This document is a market report on B2C e-commerce in Central Asia and the Caucasus region published in November 2015. It provides an overview of key findings on the state of online retail across countries in the region. The report contains 79 charts analyzing topics like internet penetration, popular online shopping websites, sales figures, and payment methods for countries including Kazakhstan, Uzbekistan, Azerbaijan, Georgia and Armenia. It uses only secondary market research from published sources.

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CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015
PUBLICATION DATE: NOVEMBER 2015
PAGE 2 GENERAL INFORMATION I PAGE 3 KEY FINDINGS I PAGE 4 -7 TABLE OF CONTENTS I PAGE 8 REPORT-SPECIFIC SAMPLE
CHARTS I PAGE 9 METHODOLOGY I PAGE 10 RELATED REPORTS I PAGE 11 CLIENTS I PAGE 12-13 FREQUENTLY ASKED QUESTIONS
PAGE 14 ORDER FORM I PAGE 15 TERMS AND CONDITIONS

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PRODUCT DETAILS Title:
Type of Product:
Category:
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Central Asia & Caucasus B2C E-Commerce Market 2015
Market Report
B2C E-Commerce
Central Asia, Caucasus
Kazakhstan, Uzbekistan, Azerbaijan, Georgia, Armenia
English
PDF & PowerPoint
79
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€ 1,450 (exc. VAT)
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QUESTIONS
ANSWERED
IN THIS REPORT
What is the potential for B2C E-Commerce development in Central Asia and Caucasus?
How do countries in this region differ in terms of infrastructure needed for online retail?
What are the B2C E-Commerce sales in some major markets of this region and how fast are they
growing?
What are the most popular local and international E-Commerce websites in this region?
SECONDARY MARKET
RESEARCH
Our reports are exclusively based on secondary market research. Our researchers derive
information and data from a variety of reliable published sources and compile the data into
understandable and easy-to-use formats.
ADVANTAGES Maximum Objectivity
Reliable Sources
Up-To-Date Analysis
Boardroom-Ready PowerPoint Presentations
Guidance For Strategic Company Decisions
CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015

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B2C E-COMMERCE IN CENTRAL ASIA AND CAUCASUS HAS AN
UNTAPPED POTENTIAL
B2C E-Commerce is only starting to evolve in the Central Asia and Caucasus region.
Internet penetration is below 50% in the majority of its countries, with the exception of Azerbaijan
and Kazakhstan, and access to financial services reaches over half of the population in Kazakhstan
only. However, as the report by yStats.com shows, as infrastructure improves and Internet
penetration increases, B2C E-Commerce in the countries of Central Asia and Caucasus could grow
as well.
Kazakhstan is a regional leader in B2C E-Commerce, though there, too, online retail has
much room for growth. B2C E-Commerce accounted for below 2% of total retail sales in
Kazakhstan last year, but online retail is predicted to maintain high double-digit growth rates.
Online shoppers in Kazakhstan are motivated to engage in E-Commerce as a result of wide
product selection, convenience and low prices, as yStats.com’s report shows. Cross-border B2C E-
Commerce is a significant trend, as foreign online shops account for the largest share of online
sales. Of the top five online retailers by sales in 2014, three were based in foreign countries.
However, as local offering is improving, online retailers from Kazakhstan, such as Arena S and
Chocofamily Holding, increase their share.
Another country with rapid B2C E-Commerce growth is Azerbaijan, according to
yStats.com’s findings. In the first seven months of 2015, online retail sales in Azerbaijan already
exceeded the total number for the full year 2014. Still, B2C E-Commerce’s share of total retail sales
was less than 1% last year. The driving force behind both Internet usage and online shopping
growth is the population under 25 years old, accounting for close to half of all Internet users. Of
them, a small double digit share shopped online in early 2015, preferring international platforms
such as eBay.
The details in the yStats.com report reflect the untapped potential for B2C E-Commerce in
the rest of the region. In countries such as Georgia and Armenia Internet penetration has
significantly improved, getting closer to the 50% mark. In Uzbekistan, the most populous country in
the region, Internet penetration is driven by mobile technology. Across these markets, international
players such as Aliexpress.com, eBay.com, and Amazon.com beat local shopping websites in
popularity. However, local players have gathered a significant audience on social networks,
especially Facebook. Overall, as Internet penetration and infrastructure for delivery and payment
improves, B2C E-Commerce in these countries is expected to grow further.
CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015

