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Yandex, now known as Google of Russia, is working on its own online shopping service to become the equivalent of Amazon in the country, Business Insider forwards to News.ro
Yandex, Russia's largest technology company in the world, is best known for creating the most popular search engine in the country.
The company has 50 million users per month, an impressive statistic considering that there is a total of 87 million users in Russia
Yandex is expanding into new areas such as Yandex.Taxi taxi-service, Alice Digital Assistant, Voice Command Intelligent Devices and, more recently, online shopping.
In an interview with Business Insider, director of Yandez Michael Levin said the company is developing its Yandex.Market price comparison service in a platform that the users can order products such as electronics, home appliances, toys and others
The new service is a joint venture created 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 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 d & Here the end of this year.
He added that this is not much with Yandex users, but it is more compared to most of the Russian shopping sites.
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 couriers.
The AITC predicts that Russians will spend 1250 billion rubles online (15-20 billion pounds) in 2018, while eMarketer forecasts Britain's online spending is six times higher and 93.82 billion pounds respectively.
Yandex does not think Amazon is the competition, said Levin. While Russians are getting more and more used to buying online, Yandez wants to compete with established e-commerce retailers
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