Turkish e-commerce giant Hepsiburada is set to enter the Ukrainian market, according to the company's CEO, Nilhan Onal Gökcetekin.

The largest marketplaces in Turkey, Hepsiburada views Ukraine as a challenging yet significant market, describing it as a "strategic investment."

Gökcetekin said: "When the situation in Ukraine stabilises, we want to be ready for that in the future."

Established in 1998, Hepsiburada, also known as D-MARKET Electronic Services & Trading, has been publicly traded on the US Nasdaq exchange since mid-2021. Hepsiburada is the only e-commerce business in Turkey to be publicly traded.

The platform offers a diverse range of products, including electronics, home appliances, clothing, accessories, cosmetics, and more.

As the second most popular retail site in Turkey, Hepsiburada.com recorded 104mn visits in December, surpassing the leaders of the Ukrainian market, Rozetka, and Prom, which had approximately 43-44mn visits each.

The company reported strong growth in December. Hepsiburada’s unadjusted gross merchandise value (GMV) soared 126.2% y/y in 3Q23 to Turkish lira (TRY) 24.3bn ($840.2mn).

GMV rose 45.1% y/y to TRY25.7bn.

Revenues were up 52% y/y to TRY8.1bn. The increase in the volume of orders amounted to 55% y/y, taking the number of orders to 27mn.

“This growth [in orders] was fuelled by Hepsiburada Premium members, who exceeded 2mn in November,” said Gokcetekin.