E-commerce Prospective in Black Sea and CIS Countries |

E-commerce Prospective in Black Sea and CIS Countries |i

Disclaimer The report survey exhibits some of the key general findings of the Consumer Study on Internet and E-commerce developed by

author, with the addition of industry trend, country insight, and competitive analysis of B2B e-commerce service providers.

Participation in the online poll & survey is strictly confidential and selected example mentioned in report sections on industry

trends do not necessarily imply to author e-commerce study.

The opinions expressed in this report are those of the author. Data collected from the journals, various industry and companies’

reports and case studies. These views do not necessarily represent any company.

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E-commerce Prospective in Black Sea and CIS Countries |ii

Insight Report

E-commerce Prospective in

Black Sea and CIS Countries Strategic Report on E-commerce Industry

Vivek K. Singh

Independent Consultant

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E-commerce Prospective in Black Sea and CIS Countries |iii

List of Content

Disclaimer .................................................................................................................................................................... i

About the report ......................................................................................................................................................... ix

Acronyms .................................................................................................................................................................... x

1. Introduction ......................................................................................................................................................... 1

A. Industry Classification ...................................................................................................................................... 1

B. B2B E-commerce ............................................................................................................................................. 1

I. B2B E-commerce Business Models ............................................................................................................... 2

II. B2B e-Marketplace ...................................................................................................................................... 2

C. Size and Growth .............................................................................................................................................. 3

I . Global : E-commerce Status Quo ......................................................................................................... 3

I I . Armenia: E-commerce Status Quo ................................................................................................. 4

I I I . Azerbai jan: E-commerce Status Quo ............................................................................................. 6

IV. Bulgaria: E-commerce Status Quo .................................................................................................. 7

V. Georgia: E-commerce Status Quo ...................................................................................................... 8

VI. Kazakhstan: E-commerce Status Quo ............................................................................................ 9

VII . Kyrgyzstan: E-commerce Status Quo ........................................................................................... 11

VII I . Moldova: E-commerce Status Quo ........................................................................................... 12

IX. Romania: E-commerce Status Quo ............................................................................................... 13

X. Turkey: E-commerce Status Quo ...................................................................................................... 15

XI. Ukraine: E-commerce Status Quo ................................................................................................ 16

XII . Uzbekistan: E-commerce Status Quo .......................................................................................... 17

D. Profitability.................................................................................................................................................... 19

I . Industry Profi tabi l i ty .......................................................................................................................... 19

I I . Complementary Services or Model Profi tabi l i ty ...................................................................... 20

I I I . Factors affect profi tabi l i ty ............................................................................................................. 21

E. SWOT Analysis ............................................................................................................................................... 23

2. Consumer Study ................................................................................................................................................. 27

A. Linked Poll ..................................................................................................................................................... 27

B. Online Survey ................................................................................................................................................ 28

C. User Types and Usage (E-commerce Consumer Groups) ................................................................................ 42

3. Porter’s Five Forces ............................................................................................................................................ 45

A. Entry Barriers ................................................................................................................................................ 45

I . Entry & Exit ........................................................................................................................................... 45

I I . Economy of Scale/Scope ................................................................................................................. 45

I I I . Capital Intensity ............................................................................................................................... 45

IV. Network External i ties ..................................................................................................................... 45

B. Threat of Substitute ....................................................................................................................................... 46

E-commerce Prospective in Black Sea and CIS Countries |iv

I . Buyer Tendency to Change ................................................................................................................ 46

I I . Price Elastici ty .................................................................................................................................. 46

I I I . Switching Cost ................................................................................................................................... 46

IV. Threat of Blue Ocean Strategies .................................................................................................. 47

C. Rivalry ........................................................................................................................................................... 47

I . Market Structure .................................................................................................................................. 48

I I . Product Differentiation .................................................................................................................. 48

I I I . Diversity of Opponents ................................................................................................................... 48

IV. Tradition of Strategic Responses ................................................................................................. 48

D. Buyer Power .................................................................................................................................................. 49

I . Scale and Scope of buyers ................................................................................................................. 49

I I . Buyer’s Abi l i ty of Background Integration ................................................................................ 49

I I I . Cost Structure of Buyers ................................................................................................................ 49

E. Supplier Power .............................................................................................................................................. 49

I . Scale and Scope of Suppl iers ............................................................................................................ 49

I I . Suppl ier’s Abi l i ty of Forward Integration .................................................................................. 49

I I I . Suppl ier’s Industry Structure ........................................................................................................ 50

4. Macro-Environment ........................................................................................................................................... 52

A. Political Dimensions....................................................................................................................................... 52

I . Pol itical Stabi l i ty .................................................................................................................................. 52

I I . Taxation Pol icy ...................................................................................................................................... 53

I I I . Foreign Trade Regulation ............................................................................................................... 54

IV. Research and Innovation Pol icy ................................................................................................... 55

