Published on and written by Cyril Jarnias
Long dominated by physical retail and cash payments, Serbia is rapidly transitioning into the e‑commerce era. Driven by high internet penetration, smartphone adoption, and the lasting impact of the pandemic, the Serbian online market is establishing itself as one of the most dynamic in Eastern Europe, even if it still lags behind Western Europe.
The sector’s growth is explained by a transformation in consumer habits and a modernization of offerings, payments, and logistics. The market, although fragmented, is expanding with the presence of local and global players, while authorities are strengthening the legal framework to regulate it.
A Fast-Growing Market Despite Setbacks
The first observation concerns the market’s size and growth rate. After several years of continuous progress, e-commerce in Serbia reached a value of $710.7 million in 2022, a 10% decrease compared to 2021. This temporary decline, however, does not indicate a slowdown but rather a readjustment after the pandemic peak. Projections agree: the underlying trend remains clearly upward.
Available estimates outline a robust growth trajectory, both in dollars and euros.
Overall Market Trajectory
| Indicator | Value / Projection |
|---|---|
| E-commerce market value (2022) | $710.7M |
| Change 2022 vs 2021 | −10% |
| Market projection (2023) | $955.7M (+34.5% vs 2022) |
| Expected revenue (2027) | $1.65B |
| Annual growth rate (2022‑2027) | CAGR ~22.3% |
| Expected annual growth after 2023 | ≥ 14.65% |
| Estimated e-commerce revenue (2024) | $852 to $936M depending on sources |
| Online revenue (2024, estimate in euros) | €846.4M |
| Expected market (2025, euros) | €910.8M |
| Online revenue (2029, euros) | €1.2B (CAGR 2025‑2029: 6.4%) |
| Total e-commerce market (2024, other source) | $3.4B (projected $5.9B in 2032) |
This profusion of numbers, sometimes divergent, shows one thing above all: regardless of the perspective taken, the Serbian market is trending upward, with forecasts indicating double-digit growth at least until the end of the decade. Over the 2022‑2027 period, a compound annual growth rate of around 22% places Serbia among the most dynamic markets in Eastern Europe.
Behind the overall figures, one must distinguish the B2C segment (sales to individuals) and the B2B segment, which is less visible but expanding rapidly.
Growing Weight of B2C and B2B
| Segment | Size 2022 (EUR) | Projection 2027 (EUR) |
|---|---|---|
| B2C e-commerce market (GMV) | €1.5B | €3B |
| B2B e-commerce market | €500M | €1B |
The expected doubling of B2C GMV and B2B volume within five years illustrates a digitalization affecting both business-to-consumer relationships and supply chains and inter-company purchases.
A Massively Connected and Increasingly Purchasing Population
The momentum of Serbian e-commerce is first explained by a solid digital foundation. More than four out of five households are connected, internet use is daily, and social networks cover a large part of the population.
At the same time, the proportion of citizens who shop online is rising rapidly, with a spectacular transition since 2019.
Internet and Social Media Penetration
| Indicator | Approximate Value |
|---|---|
| Total population (range of sources) | 6.6 to 7 million inhabitants |
| Share of internet users (2023‑2025) | 81.5% to 91.8% depending on metrics |
| Households with an internet connection | 85.6% |
| Persons who used the internet in 3 months | 85.4% (91.3% several times/day) |
| Social media users (January 2023) | 5.01M (≈ 69.8% of the population) |
| Social media users (end of 2025) | 4.83M (≈ 72.3% of the population) |
The technical foundation is therefore largely in place: fixed-line connection in most households, widespread use of social networks, and a population very present online, particularly on YouTube, Facebook, and Instagram. This context naturally favors the rise of digital commerce.
Rapid Increase in Online Buyers
One of the most telling indicators is the explosion in the number of people who actually buy on the internet. Between 2019 and 2024, Serbia experienced a real leap.
| Indicator | Value / Evolution |
|---|---|
| Number of online buyers (2018) | 1.2M |
| Number of online buyers (2019) | > 1.8M (+33% vs 2018) |
| E-commerce customers (2020) | ≈ 3.3M |
| Share of population having bought online at least once (2021) | ≈ 70% |
| Share of population aged 16‑74 shopping online (2019) | 34% |
| Share of population aged 16‑74 shopping online (2024) | ≈ 62% |
| Share having bought online in the last 3 months (2020) | 36% |
| Share having bought online in the last 3 months (2024) | ≈ 52% |
| Projected e-commerce buyers (2027) | 4.36M |
| Share of internet users becoming e-commerce customers (2023) | 56.7% |
| Share of internet users becoming e-commerce customers (2027) | 62.5% |
Within a few years, the country has therefore caught up a good part of its delay, to the point of becoming one of the e-commerce leaders in the Western Balkans. Nevertheless, Serbia remains below the levels of Western Europe, where over 80% of the population shops online.
