Yasso: The Greeks Are Taking Advantage Of The Crisis

Like a large part of Southern European countries, Greece is facing one of the most severe financial crises in its history. However, studies conducted by various bodies, including official institutions of Greece and the European Union, show an increase in citizens' spending in e-commerce in the country. In opposite proportion to the general trade trend in the homeland of Socrates and Aristotle. 

So how does it happen? What can be learned from this about the impact of financial crises on online trade and/or the immunity of the Internet compared to economic hardships? About that briefly in the article before you and above all - spoiler. The results of online shopping surveys in Greece show that although virtual stores are affected by the crisis as a whole, they manage to generate quite a bit of traffic. Thanks to attractiveness and advantages that are expressed mainly in affordable prices and high availability. 

 

The data is correct for all industries available for online trade in Greece and especially (note!) hotels, tourism, concert tickets, communication services and insurance. In Greece, as in Greece, when your pocket is empty you just book a hotel and go see a good show. 

We can begin to examine the issue with the help of studies about other financial crises that have hit Europe in the last ten years. A study that examined the behavior of surfers in 2008, just after the sub-prime crisis, found that most online consumers reduced their spending on holiday shopping, and that those with high incomes were less affected than those in the middle class and below. 

 

It is important to emphasize, in general, e-commerce in the world is constantly on the rise. In 2012, the volume of online trade surpassed the trillion dollar mark (1,000 billion) for the first time. The main growth was not in the European market but in the markets of East Asia and North America. Europe showed an annual increase of just under 10% "only". As for Greece, in the last three months of 2013 the country recorded a growth of about 17% in the volume of virtual trade, and in total an increase of about 89% from 2010. By the way, according to official data sampled in 2013, one out of four Greeks makes online purchases and 75% of Greeks use the Internet as a source of information about products and services. 

 

As far as consumption habits are concerned, there are fundamental differences between online and offline commerce. For example, consumers prefer e-commerce because of the quality of the products, the level of detail and information, the ability to conduct a market survey at the click of a button, attractive prices in light of low maintenance expenses, and more. In almost every field where the customer does not expect and/or need the service of an "experiential sale", virtual stores provide the goods (literally). On the other hand, there is no doubt that "physical" stores There are some tricks up their sleeve such as immediate delivery time versus waiting for products purchased online. 

 

And now to the question of the million drachmas – What happens in Greece during the financial crisis? Well, the tourism industry is one of the areas where most online purchases were made by Greek citizens during the crisis. Over 70% of the participants in the study testified that they purchased travel tickets via the Internet and 43% booked places in a hotel. Other notable branches that "starred" The survey included clothing (46.5%), technology (45.6%) and communication/electronics (41.23%). On the other hand, purchases in food marketing chains recorded lower data than usual, as did shopping in the health sector. 

 

The study examined the way Greek surfers made their purchases. 36.8% paid in cash before the products arrived and 27.2% waited for payment upon delivery. 12.3% paid by PayPal and 20.2% by credit cards. 

 

The researchers discovered interesting results in respondents who did not performOnline purchases during the crisis. It was found that most of those who belong to the "thrifty" group do not purchase via the Internet in general. According to them, the main barriers are reluctance to use credit cards on the Internet, fear of malicious parties hacking their details, and fear of not being able to return the products or get a refund if the product is not suitable. 

 

The data presented here is just a little that holds the multiple. All the studies regarding e-commerce in Greece during the crisis indicate a lively movement of surfers and consumers on the net. It therefore seems that the economic crisis is the best point for opening alternative markets in the online space. Since the use of virtual stores encompassed all trades, from food to vacations, the sky is the limit. Citizens under an economic crisis are looking for alternative shopping centers and these things agree with estimates that electronic commerce will soon be able to overtake traditional commerce. This, as a result of its increasing reliability, the available variety it offers, the international connection, and the increase in the rate of Internet users in the world.