Sberbank targets e-commerce dominance
Russia’s big state bank wants to be the leading player in the country’s fast-growing e-commerce sector. It could succeed.
Not content with its stranglehold on the Russian retail banking market, Sberbank now aims to dominate every aspect of the digital life of consumers in its home market.
A new three-year strategy, launched in December, envisages the extension of the state-controlled bank’s reach into non-financial sectors, from education and healthcare to analytics and cybersecurity – a business model the bank’s management is calling B2C2B2G (the G stands for government).
For the moment, however, the priority is e-commerce.
Undeterred by previous setbacks in the sector, including a failure to buy local player Ozon last autumn, Sberbank’s management has once again set its sights on a leading position in this underpenetrated and fast-growing market.
“The pandemic gave a huge push for e-commerce penetration, so we believe it’s a great segment to be in,” says Alexandra Buriko, who took over as CFO in July.
The pandemic gave a huge push for e-commerce penetration
Sberbank’s new target is to be number three in the sector by 2023, by which time it expects the total market to have grown to R4 trillion ($53.4