A Rather Young and Urban Buyer Profile
Available data paints a fairly clear portrait of the Serbian e-consumer: slightly more male, rather young, urban, and very active online.
The following elements stand out:
72% of online buyers in France are in the 25-54 age bracket.
Geographically, the map is unsurprising: Belgrade and Vojvodina clearly dominate, reflecting infrastructure and purchasing power.
| Region / Age group | Estimated share of online buyers |
|---|---|
| Belgrade | 59% of inhabitants |
| Vojvodina | 51% of inhabitants |
| 16‑34 year-old generation | most active group |
| 16‑24 year-olds buying 3‑5 times in 3 months | 40.8% |
| 25‑34 year-olds buying 3‑5 times in 3 months | 39.1% |
| 55+ using e-commerce platforms | ≈ 30% |
This generational and territorial divide remains one of the key challenges: the most significant growth potential lies with non-buyers under 50 and in rural areas, where logistics are more fragile.
What Serbians Buy Online: The Reign of Apparel, Leisure, and Electronics
Serbian e-commerce is distinguished by the very particular structure of its demand. Unlike Western markets historically driven by books, music, or video, Serbia is characterized by the dominance of textiles, leisure, and electronics.
The Most Popular Categories
Various surveys and sector segmentations allow for ranking purchases.
| Category (purchases by individuals) | Share of online buyers who purchased this type of product |
|---|---|
| Clothing and sports articles | 28.5% (up to 77.7% in some surveys) |
| Electronic equipment | 25.3% |
| Toys | 20.4% |
| Mass media (books, music, etc.) | 17.94% |
| Furniture | 12.44% |
| Food | 9.12% |
Focusing on the weight by revenue per segment in 2024, the ranking becomes more refined.
| E-commerce segment (2024) | Share of total revenue |
|---|---|
| Hobby & Leisure | 27.9% |
| Electronics | 20.4% |
| Fashion | 16.4% |
| Furniture & Home Equipment | 12% |
| DIY (Do-It-Yourself) | 9% |
| Care / Beauty products | 8% |
| Grocery | 6.1% |
In other words, nearly half of Serbian e-commerce revenue comes from the “leisure + electronics” duo, complemented by fashion which is expanding rapidly. Within these segments, detailed data reveals differentiated behaviors according to age: younger people use food delivery more, 25‑34 year-olds buy more cosmetics, and seniors favor domestic electronic equipment, medicine, and dietary supplements.
Pandemic’s Lasting Effect on Certain Segments
The health crisis acted as a spectacular accelerator for several categories, to the point of durably transforming the structure of online spending. Between 2020 and 2021:
Evolution of online sales by product category
Sales surged by approximately 200%.
Sales almost doubled, with an increase of about 100%.
Sales progressed by approximately 50%.
This supply and demand shock forced merchants to expand their online catalog, adapt their stocks, and invest in sustainable digital channels. Even after shopping malls reopened, spending on digital channels remained significantly above their pre-crisis level.
Who Dominates the Market: Local Players, Marketplaces, and Global Giants
The competitive landscape of Serbian e-commerce combines a strong presence of local players, often omnichannel, and a rise of international platforms.
Ranking of Major Merchant Sites
Indicators of revenue on one hand, and traffic on the other, do not tell exactly the same story, but give a complementary picture.
In terms of revenue, the top three in 2021 were dominated by brands very well-known to Serbian consumers:
| Player (2021) | Type of activity | Online revenue | Share of Serbian e-commerce revenue |
|---|---|---|---|
| Gigatron.rs | Electronics, omnichannel | $44M | |
| Tehnomanija.rs | Electronics | $40M | |
| Zara.com | Fashion (global brand) | $20M | |
| Top 3 combined | — | $104M | ≈ 20% of online revenue |
In 2024, the ranking changes if we look at the source of online revenue: AliExpress becomes the top player by revenue, illustrating the growing weight of cross-border purchases, while local marketplace-type platforms are advancing strongly.