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MANAGEMENT SUMMARY
REGIONAL
 Internet Penetration, in % of Individuals, by Country, 2014
 Share of Individuals Holding an Account at a Financial Institution, in % of Individuals, by Country, April 2015
 Logistics Performance Indicators, by Country, 2014
 GDP per Capita, in USD, by Country, 2011-2014
 Population, in millions, by Country, 2014
CENTRAL ASIA
3.1 KAZAKHSTAN
3.1.1 OVERVIEW
 B2C E-Commerce Overview and International Comparisons, November 2015
3.1.2 TRENDS
 Overview of B2C E-Commerce Trends, November 2015
 Breakdown of B2C E-Commerce Payments with Bank Cards, by Kazakh Online Shops and Foreign Online
Shops, in %, 2012 & 2014
 Perceived Barriers and Advantages of E-Commerce, in % of Internet Users, 2014
3.1.3 SALES & SHARES
 B2C E-Commerce Sales, in USD million, 2012, 2013 & 2017f
 B2C E-Commerce Share of Total Retail Sales, in %, 2014
3.1.4 USERS & SHOPPERS
 Internet Penetration, in % of Individuals, 2010 - 2014
 Breakdown of Internet Users, by Age Group and Gender, in %, July 2015
 Breakdown of Main Purposes of Internet Usage, incl. “Buying and Selling Goods and Services”, in % of Internet
Users, 2013 & 2014
 Breakdown of Online Shoppers, by Age Group, in %, 2014
3.1.5 PRODUCTS
 Product Categories Purchased Online, in % of Online Shoppers, 2013 & 2014
 Average Check in B2C E-Commerce, in USD, by Product Category, 2014
CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015
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CENTRAL ASIA (Cont.)
3.1 KAZAKHSTAN (Cont.)
3.1.6 PAYMENTS
 Breakdown of Payment Methods Used in Online Shopping, in % of Online Shoppers, 2013 & 2014
 Number and Value of Online Payment Transactions with Bank Cards, in thousands and in KZT million, and
Share of Total Bank Card Payments Number and Value, in %, September 2014 - July 2015
 Overview of Top 10 Online Payment Processing Systems, Ranked by Revenue, September 2015
3.1.7 DELIVERY
 Share of B2C E-Commerce Deliveries of Total Small Parcel Deliveries Made by Post, in % and in millions, 2014
3.1.8 PLAYERS
 Overview of E-Commerce Players, November 2015
 Overview of Top 10 B2C E-Commerce Companies, Ranked by Revenue, 2014
3.2 UZBEKISTAN
3.2.1 OVERVIEW
 B2C E-Commerce Overview and International Comparisons, November 2015
3.2.2 TRENDS
 Breakdown of Internet Usage Frequency, in % of Internet Users, by Device, 2015e
3.2.3 USERS & SHOPPERS
 Internet Penetration, in % of Individuals, 2010 - 2014
 Number of Internet Subscribers, by Fixed and Mobile, in thousands, 2013 & 2014
 Number of Internet Users, in millions, January 2015 & September 2015
3.2.4 PLAYERS
 Overview of Top 10 E-Commerce Websites, by Website Rank, October 2015
 Overview of Selected B2C E-Commerce Websites, Accepting Payment Online, incl. Website Rank and Number
of Website Visits, September 2015
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CAUCASUS
4.1 AZERBAIJAN
4.1.1 OVERVIEW
 B2C E-Commerce Overview and International Comparisons, November 2015
4.1.2 TRENDS
 Breakdown of Households with Internet Access by Type of Internet Connection, in %, 2010 – 2014
4.1.3 SALES & SHARES
 B2C E-Commerce Sales, in AZN million, 2013, 2014 & H1 2015
 B2C E-Commerce Share of Total Retail Sales, in %, H1 2015
4.1.4 USERS & SHOPPERS
 Internet Penetration, in % of Individuals, 2010 - 2014
 Breakdown of Internet Users, by Age Group, in %, 2014
 Breakdown of Main Purposes of Internet Usage, incl. “Ordering or Selling Goods and Services”, in % of
Internet Users, 2014
 Online Shopper Penetration, in % of University Students, January 2015
4.1.5 PLAYERS
 E-Commerce Websites Most Purchased from, in % of University Students Shopping Online, January 2015
 Overview of Popular Online Shops, incl. Category and Website Traffic Data, November 2015
4.2 GEORGIA
4.2.1 OVERVIEW
 B2C E-Commerce Overview and International Comparisons, November 2015
4.2.2 TRENDS
 Breakdown of Devices Used to Access the Internet, in % of Internet Users, 2014
4.2.3 SALES & SHARES
 Breakdown of Online Spending, in % of Online Shoppers, 2014
CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015
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CAUCASUS (Cont.)
4.2 GEORGIA (Cont.)
4.2.4 USERS & SHOPPERS
 Internet Penetration, in % of Individuals, 2010 - 2014
 Reasons for Shopping Online, in % of Online Shoppers, 2014
4.2.5 PAYMENT
 Breakdown of Preferred Payment Methods, in % of Online Shoppers, 2014
 Number and Value of Online Payment Transactions with Bank Cards, in millions and GEL thousand, 2010 -
2014 & H1 2015
4.2.6 DELIVERY
 Factors Influencing the Choice of the B2C E-Commerce Website, incl. Delivery, in % of Online Shoppers, 2014
4.2.7 PLAYERS
 Overview of Top 9 B2C E-Commerce Companies, Ranked by the Number of Facebook Fans, November 2015,
and Website Traffic Data, September 2015
4.3 ARMENIA
4.3.1 OVERVIEW
 B2C E-Commerce Overview and International Comparisons, November 2015
4.3.2 TRENDS
 Breakdown of Households by Computer Types Owned, in %, January 2014
 Smartphone Penetration by Age Group, in % of Individuals, 2015e
4.3.3 SALES & SHARES
 Revenues of Companies Specialized in Internet Applications and E-Commerce, in USD million, 2010 & 2014
4.3.4 USERS & SHOPPERS
 Internet Penetration, in % of Individuals, 2010 - 2014
 Online Services Used, incl. Online Shopping, in % of Internet Users, January 2014
4.3.5 PLAYERS
 Overview of Top 8 B2C E-Commerce Websites, Ranked by the Number of Facebook Fans, November 2015,
and Website Traffic Data, October 2015
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CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015
REPORT-SPECIFIC SAMPLE CHARTS

