturity, small companies, working within the retail or tourism industries, may enhance their EBIT margin by as much as 15 share factors, whereas this enhance may attain as much as 12 share factors for medium and huge enterprises.
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