Romanian online retailer evoMAG ups sales by 20% in 2023, expects similar growth this year

Romanian e-commerce retailer evoMAG said it ended 2023 with sales of EUR 42 million, an increase of about 20% compared to 2022. For this year, the company estimates a business growth of between 10% and 20%, depending on the development of the corporate segment and sales to public institutions.

Last year, evoMAG recorded the highest sales in established product categories, namely mobile phones, laptops, components, and appliances.

“Last year, we focused on what we do best - selling products in categories where we have the most experience. Additionally, we succeeded in strengthening a robust corporate sales department and continued to open new sales channels through partnerships with several marketplaces, both in Romania and abroad,” said Mihai Pătrașcu, CEO of evoMAG.

In 2024, the retailer plans to further develop the corporate segment and sales to companies.

“We also plan to list on other marketplaces in countries like Germany and Greece, but these are still preliminary plans. evoMAG’s focus in 2024 is on optimization and efficiency to offer better promotions and faster delivery to our current customers,” Pătrașcu explained.

The company estimates investments of around EUR 500,000 this year, which is similar to the 2023 budget. Most of the funds will be directed towards improving logistical activities, enhancing delivery speed, and the online store’s backend platform.

At the same time, in 2024, evoMAG is accounting for business growth of 10% to 20%, depending on the evolution of the corporate segment and sales to public institutions, as it is also developing a larger, specialized department dedicated to public tenders through SICAP.

Plus, the company said it remains open to market consolidation opportunities through acquisitions, targeting online stores with a solid customer base and selling products in complementary niches that align with evoMAG’s existing product offerings.

evoMAG is one of the leading companies in the Romanian e-commerce industry, attracting over 60,000 visitors on its platform daily. It was founded by Mihai Pătrașcu, who continues to hold the position of CEO.

In 2022, the company attracted a EUR 2 million investment from Catalyst Romania, one of the most important technology-focused venture capital firms in Romania, to support its accelerated development plans.

(Photo source: evoMAG)