Countries

EU pilots EU4Digital initiative to increase volumes in Eastern Europe

EU4Digital is an initiative to extend the European Digital Single Market to Eastern Europe

EU4Digital

EU pilots EU4Digital initiative to increase volumes in Eastern Europe. Source: pexels.com

EU4Digital has launched an e-commerce pilot between Armenia, Azerbaijan, Georgia, and Germany, according to Ecommerce News. Its goal is to increase e-commerce volumes.

In 2020, it started activities to further harmonize commerce between the European Union and the Eastern partner countries.

The European single market is the EU being one territory, without any internal borders or regulations to block the free movement of goods and services. For a few years, the European Union has been trying to release this online, which is called the European Digital Single Market.

According to EU4Digital, there are some challenges for cross-border e-commerce in Eastern Europe.

First, major marketplaces operating in the EU are available in the Eastern partner countries but not commonly used for reasons such as lack of awareness and high cost to enter the EU market. Second, local marketplaces selling cross-border in the Eastern partner countries are not common and not personalized for EU consumers. And third, average  delivery time for cross-border sales is longer  in the Eastern partner countries than in the EU

With the pilot, EU4Digital wants to strengthen the e-commerce ecosystem and increase volumes. One of the solutions is to establish national virtual warehouses and databases of local goods, so e-commerce players can automatically exchange information about sales, customs, and delivery.

We’ve reported that the cross-border e-commerce sales from the United Kingdom are up 57% in 2020 over the same period last year.

SEE ALSO:

Pay Space

6742 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.