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GENERAL METHODOLOGY OF OUR MARKET REPORTS
 The reports are compiled based on secondary market
research. Secondary research is information gathered from
previously published sources. Our reports are solely based on
information and data acquired from national and international
statistical offices, industry and trade associations, business
reports, business and company databases, journals, company
registries, news portals and many other reliable sources. By using
various sources we ensure maximum objectivity for all obtained
data. As a result, companies gain a precise and unbiased
impression of the market situation.
 Cross referencing of data is conducted in order to
ensure validity and reliability.
 The source of information and its release date are
provided on every chart. It is possible that the information
contained in one chart is derived from several sources. If this is
the case, all sources are mentioned on the chart.
 The reports take into account a broad definition of B2C
E-Commerce, which might include mobile commerce. As
definitions may vary among sources, exact definition used by the
source (if available) is included at the bottom of the chart.
 Our reports include text charts, pie charts, bar charts,
rankings, line graphs and tables. Every chart contains an Action
Title, which summarizes the main idea/finding of the chart and a
Sub Title, which provides necessary information about the
country, the topic, units or measures of currency, and the
applicable time period(s) to which the data refers. With respect to
rankings, it is possible that the summation of all categories
amounts to more than 100%. In this case, multiple answers were
possible, which is noted at the bottom of the chart.
 Reports are comprised of the following elements, in the
following order: Cover page, preface, legal notice, methodology,
definitions, table of contents, management summary
(summarizing main information contained in each section of
report) and report content (divided into sections and chapters).
When available, we also include forecasts in our report content.
These forecasts are not our own; they are published by reliable
sources. Within Global and Regional reports, we include all major
developed and emerging markets, ranked in order of importance
by using evaluative criteria such as sales figures.
 If available, additional information about the data
collection, for example the time of survey and number of people
surveyed, is provided in the form of a note. In some cases, the
note (also) contains additional information needed to fully
understand the contents of the respective data.
 When providing information about amounts of money,
local currencies are most often used. When referencing currency
values in the Action Title, the EUR values are also provided in
brackets. The conversions are always made using the average
currency exchange rate for the respective time period. Should the
currency figure be in the future, the average exchange rate of the
past 12 months is used.
 The reports include mainly data from the last 12 months
prior to the date of report publication. Exact publication dates are
mentioned in every chart.
METHODOLOGY OF OUR CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015 REPORT
 This report covers the B2C E-Commerce market in
Central Asia and Caucasus.
 The regional chapter opens the report, including
regional comparisons that concern criteria related to B2C E-
Commerce, such as Internet and financial services penetration.
 The rest of the report is divided by sub-regions and then
by countries. In each sub-region, the countries are presented in
the order of descending B2C E-Commerce sales. Where no
comparative sales were available, other relevant criteria were
applied to determine the order, such as Internet penetration.
 Each country chapter starts with an overview of
development of B2C E-Commerce in the respective country with
international comparisons.
 Following that, information about trends, sales & shares,
users & shoppers, products, payment, delivery and players is
presented, where available. Due to varying data availability some
of these sections may not be covered for certain countries.
 The “Trends” section generally provides an overview of
the related market trends, such as mobile Internet penetration
and the devices used to access the Internet.
 The section “Sales & Shares” includes the development
of B2C E-Commerce sales, including historical sales and forecasts,
where available. Furthermore, this section shows information
about B2C E-Commerce’s share of the total retail market. Related
numbers, such as total sales of E-Commerce companies and the
value of online purchases per shopper are used where no
information about actual B2C E-Commerce sales was available.
 In the “Users & Shoppers” section, a review of the
development of Internet penetration is included. Where available,
a ranking of online activities of Internet users, including online
shopping, is provided.
 Afterwards, the section “Products” shows the leading
product categories purchased online. This information is available
only for one country.
 The next two sections, “Payment” and “Delivery”, cover
information related to delivery and payment methods most used
by online shoppers, where available. With regard to payment, data
on online payment transactions with bank cards, such as number
and value of transaction, is included if available.
 Finally, the “Players” section includes information about
the leading E-Commerce players, based on criteria such as sales,
website rank and popularity in social networks, depending on
availability.
CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015

