The Amazon giant has a new rival? A Russian company is working on its own online purchasing service

Yandex, now known as Google of Russia, is working on its own online shopping service to become the equivalent of Amazon in the country, reports Business Insider.

Yandex, the largest technology company in Russia, well known for creating the most popular search engine in the country

The company has 50 million users a month, an impressive statistic considering that 39, there are 87 million Internet users in Russia, according to the Association of Internet

Yandex is expanding into new areas such as Yandex.Taxi ride-helix taxi service, Alice Digital Assistant, Intelligent Voice-Activated Devices and, Most Recently, Online Shopping

] In an interview with Business Insider, Yandez Director Michael Levin said that the company is developing its Yandex.Market price comparison service in a platform that users can

The new service is a joint venture with Sberbank, the largest bank in Russia, and the site is currently in beta, Levin said. The official launch will take place this year, and Yandex has conducted a pilot project in the cities of Niznai Novgorod, Kazan and Ufa.

Levin did not specify the company's earnings, but said that Yandez wants to attract at the end of this

He added that it is not much compared to the users from Yandex, but it is more compared to most of the shopping sites in Russia.

According to Mitch Mitchell, an analyst at BCS, 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. As a general rule, Russians who order products online pay for them when they are brought by mail.

The AITC predicts that Russians will spend 1250 billion rubles (15-20 billion pounds) online in 2018, while eMarketer forecasts Britain's online spending is six times higher, that's 93.82 billion pounds.

Yandex does not think Amazon is competing, Levin said. While Russians are becoming more and more used to buying online, Yandez wants to compete with renowned retailers who are developing their e-commerce services. Read more about "The Amazon Giant Has a New Rival A Russian Company Is Working On Its Own Online Shopping Service" on Ziare.com

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