Georgia’s e-commerce market is expanding rapidly, supported by a growing user base, strong competition, improved platforms, and a well-developed digital and financial ecosystem. Key challenges remain delivery speed, regional coverage, courier shortages, and consumer trust in product quality.
Georgia’s e-commerce market expanded tenfold in 2018-24, reaching GEL 3.5bn in 2024. Growth remained strong in 1H25 (+40.6% y/y to GEL 2.1bn), and we expect the market to reach GEL 4.7bn in 2025. Notably, 60.9% of the e-commerce market in 2024 was generated by local sales, while the remaining 39.1% came from cross-border orders.
Alongside market growth, the number of online shoppers rose from 0.6mn in 2018 to 1.0mn in 2025, while the number of Georgian companies selling online exceeded 10 thousand in 2025.
Key players in the services segment are Wolt, Glovo, Bolt, Yandex, biletebi.ge, and tkt.ge. The first four are international companies whose entry into the Georgian market has been a major driver of e-commerce development. Competition is significantly higher in the goods segment: the main domestic players include Veli.Store, Extra.ge, and most branded retail chains operating in Georgia, while leading platforms for cross-border purchases are Temu, Amazon, eBay, AliExpress, Taobao, Trendyol, Zara, and Farfetch.
The share of e-commerce varies significantly across retail sectors and has growing trajectory in all of them. E-commerce accounted for 8.0% of retail turnover in 1H25 (vs 3.6% in 2021), with 2.2% local and 5.8% cross-border. Among retail sectors, e-commerce has the highest share in fashion (15.6% in 1H25) and electronics (12.0% in 1H25), while its share remains lowest in the FMCG segment (1.1% in 1H25).
We forecast 20.5% CAGR over 2024-30, with market size reaching GEL 10.7bn by 2030. Retail penetration is expected to increase to around 13% (from 8.0% in 1H25), broadly in line with EU trends. E-commerce in services is already relatively mature, so we expect slower growth in this segment. As a result, the share of goods in total e-commerce is projected to rise to 63.0% by 2030 (from 54.3% in 2024), while the share of services is expected to decline to 37.0% (from 45.7% in 2024).
E-commerce growth will be supported by better logistics, higher purchase frequency, and continued digital adoption. These trends will be driven by ongoing urbanization, strong digital habits among younger consumers, wide internet and smartphone penetration, growing bank card ownership, and rising household incomes.
Market success is driven by four key factors: price, assortment, customer experience, and delivery speed. In our view, players that can effectively deliver on all four dimensions will be well positioned to significantly strengthen their market presence.
