Hepsiburada’s sales volume grows 78 percent in first quarter

ISTANBUL

Hepsiburada, Türkiye’s leading e-commerce platform, has reported an annual increase of 15.1 percent in its gross merchandise value (GMV) in the first quarter of 2023 to 15.1 billion Turkish Liras, while unadjusted GMV rose by 78.4 percent to 14.8 billion liras.

The platform’s revenue stood at 4.63 billion liras in the January-March period, pointing to a 15.8 percent increase from a year ago.

The number of orders rose from 15 million in the first quarter of last year to 24.1 million this year, translating into a 61 percent increase.

Active customers were nearly flat at 11.9 million as of March, the company said in a statement, adding that order frequency rose nearly 52 percent year-on-year to 7.5.

The number of Stock Keeping Unit (SKU) exhibited an annual rise of 63 percent to 180 million.

The share of marketplace GMV improved from 65.4 percent at the end of March 2022 to 68.2 percent.

“EBITDA improved to positive 7.3 million liras in the first quarter of 2023 compared to a negative 1.01 billion liras a year ago. The net loss for the period was 192.8 million liras compared to a net loss of 1.22 billion liras for the first quarter of 2022,” the company said.

“In the first quarter, our team has reached significant milestones despite tough macroeconomic conditions, devastating earthquakes that impacted the market environment and political uncertainty surrounding the elections,” commented Nilhan Onal Gökçetekin, the CEO of Hepsiburada.

EBITDA unadjusted for inflation, at 175.9 million liras, exceeded breakeven and marked the highest level since the company’s IPO, Gökçetekin said.