Turkey’s soaring population growth, urbanisation and increasing household expenditure has led to an increase in purchasing power, with positive results for the local retail industry. In comparison with Europe, Turkish retailers are expected to post improved five year revenue performance with an average growth rate of 9% year on year, ranking it among Europe’s top 10 in consumption expenditure.
Furthermore, freshly organised retail structures and an expanded acquisition and merger sector, especially in food retail, have rewarded Turkey with particularly high growth in overall retail. This is supported by the rise of small and medium sized retailers who have merged and subsequently expanded. In real terms there has been positive growth in consumption, leading to steady successes in the retail sector.
Successes in Turkish retail should not only be associated with B2B, but also with e-commerce businesses which trade locally and internationally. As online retail gains have gained more importance in Turkey, they have helped in the development of strong trends in the sector, especially as regards online strategies which aim to boost consumption.
The future of Turkish retails lies online. By 2021, Turkish consumers are expected to view each retailer as permanently accessible single brand, without distinction between the virtual and real world. Multi-channels will turn into omni-channels as retailers try to build up one-on-one relationships with consumers through digital platforms. These personalised strategies will be highly supported through advanced CRM and SMS trends, which can be observed on the Turkish retail market. In this way, physical and virtual stores merge together with digital tools, enabling Turkish consumers to purchase anywhere, anytime with the feeling of a personal relationship with retailers, regardless of external conditions or circumstances.
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