| Player (2024, online revenue) | Approximate position | Estimated revenue |
|---|---|---|
| AliExpress.com | 1st | $239M |
| Maxi.rs (supermarket) | — | €56.5M |
| Gigatron (omnichannel) | — | €49.3M |
| Kupindo.com, Limundo.com | among the top | Amounts not published, but significant |
Observing web traffic reveals another category of players: classified ads and price comparison platforms.
| Site (November 2025) | Site nature | Approx. monthly visits |
|---|---|---|
| kupujemprodajem.com | Marketplace / classifieds | 12.5M |
| aliexpress.com | International marketplace | 5.56M |
| eponuda.com | Price comparator | 4.62M |
| gigatron.rs | Electronics e-retailer | 4.42M |
This diversity illustrates an important reality: Serbians use direct merchant sites as much as marketplace or classified ad platforms, and systematically compare prices across several sites before finalizing their purchases.
A Shopping Experience Marked by Price Sensitivity and Logistics
Behavioral studies converge on one point: the Serbian buyer is extremely price-sensitive. They compare offers, hunt for promotions, and do not hesitate to switch from one site to another to find the best deal. This price sensitivity does not prevent growing demands regarding convenience, speed, and security.
What Attracts Consumers
The main perceived advantages of e-commerce in Serbia are:
Online commerce offers several major advantages: the convenience of ordering from home at any time, the speed of purchase, and the ability to compare offers with a few clicks. It also provides access to products unavailable locally, notably through international platforms, and allows benefiting from promotions and potential savings, particularly on electronics and fashion items.
The incentives deemed most effective remain very classic: free delivery, possibility of easy return or exchange. These levers have become almost essential to convince customers still marked by the culture of “in-store” shopping.
What Still Hinders the Rise of E-commerce
Despite the increase in the number of buyers, a significant portion of the population remains reluctant. Approximately 10% of non-buyers declare they refuse e-commerce “on principle”, regardless of offers.
The most important barriers are:
Consumers may hesitate to buy online for several concrete reasons: the inability to touch, try on, or physically see the product before purchase; the fear of receiving a damaged item, not matching its description, or simply the wrong one; slow or uncertain delivery times, particularly marked in rural areas; concerns about online transaction security and personal data protection; and finally, difficulty navigating some non-ergonomic websites.
Nevertheless, the majority of buyers declare themselves satisfied: 86.1% claim to have encountered no problems in their recent purchases. Among others, reported incidents mostly concern defective products, quality discrepancies, or undelivered packages. One in ten customers who had a problem reports a simple non-delivery.
Logistics: The Great Battle of the Last Mile
If there is one domain identified as critical by both businesses and authorities, it is logistics. The “last mile” is simultaneously the most costly, complex, and often problematic link in the e-commerce chain.
Real Progress but Persistent Challenges
In recent years, Serbia has seen a marked rise in its logistics operators, with investments in infrastructure and technology. Many delivery companies (DExpress, BEX, AKS, CityExpress, Post Express, Daily Express, among others) now offer API integrations with online stores, average delivery times of 1 to 2 business days, and delivery fees around 300‑400 dinars, sometimes free above a certain basket amount.
But this improvement does not erase all problems:
The last mile represents over half, approximately 53%, of total delivery cost.
During the pandemic, this logistical stress was brutally highlighted: faced with unprecedented volumes, many merchants had to improvise, resorting to their own delivery personnel, ad-hoc partnerships, or even taxis and intercity buses to transport packages.
This period highlighted the driving role of platforms like Glovo, Wolt, or Donesi (acquired by Glovo). They managed to innovate, support local businesses, and establish a new standard of delivery speed for consumers.
Regional Infrastructure and Logistics Hubs
On a geographical level, Belgrade and Novi Sad stand out once again:
– Belgrade establishes itself as a digital and logistics hub; e-commerce transactions there are expected to grow by about 25% annually in the coming years;
– Novi Sad benefits from its proximity to Hungary and attracts warehouses of major European brands; cross-border commerce is growing rapidly there, with projections of +35% annually.
The rest of the territory, particularly rural areas, suffers more: in 2022, only 40% of rural families reported benefiting from reliable delivery within reasonable timeframes. The development of new models (pick-up points, lockers, route sharing, electric fleets like the one developed by DTS with Ananas) therefore appears as one of the major projects for the coming years.
