Hepsiburada Reports Better-Than-Expected Sales in Q1

Hepsiburada's total sales volume surged by 138% year-over-year in the first quarter, reaching 35.2 billion Turkish Lira, surpassing growth expectations.

Hepsiburada Reports Better-Than-Expected Sales in Q1
Hepsiburada Reports Better-Than-Expected Sales in Q1

Hepsiburada's total sales volume surged by 138% year-over-year in the first quarter, reaching 35.2 billion Turkish Lira, surpassing growth expectations.

According to the company's statement, Hepsiburada has released its first-quarter results for 2024. The total sales volume hit 35.2 billion Turkish Lira, marking a 137.8% increase compared to the same period last year, exceeding the anticipated 120% growth. When adjusted for inflation accounting, the total sales volume saw a 42.5% rise to 36.3 billion Turkish Lira compared to the previous year's first quarter.

The number of orders placed by Hepsiburada customers through the platform increased by 22% year-over-year, reaching 29.3 million. The number of active customers grew to 12.1 million, with the frequency of orders per customer over the last twelve months rising by 30%, from 7.5 to 9.8.

Active Seller Numbers Near 102,000

Through the "Hepsiburada Is Ortakim" program, Hepsiburada continued to provide comprehensive opportunities to its sellers and SMEs. The number of active sellers on the platform rose to 101,900, and the number of products sold increased by 38% compared to the same period last year, reaching 248 million.

In line with its profitable and sustainable growth strategy, Hepsiburada's EBITDA reached 289.4 million Turkish Lira, with the EBITDA margin improving by 1.2 percentage points to 2.4%. Adjusted for inflation accounting, this margin was 0.8%.

Hepsiburada Premium, Turkey's first subscription-based loyalty program, reached 2.6 million users as of May 15. Customers who joined Hepsiburada Premium increased their order frequency by 1.4 times compared to their previous non-premium period.

Hepsiburada Maintains Sector Leadership in Customer Loyalty

Hepsiburada maintained its leadership in the sector according to the Net Promoter Score (NPS), a metric used to measure customer loyalty and experience, calculated through independent research.

Hepsiburada Orders Delivered Next Day by HepsiJet

In the first quarter of 2024, HepsiJet delivered 82% of the orders with Hepsiburada as the seller to various parts of Turkey the next day. HepsiJet handled 68% of the products sold through the Hepsiburada platform. Besides Hepsiburada orders, HepsiJet also manages logistics for other brands, serving over 2,000 companies outside the Hepsiburada platform. Services like Scheduled Delivery, Next Day Delivery, and Scheduled Returns contributed to an 87 customer satisfaction score in the first quarter.

Hepsipay, Hepsiburada's fintech company offering digital wallet and one-click payment solutions, reached 15.7 million users as of May 31. Hepsipay began providing quick and secure shopping services to e-commerce players in Turkey in 2023, being integrated into the payment screens of 28 retail companies.

Hepsiburada Expands Financial Services

In the first quarter of 2024, Hepsipay's "buy now, pay later" feature facilitated 1.1 million orders using Hepsiburada credit limits and instant shopping loans with up to 36-month installments.

The newly introduced HepsiFinans consumer credit, launched in 2024, provided over 280 million Turkish Lira in loans by the end of May. The total credit volume, including Hepsiburada limits, shopping credits, and general consumer loans, reached 8.1 billion Turkish Lira as of March 31.

Hepsiburada CEO Comments on Growth

Hepsiburada CEO Nilhan Onal Gokcetekin commented on the strong start to 2024, surpassing growth and profitability expectations. "Compared to the first quarter of last year, we achieved a 137.8% increase in total sales volume and continued improvement in EBITDA. This reflects our sustainable and profitable growth strategies," she stated.

"We have continued to provide the most effective and efficient solutions to meet all the needs of our SMEs on their digitalization journey. We are progressing confidently in extending our B2B services to more partners. With HepsiAd, we enhance the visibility and reach of our sellers. HepsiJet continues to deliver packages quickly and smoothly using the latest technologies. In fintech, we have expanded the trusted payment and installment solutions for our customers. For the second quarter of 2024, we forecast approximately 75% growth compared to the same period last year on an unadjusted basis. With continued tight cost management, we expect EBITDA margins to be between 1.8% and 2.0% of total sales volume in the second quarter of 2024."

Hepsiburada continues to demonstrate its commitment to growing e-commerce in Turkey with these impressive first-quarter results.