E-commerce Market in Cyprus Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Cyprus Ecommerce Industry Overview

Cyprus E-commerce Market is witnessing a rise in competitiveness among companies. The market consists of various major players, such as Amazon, Bazaraki, eBay, and others. In terms of market share, these significant players are presently dominating the e-commerce market in Cyprus. However, with increasing innovations in e-commerce, many companies are increasing their market presence by securing new contracts and tapping new markets.

• In October 2021, JD Fashion, retailers of sports, fashion, and outdoor brands, announced the acquisition of 80 percent of Cosmos Sport S.A in Greece and Cyprus. This acquisition will further boost the business of JD Fashion in Europe.
• May 2022 - Klarpay AG, a Swiss fintech company, recently completed its first external financing round, raising CHF 3 million. The round was headed by payabl., a well-established payments institution launched in 2010 intending to accelerate technical innovation in the payment services industry and democratize access to global payment solutions. Payabl. Presently services a variety of high-profile fintech customers, including eToro and Bernstein Bank, from locations in Frankfurt, London, and Cyprus.