When the European economy’s growth aspect comes into regard, many will refer to nations like United Kingdom, France, or Germany. Although, undeniably, these are the few names where most investors would love to make investments and set up companies, the idea of initiating a business in the Baltic States is also turning to be a well-thought one.
At present, the three countries of the Baltic region are dwelling for over six million people. Keeping the Baltic Sea on their western side, these three countries are drenched in historical, cultural, and political significance.
The advancement of technology and the market’s introduction to the internet changed Baltic people’s purchasing habits long ago. But now, along with the further economic growth the region is observing, e-commerce investors are getting more inclined towards making investments in this region.
Hence, undoubtedly, Estonia, Lithuania, and Latvia can be labeled as countries with growth potential.
The name Estonia can be placed among the smallest European countries. However, for quite a few years, the country is going through some dynamic developments. In this aspect, the company Taxify is currently located in Tallinn, but being incepted in 2013, it’s at present serving customers from 35 different countries from all across the world. Approximately 30 million people from all those countries are utilizing their platform.
Suppose it’s required to denote the success story of other Estonian brand names like Skype, Toggle, and TransferWise worth mentioning. Another mentionable factor is that Estonia-based online businesses are serving their customers with the highest level of cybersecurity. The country is also ranked as the 6 th European state for providing the companies with a convenient ambiance to initiate businesses.
The state is also an enticing place to stay for residents inclining online gambling, as they can wager in casino online through some of the most reputable and legitimate sites. The casino gambling site NetBet should be a fine example for giving players the idea about how Estonian players are playing from online gambling.
Though it’s mentioned after Estonia, the country of Latvia is no less attractive than it. Here, investors are very keen to make significant investments. In 2017, the e-commerce sites from Latvia over US$ 280 million as total revenue, and experts forecasted that it would reach the US$ 418 million’s mark within 2021. You can name brands like Cenos and Aerone that have incepted from this country and have a worldwide presence.
Lithuania can now be firmly regarded as the nurturer of small businesses as the country’s start-up market is clutching a steady growth. One of the most successful and recognizable start-ups incepted in the country is the MailerLite brand. Another famous brand having its base in Lithuania is TransferGo or XtGem.
The eCommerce market of the country was conferred as the 62 nd biggest market in 2019, bagging up revenue of US$694 million. Besides, in the same year, with its growth rate of 9%, Lithuania’s eCommerce market has also contributed to eCommerce’s worldwide growth rate.
The success of the present eCommerce sites and the fertile ground for more sites to come are the blessings that people from the Baltic region are highly exposed to internet marketing and social media sites. Hence, businesses have gained a possible sphere to run different marketing campaigns and access many probable customers in no time. Besides, acceptable online payment methods and increasing mobile phone penetration also have their parts behind this noticeable bloom.