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UPCOMING RELATED REPORTS
Asia-Pacific B2C E-Commerce Market 2015 October 2015 € 3,450
China B2C E-Commerce Market 2015 September 2015 € 950
India B2C E-Commerce Market 2015 September 2015 € 950
Southeast Asia B2C E-Commerce Market 2015 September 2015 € 1,950
Indonesia B2C E-Commerce Market 2015 August 2015 € 750
Thailand B2C E-Commerce Market 2015 August 2015 € 750
Top 8 Global B2C E-Commerce Country Sales Forecasts: 2015 to 2018 July 2015 € 2,950
Asia-Pacific Online Payment Methods: First Half 2015 August 2015 € 750
Europe Online Payment Methods: First Half 2015 August 2015 € 750
Global Online Payment Methods: First Half 2015 July 2015 € 1,950
Global Cross-Border B2C E-Commerce 2015 August 2015 € 2,950
Asia-Pacific Cross-Border B2C E-Commerce 2015 August 2015 € 950
Europe Cross-Border B2C E-Commerce 2015 August 2015 € 1,950
Eastern Europe B2C E-Commerce Market 2014 October 2014 € 4,950**
Russia B2C E-Commerce Market 2014 October 2014 € 950
REPORT PUBLICATION
DATE
PRICE*
Eastern Europe B2C E-Commerce Market 2015 December 2015 € 1,950
CENTRAL ASIA & CAUCASUS B2C E-COMMERCE MARKET 2015
**Reflects Discounted Price

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