Russian e-commerce venture SberMarket’s transaction volumes triple

FILE PHOTO: Offices of Russian lender Sberbank in Moscow
FILE PHOTO: The logo of Russia's largest lender Sberbank in one of its offices in Moscow, Russia, December 24, 2020. REUTERS/Maxim Shemetov

November 12, 2021

(Reuters) – The e-commerce arm of Russia’s largest lender, Sberbank, said on Friday its transaction volumes tripled in the third quarter, helped by an expanding range of services it offers, including express delivery.

Sberbank became the majority shareholder in SberMarket in January after buying a stake from its joint venture with internet company VK, known as Mail.Ru Group before a rebranding last month.

SberMarket’s gross merchandise value (GMV), an e-commerce measure of transaction volumes, in July-September jumped to 14.5 billion roubles ($203.75 million). The number of orders increased by more than four times to 5.994 million.

Express delivery accounted for 24% of the total number of orders.

In the first nine months of this year, GMV reached 36.2 billion roubles, which is three times higher than in the same period a year ago.

Last month, AliExpress Russia, an e-commerce venture between Chinese online shopping giant Alibaba and Russian partners, reported GMV of 133.3 billion roubles for the first half of the 2021-22 financial year, up 36% year-on-year.

($1 = 71.1640 roubles)

(Reporting by Olga Popova, Writing by Anna Rzhevkina; Editing by Steve Orlofsky)