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July, 2024
July 2024
293031 Marketplace to Enter Armenian Online Trade Market with Unique Model
20/06/2024 20:11
Share Marketplace to Enter Armenian Online Trade Market with Unique Model

The Yeev marketplace is making its debut in the Armenian e-commerce market, aiming to offer customers a wide range of choices and a user-friendly toolset. At the core of the platform is its “one product – many offers” model, which allows buyers to quickly access and compare various market options based on price, delivery terms, reviews, and other criteria. This unique approach in the Armenian market empowers buyers to make efficient and well-informed purchasing decisions.

A key feature of the marketplace is its commitment to supporting local businesses and entrepreneurs. For sellers, it offers new opportunities: increased visibility, the ability to display and sell products to a wide audience, and reduced operating costs.

According to Artur Kartsikyan, Executive Director of Yeev, the platform plays a vital role in fostering the growth and development of Armenia’s economy by providing a platform for small and medium-sized businesses. “With, we aim to deliver a seamless online shopping experience that meets all of our customers’ needs while supporting local businesses and promoting economic growth. We are confident that Yeev will become a reliable platform for both buyers and sellers,” said Artur Kartsikyan.

The marketplace offers a wide variety of products, ranging from everyday essentials to niche specialty and rare items. Goods can be delivered throughout the entire Republic of Armenia, including remote areas, making it possible to place orders more affordably and quickly.

Yeev is built on the SAP Commerce e-commerce platform, which provides comprehensive tools, technology solutions, and capabilities to help businesses succeed in the online marketplace. This enhances customer satisfaction and boosts sales volumes.

The newly created platform emphasizes the transparency and trustworthiness of all transactions. “We place great importance on the use of fintech tools in retail trade. To this end, we have partnered with Acba bank, one of Armenia’s leading banks, enabling registration through the acba digital application. Additionally, we have established a collaboration with the Idram payment system to enhance payment convenience for our customers,” added Artur Kartsikyan․

The E-commerce market in Armenia is still in its emerging stages but is rapidly expanding due to increasing consumer confidence and advancements in digital technologies. In recent years, internet penetration in Armenia has reached approximately 72 percent, significantly contributing to the growth of online shopping . In the post-Covid era, as many businesses transitioned to online platforms, e-commerce volumes are projected to grow by more than 30 percent between 2020 and 2023. These trends indicate the steady rise of e-commerce in Armenia.

Yeev’s vision for the future is to become the leading marketplace in the region, which will enable Armenian manufacturers, regardless of their sales capabilities, to present their products for online sale and expand their reach to a wider consumer market.

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