Payment: The Persistent Dominance of Cash on Delivery
While Serbia is catching up on digital usage, it remains heavily marked by a cash culture, particularly in e-commerce. The most used and preferred payment method remains, by far, cash on delivery.
A Payment Landscape in Transition
Available data describe a hybrid landscape, where very traditional practices coexist with the rapid adoption of digital solutions.
| Primary payment method | Situation in Serbia |
|---|---|
| Cash on Delivery (COD) | Dominant form, preferred by ≈ 80% of e-shoppers and non-buyers; up to 88% among under-30s |
| Bank cards (credit/debit) | Strong development, over half of e-commerce transactions, usage up 18% in 2023 |
| Direct bank transfers | Still widely used, notably for larger purchases |
| PayPal, e-wallets, mobile payments | Usage progressing, particularly among young urbanites |
| BNPL (Buy Now Pay Later) | Emerging market, adoption higher in Serbia than in some neighboring countries |
| Cryptocurrencies | Present but still marginal and informal |
Regionally, the Western Balkans remain globally attached to cash on delivery, which complicates cash flow management for e-merchants and increases the risk of refused packages. In Serbia, this preference is even more pronounced, even as cards gain ground: over 55% of e-commerce transactions would already be made by card, according to some estimates.
Despite the diversity of available technical solutions (domestic DinaCard, Visa, Mastercard, IPS QR, Payten, AllSecure, local bank gateways, Stripe via intermediaries, etc.) which favor online payment, a significant portion of consumers still does not trust electronic payments, constituting the main barrier to its adoption.
Explosion of Online Transactions in Dinars
However, recent evolution in transaction volume shows a rapid normalization of online purchases settled electronically:
In 2024, a record 82.4 million online purchases were recorded, equating to over 225,000 transactions per day.
These figures do not even include cash on delivery payments, which suggests an even higher overall volume and confirms that the habit of shopping online, even for modest amounts, is now well established.
Growth of M-commerce and Social Commerce
Another major transformation: the massive shift from purchases via computer to smartphone. Over 70% of Serbian internet users now access e-commerce sites via mobile, and nearly two-thirds declare buying directly from their phone.
Improvements in mobile speeds, with a median speed exceeding 70 Mbps in 2025, facilitate this shift. In parallel, social networks are establishing themselves as a full-fledged commercial channel.
Key points are:
Overview of key evolutions and emerging uses on major social platforms.
Rise of Instagram and Facebook shops, particularly for small brands and creators.
Facebook used as an information source by younger people and as a privileged communication tool by older individuals.
Steady progression of budgets, with a social advertising market expected around $68.6 million in 2027.
Platforms are becoming an integrated space for discovery, recommendation, and direct transaction.
This shift towards mobile and social networks poses new challenges: optimizing interfaces for small screens, simplifying checkout funnels, combating cart abandonment (which remains very high, around 76%), and strengthening trust, notably regarding sellers active only on social networks, who are judged significantly less reliable.
Trust, Security, and Combating the Informal Economy
The issue of trust is central in the Serbian market. Studies show consumers trust more:
– sites of national brands and manufacturers;
– sites of major international brands or well-established platforms (AliExpress, eBay), which about 45% of buyers trust.
At the other end of the spectrum, sellers present only on social networks or on group buying sites generate a lot of mistrust: only 15 to 20% of consumers grant them their trust.
Faced with risks of fraud and counterfeiting, the state has strengthened its arsenal:
Summary of key recent legislative developments regarding electronic documents, online commerce, and data protection.
Adoption of a law governing electronic documents, identification, and trust services to secure digital transactions.
Update including mandatory identification of senders and recipients to strengthen traceability.
2019 law defining web-shops, platforms, dropshipping, and authorizing inspectors with tools like ‘mystery shopping’.
Explicit ban on the online sale of prescription medicines.
Adoption in 2018 of a law on personal data protection to align national legislation with the European General Data Protection Regulation.
Authorities are also conducting a targeted offensive against the informal online economy:
– monitoring of 48,000 ads linked to illegal commerce over one year;
– order to remove about 80,000 ads for counterfeit products on social networks;
– seizure of over 800,000 various items by the Ministry of Interior;
– networking of inspections via an “e-inspector” system.
The objective is twofold: to clean up the market, protect the consumer, and ensure fair competition between registered merchants and shadow sellers.
An Increasingly Structured Legal Framework
Serbia has established a relatively comprehensive regulatory framework to govern e-commerce, in a logic of convergence with European standards.
