eCommerce market in Hungary

Hungary is the 47th largest market for eCommerce with a predicted revenue of US$4,206.9 million by 2024, placing it ahead of Ukraine. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 8.2%, resulting in a projected market volume of US$5,768.4 million by 2028. With an expected increase of 9.7% in 2024, the Hungarian eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Hungary, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Hungarian eCommerce market. Hobby & Leisure is the largest market and accounts for 26.7% of the Hungarian eCommerce revenue. It is followed by Electronics with 20.5%, Fashion with 16.9%, Furniture & Homeware with 11.7%, Care Products with 9.5%, DIY with 9.0%, and Grocery with the remaining 5.7%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Hungarian retail market, the online share is 7.0% and will increase by an average of 4.9% to 8.4% by 2028.

The biggest player in the Hungarian eCommerce market is shein.com. The store had a revenue of US$159.2 million in 2023. Store rankings include every store that generates revenue in Hungary. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Hungary was considered.

With 92.2% VISA the most commonly offered payment method of all online stores in the Hungarian eCommerce market in 2023. Like VISA Mastercard with a share of 92.2% and American Express with a share of 33.3% the payment type Cards is the most common used by online retailers in in the Hungarian eCommerce market in 2023. Other commonly used payment methods in that market are Cash on delivery (Cash on delivery) with 77.5% and Bank transfer/cash in advance (Bank transfer) with 51.5% of stores offering that payment method to the clients.

With 60.2% of all online retailers using GLS the most common shipping service provider in the Hungarian eCommerce market in 2023 closely followed by Magyar Posta, utilized by 57.1 of online retailers. Other shipping service providers, including DPD, Express One, and Sprinter, are employed by a significantly smaller proportion of online retailers.

In the Hungarian eCommerce market, there is intense competition among various shop software solutions, leading to a highly fragmented landscape in 2023. None of the major shop software solution, including ShopRenter, Unas, and Magento, have been able to secure a market share exceeding 12.7%, suggesting a diversified market with numerous players holding smaller stakes.