Thinking about expanding your online business to Israel? Being ranked third in the world for online purchases, the Israeli e-commerce market offers an interesting and enticing marketplace for international businesses.
Israel is one of the most technically advanced societies in the world. It has a thriving technology sector, and with its strength in fintech (financial technology), online penetration (72.5%) and e-commerce, shopping rates are among the highest in the world. Total e-commerce sales in 2014 topped out at US$2.09 billion. That represents a compound annual growth rate (CAGR) of almost 25% over the previous five years – more than double the global growth rate. Of the country’s population of 8 million, 3 million are regular online shoppers. “In recent years we have seen changes in the online buying habits of Israelis,” Elad Goldenberg, CEO of eBay Israel, said recently. “Israeli consumers are important members of the online buying economy, and they are gaining the attention of some of the biggest online retailers in the world.”