Core Insights - The e-commerce market in Uzbekistan is experiencing a significant transformation, with Uzum, the largest local platform, predicting a fivefold revenue increase by 2027 [1] - The e-commerce sector has shown an impressive compound annual growth rate (CAGR) of 122% in recent years, with expectations of maintaining over 40% annual growth in the coming years [1] - The penetration rate of online shopping has surged from 1%-2% in 2020 to 7%-8% in 2023, indicating substantial growth potential compared to China's over 64% [1] Market Dynamics - Uzum's product variety has recently surpassed one million, while Chinese platforms had significantly higher SKU counts a decade ago, highlighting the growth trajectory of Uzbekistan's e-commerce [1] - The high-profit margins in Uzbekistan's e-commerce sector are notable, with some products priced significantly higher than in China, creating a lucrative environment for local entrepreneurs [3] - Entrepreneurs in sectors like baby products and small appliances report gross margins exceeding 100%, with net margins around 50%, showcasing the profitability of the market [3] Historical Context - The e-commerce landscape in Uzbekistan faced challenges from 2017 to 2020, with limited success from local supermarkets and competition from Russian platforms hindered by inefficient logistics and payment systems [3] - The COVID-19 pandemic acted as a catalyst for e-commerce growth, allowing Uzum to leverage existing infrastructure and improve payment success rates significantly [3] Competitive Landscape - Uzum is actively enhancing its logistics, developing price monitoring tools, and implementing policies to attract Russian sellers, aiming to expand its product offerings and market share [5] - New entrants like Yandex and Temu are emerging, with Yandex targeting the high-end market and Temu employing aggressive strategies to penetrate the market [5] Future Outlook - Local entrepreneurs express optimism about Uzum's future, emphasizing the importance of leveraging Chinese supply chain experience to capture market opportunities [7] - The potential for long-term value lies in aligning product offerings with local consumer preferences, as there is a demand for better choices in the market [7]

2025年6月，笔者来到了乌兹别克斯坦首都塔什干，见到了当地最大电商平台Uzum的负责人Frank。他自信地表示："到2027年，我们的营收将比今年增长 500%。" 这种乐观并非空穴来风。数据显示，乌兹别克斯坦电商市场在2021–2024年间保持了122%的年均复合增长率，预计未来几年仍将保持40%以上的高速增 长。网购渗透率也在迅速提升——2023年已有7%-8%的人口在线购物，而在2020年，这一比例仅为1%-2%。相比之下，中国这一数字已超过64%。 随后Uzum建设自有物流、开发价格监控工具，提升履约和定价能力。2022年，俄乌战争爆发，Uzum推出"0佣金欢迎俄罗斯卖家"政策，扩大商品种类， 抢占流量入口。到2023年，Uzum整合电商、外卖、支付等服务，打造完整的数字生态。 Frank透露，目前Uzum平台的商品SKU数量刚刚突破100万。而回看中国电商发展，早在2009年，淘宝前十品类的SKU总量就已超过300万；2011年，天猫 SKU超千万；京东在2012年第四季度的自营SKU也已达150万。 订单量方面，Uzum日均订单为10万单，而淘宝和京东分别在2005年与2009年就已达到这一规模 ...