Among the main outlines:
Before purchase, the merchant must provide detailed information (process, T&Cs, languages, etc.). The electronic contract is legally recognized and concluded upon sending the confirmation email. The consumer benefits from a 14-day right of withdrawal with full refund, except for exceptions (customized, perishable products, etc.). The merchant must respond to complaints within 8 days and propose a solution within 15 days (30 for technical equipment/furniture). Price reductions are strictly regulated: max. 31 days for a one-time promotion, and sale periods limited to precise windows in winter and summer.
On the tax front, online merchants must, beyond a certain revenue threshold, register for VAT, issue electronic invoices via approved systems linked to the tax administration, and comply with declaration obligations for export sales.
For foreign players, it is possible to sell to Serbian consumers without a local presence. However, if the offer explicitly targets this market (e.g., Serbian language, prices in dinars, delivery to Serbia), obligations regarding VAT and compliance with Serbian commercial law apply. This most often involves appointing a fiscal representative.
Technology, Innovation, and New Models
To keep pace with this growth, Serbian businesses – large and small – are increasingly relying on technology. The use of advanced analytics, artificial intelligence, and automation tools is spreading in several areas:
– personalization of product recommendations on sites and apps;
– fine customer segmentation based on browsing and purchase history;
– automation of inventory management, marketing campaigns, or customer relations.
Some innovations are also beginning to find their place, even if they remain in the minority: experimentation with augmented reality tools to visualize furniture or fashion products, use of IoT and blockchain to track packages and secure supply chains, or initiatives around “green” e-commerce, like the “Green Shopping” program launched by Limundo to highlight sustainable products.
Limundo
On the platform front, WooCommerce overwhelmingly dominates the online store ecosystem, far ahead of Magento, OpenCart, PrestaShop, Drupal Commerce, or Shopify. This predominance reflects the weight of the WordPress CMS in the country, and the desire of many small businesses to start with relatively affordable and easy-to-manage solutions.
Economic Impact and Societal Challenges
Beyond the numbers, e-commerce is gradually transforming the Serbian economy:
– it facilitates entrepreneurship by lowering barriers to entry for starting a business;
– it enables small and medium-sized businesses to access markets beyond their physical borders, even internationally;
– it creates jobs in logistics, IT, digital marketing, customer service;
– it stimulates innovation in related sectors (payment, logistics, software solutions, etc.).
Authorities present internationalization, support for SMEs, e-commerce development, and consumer protection as the main levers of the country’s commercial strategy.
But this transition also poses social challenges: digital divide between young urbanites and elderly or rural populations, concerns about personal data, rise in scams and counterfeits, increased competition for local shops. The challenge for Serbia will be to continue promoting digital use while strengthening inclusion, digital education, and regulation.
Where is Serbian E-commerce Heading?
Everything indicates that current trends will strengthen in the coming years.
On the demand side:
– the share of the population shopping online will continue to grow, approaching European standards;
– the already strong segments (fashion, leisure, electronics) should consolidate their positions, while groceries and everyday products, still poorly digitalized, offer wide margins for progress;
– purchases via mobile will become the absolute norm, and social commerce, already booming, will take a more important place.
On the supply side:
To remain competitive, Serbian businesses must anticipate three major evolutions: the continuous arrival of new players, including international ones, via direct channels or regional logistics hubs; the need for traditional merchants to deploy genuine omnichannel strategies integrating physical stores, websites, mobile apps, social networks, and potentially, marketplaces; and the opportunity to project themselves onto the European Union market, favored by progressive regulatory alignment.
On a structural level:
– logistics will need to gain efficiency and geographical coverage to reduce the gap between cities and countryside;
– cashless payments should gradually erode the dominance of COD, under the combined effect of pressure from merchants, banks, fintechs, and public policies promoting electronic payments;
– the legal framework will continue to consolidate, gradually integrating emerging issues: sustainability, artificial intelligence, strengthened online consumer protection, combating “dark patterns.”
The Serbian e-commerce market is at a pivotal stage: it is now mature enough to weigh in the economy, but still sufficiently young to offer strong growth opportunities. To succeed, brands and platforms must win the trust of a very connected and price-sensitive consumer, but also one increasingly demanding regarding service quality, transparency, and security.
In this context, those who invest in last-mile logistics, diversification of payment methods, mobile experience, and a trust-based relationship – rather than in price wars alone – have every chance of establishing themselves in tomorrow’s Serbian e-commerce landscape.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
