Uzbekistan's e-commerce sector is on a robust growth trajectory, supported by a young population, strategic government initiatives, and active participation from both local and international players. Even Davron Maksudov, Deputy Director of the National Agency for Perspective Projects of Uzbekistan in 2024, projected that the country's e-commerce sector will experience a significant increase, with annual turnover expected to reach $1bn by 2027. The country introduced its first e-commerce law in 2004, with updates in 2015 and 2022.
On this note, Daryo recently had the opportunity to sit down with several key players from Finnish tech giant Wolt and SavvY to discuss the growing e-commerce sector in Uzbekistan, the challenges and opportunities it presents, and how international companies are navigating this dynamic market.
The Exciting Growth of Uzbekistan’s E-Commerce Sector
Natalia Jaliashvili, Public Policy Manager for Azerbaijan, Uzbekistan, Kazakhstan, and Georgia at Wolt, expressed excitement about the rapid development of the e-commerce sector in Uzbekistan. She highlighted that Wolt launched its operations in the country in October 2024, after a period of preparation. Natalia noted the impressive pace at which the country is advancing, especially in areas like payment system development and the government's progressive approach toward e-commerce.
“There is a very dynamic and fast-paced development here,” Natalia remarked. “The government has this super progressive approach to the sector. This makes a huge difference for…a lot of companies that are planning to expand to Uzbekistan, it's really impressive.”
Despite the fast growth, she pointed out that, like any new market, there are some common challenges—small issues that arise during the operational phase. However, she emphasized that there is nothing uniquely difficult about doing business in Uzbekistan compared to other countries.
Competition, Market Dynamics, & Banking
When asked about the role of foreign e-commerce companies and the risk of monopolies, Natalia firmly disagreed with any concerns over monopolization.
“Competition is really impressive in this country [Uzbekistan],” she said. “It’s good for business, good for the sector, good for consumers, and good for the country in general.”
Feruza Saidkamolova, Marketing Specialist at Wolt Uzbekistan, echoed this sentiment, emphasizing that competition drives higher demand and leads to better product offerings. This competitive environment benefits not only consumers but also merchants and delivery partners, ensuring continuous improvement in the e-commerce ecosystem.
Feruza also discussed how Wolt approaches marketing in Uzbekistan, noting the country’s unique market conditions. With a high demand for e-commerce services and intense competition, Wolt tailors its marketing strategies by leveraging experience from other countries where the company operates. This approach allows them to offer the best deals to customers while maintaining a competitive edge.
Natalia praised Uzbekistan's banking system, highlighting Wolt's positive experience with local financial institutions. She noted that payment systems are efficient and that the company has built strong partnerships with local banks and financial services.
Empowering Women Entrepreneurs: A Collaborative Effort
One of the most notable aspects of the interview was the discussion on women entrepreneurship in Uzbekistan. Mariam Koyava, Managing Partner at SavvY, highlighted the collaborative program between SavvY and Wolt that focuses on supporting women entrepreneurs in the country.
The initiative included intensive training, personalized consulting sessions, and upcoming coaching opportunities to help women grow their businesses.
“Uzbekistan supports women entrepreneurship. It's one of the high priorities of the government. And we see how many really nice companies have huge potential to develop. And I'm personally very thrilled to be part of this,” Mariam said. “We got positive feedback, which I'm very happy about. And the plan is to roll it out on a larger scale together with Wolt, of course.”
Small and Medium-Sized Enterprises
The conversation also touched on the role large e-commerce platforms like Wolt play in supporting small and medium-sized businesses (SMEs). Both Natalia and Stefanos Papaevangelou, Head of Commercial at Wolt Uzbekistan, emphasized the importance of building strong relationships with local SMEs.
They are committed to helping these businesses grow by increasing their sales, helping them stay competitive, and educating them about the trends shaping the e-commerce market.
Stefanos explained, “We want to build trust with our local partners and help them become part of the e-commerce revolution. Our vision is to create a digital shopping mall in everyone’s pocket, where customers can order anything they need, from food to pet supplies.”
Why Uzbekistan?
The discussion concluded with a reflection on why Uzbekistan is such an appealing market for companies like Wolt. Natalia shared that Wolt has been operating in Kazakhstan since 2019 and saw Uzbekistan as a natural next step in the region due to its growth potential.
“Uzbekistan is an exciting country to be in, to grow, and to start a business” she said. “And it's our privilege and our huge pleasure to be here.We love it here.”
Mariam also shared her personal connection to Uzbekistan, recalling her first visit three years ago.
“I was really impressed with the hospitality, friendship and support. I fell in love with the country from the first sight,” she said. “I analyzed different countries in the region, and Uzbekistan was the natural choice. Why? Because this is the right place to be. This is a developing country with a huge pace. I see a lot of international companies entering Uzbekistan, particularly because we all from outside, see huge potential in every sector that the country is currently pursuing.”
Mariam expressed a strong desire to contribute to Uzbekistan’s success, emphasizing the importance of supporting the country in areas where her business specializes. She feels honored to be part of the community and to be involved in the country’s development.
As Wolt and SavvY continue to build relationships and expand their presence in Uzbekistan, both companies are committed to contributing to the country’s economic development. With the support of the government, the rise of local entrepreneurs, and a growing e-commerce ecosystem, Uzbekistan is poised to become a significant player in the global market.
The future of Uzbekistan’s e-commerce sector looks bright. The combination of strong competition, government support, and innovative companies like Wolt and SavvY creates an environment ripe for growth and opportunities, especially for women entrepreneurs and small businesses.
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