Turkey’s e-commerce volume is expected to exceed TL 400 billion ($49 billion) this year and double again in 2022, according to Engin Aksoy, the CEO of GSM operator Vodafone Turkey.

E-commerce in the country expanded by 64% in the first half of 2020 compared to the same period of the previous year and exceeded TL 91 billion ($11.1 billion). In 2020, it reached TL 200 billion ($24.4 billion), he said during an online event organized by the Union of Chambers and Commodity Exchanges (TOBB).

"Recent studies show that the ratio of the number of people using e-commerce to the total population reached 36.5% in 2020. That is, one in three people in Turkey uses e-commerce. We think this growth and momentum will continue," he underlined.

He added that businesses have brought their digital investments forward six years to quickly adapt to the new normal.

Citing a study by the International Data Corporation, he said that worldwide digital transformation investments would reach $7.4 trillion in the next four years, saying that with curfews in Europe, Asia and the United States, trade, especially consumer goods, had shifted to e-commerce.

Also speaking at the event, private lender Akbank's deputy general manager Bülent Oğuz pointed out the importance of change and adaptation in people's lives during the pandemic.

Stating that the coronavirus outbreak had had an important effect on the ways of doing business, as in every field, he said:

"In digitalization, we observe very important changes both in our own institution and together with our business partners, and we want to contribute to this, as Akbank.

"It is not enough to change your own institution, you should also make sure that your stakeholders achieve the same development and adaptation so that the concept of sustainability, competitiveness and efficiency can continue."

He noted that Akbank provided financial support for its small and medium-sized enterprises while continuing its activities in transformation, technological adaptation and digitalization.