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In 2023, the Ukrainian online market achieved record results, with players in many categories surpassing their pre-invasion performance. In the first half of 2024, revenue growth continued, though not across all niches and with varying dynamics.
In this report, we visualized the dynamics across six niches based on weighted average indicators for each category. The sample includes players with different turnover levels. We compared the results of the first half of 2023 with those of 2024. To accurately assess seasonality and eliminate the impact of inflation, some data is presented as a percentage in USD.
As of May 2024, the Ukrainian Business Index stands at 43.7 out of 100. This marks an increase compared to the previous wave of the survey (38.1), setting a new local maximum. However, it remains in the zone of negative expectations.
Graphs were visualized using weighted average indicators in each category. The sample consists of players with different spin levels. The indicators of the first half of 2023 were compared with those of the same period in 2024. Part of the data was displayed as a percentage in USD.
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Revenue in the category increased by 78% in dollars. Seasonality remains stable for the niche, with February and March being the peak sales months in the first half of the year.
The number of orders grew by 47% compared to 2023. The average check increased by 114% in USD. Traffic in the category rose by 32%, and the conversion rate increased by 11%.
In 2024, niche players increased their advertising budgets by 70% in dollars. Our hypothesis is that in previous years, retailers did not actively develop their online presence. This year, we see that the investments in advertising are paying off in the form of increased revenue.
The cost per click (CPC) rose by an average of 4% during the first half of the year. We observe a redistribution of players in the niche, with retailers actively growing both organic and branded traffic. This may be what is keeping the CPC from rising more sharply.
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