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The company has 50 million users per month, an impressive statistic considering that there is a total of 87 million Internet users in Russia, according to the Association of Marketing Companies Internet (AITC).
Yandex is expanding into new areas such as Yandex.Taxi taxi-service taxi, Alice digital assistant, intelligent voice-activated devices and, more recently, online shopping
In an interview with Business Insider , Yandez director Michael Levin said the company is developing its Yandex.Market price comparison service in a platform where users can order products such as electronics, home appliances, toys and merchandise.
The new service is a joint venture with Sberbank, Russia's largest bank, and the site is currently in beta, Levin said. The official launch will take place this year, and Yandex has launched a pilot project in the cities of Nizhny Novgorod, Kazan and Ufa
Levin did not say what the company's revenues were but said that Yandez wants to attract several hundred thousand users a day by the end of this year.
He added that this is not much compared to Yandex users, but that it is more compared to most of the shopping sites in Russia
[19659002] According to BCS analyst Mitch Mitchell, the development of online commerce in Russia is lower than that of the United Kingdom and the United States. The main problems are logistics and the fact that Russia has a cash-dominated economy. In general, Russians ordering products online pay for them when they are brought by mail.
AITC expects Russians to spend 1250 billion rubles online (15-20 billion pounds) in 2018, while the eMarketer forecasts for British online spending six times more than 93.82 billion pounds.
Yandex does not think Amazon is the competition, said Levin. As Russians are more and more used to buying online, Yandez wants to compete with leading retailers developing e-commerce services
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