B. Economic Dimensions .................................................................................................................................... 56

I . Business Cycle ....................................................................................................................................... 56

I I . New Business Density ..................................................................................................................... 57

I I I . Ease of Doing Business ................................................................................................................... 58

IV. ICT Trade ............................................................................................................................................ 59

V. Foreign Direct Investment (FDI) ....................................................................................................... 60

VI. Venture Capi tal/Joint Venture and Strategic Al l iances .......................................................... 61

VII . E-commerce Business Investment and Market Potential ....................................................... 62

C. Social Dimensions .......................................................................................................................................... 64

I . Education ............................................................................................................................................... 64

I I . Scienti f ic & Technical Journal Arti cle and Dai ly Newspaper Circulation ........................... 66

I I I . Research and Development (R&D) ............................................................................................... 67

IV. ICT Access and Use .......................................................................................................................... 67

V. University & Industry Research Col laboration and Qual i ty of Research Institution .......... 68

VI. E-readiness or E-government and onl ine part i cipation ......................................................... 69

D. Technological Dimensions .............................................................................................................................. 70

E-commerce Prospective in Black Sea and CIS Countries |v

I . R&D Performed and Financed by Business Enterprise and Abroad ......................................... 70

I I . Patent .................................................................................................................................................. 71

I I I . ISO 9001 Certi f ication ..................................................................................................................... 72

IV. ICT and Business & Organizational Model Creation ................................................................ 72

E. Environmental Dimension.............................................................................................................................. 73

F. Legal Dimensions ........................................................................................................................................... 73

I . Electronic Contracts and Dispute Handl ing ................................................................................... 74

I I . Privacy and Security ........................................................................................................................ 74

5. Competitive Analysis .......................................................................................................................................... 76

A. The B2B E-commerce Value Chain.................................................................................................................. 76

I . Value Added Services .......................................................................................................................... 79

I I . Vertical Concentration ........................................................................................................................ 80

I I I . Strategic Synergies of M&A ........................................................................................................... 81

B. Hype Cycle: A key mentality constraint to implement e-commerce ................................................................ 81

C. Case Study: Alibaba.com................................................................................................................................ 84

D. Rivalry Analysis .............................................................................................................................................. 91

Appendix A: Country Insight ....................................................................................................................................... 98

Appendix B: LinkedIn Poll and Online Survey ............................................................................................................. 157

Appendix C: Advantages of ISO 9001 Certification ..................................................................................................... 171

List of references ..................................................................................................................................................... 172

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E-commerce Prospective in Black Sea and CIS Countries |vi

List of Exhibits

Exhibit 1.1: Global B2B E-commerce Growth ………………………………………………………………………………………………………………

Exhibit 1.2: Mobile B2B E-commerce Growth ……………………………………………………...………………………………………………………………

Exhibit 1.3: Armenia: Telecom, Internet Users and Populations……………………………………………………………………………………………..

Exhibit 1.4: E-commerce trade…………………………………….…………………………………………….………………………………………………………..

Exhibit 1.5: Gross Electronic payment…………………………………………………………………………………..……………………………………………...

Exhibit 1.6: Total no. of payment cards in circulation…………….…………………………………………………..…………………………………………..

Exhibit 1.7: Azerbaijan: Telecom, Internet Users and Populations…………….………………………………………………….…….........................

Exhibit 1.8: Gross electronic payment……………………………………………………………………………….………………………………………………....

Exhibit 1.9: Payment cards in circulation………………………………………………………………………………………………………….…………………..

Exhibit 1.10: Value of the purchase and sales via a website…………………………………………………………………………..……………………….

Exhibit 1.11: Bulgaria: Telecom, Internet Users and Populations……….……………………………………………………………………………………

Exhibit 1.12: Transaction through Internet ……………………………………………………………………………………….………………………………....

Exhibit 1.13: Payment cards in circulation ……………………………………………………………………………………………………………………………

Exhibit 1.14: Transaction with payment cards…..…………………………………………………………………………………………………………………..

Exhibit 1.15: Georgia: Telecom, Internet Users and Populations……….……………………………………………………………………………………

Exhibit 1.16: Kazakhstan: Telecom, Internet Users and Populations……….……………………………………………………….……………………...

Exhibit 1.17: Payment cards in circulation ……………………………………………………………………………………………………………………………

Exhibit 1.18: Transaction with payment cards….............................................................................................................................................

Exhibit 1.19: E-commerce growth forecast in Kazakhstan by i-miz.kz. …………………………………………………………….……………………...

Exhibit 1.20: Kyrgyzstan: Telecom, Internet Users and Populations……….…….………………………………………………….………………………

Exhibit 1.21: Transaction made by payment cards……………………………………………………………………………………..…………………………

Exhibit 1.22: Moldova: Telecom, Internet Users and Populations……….…….…………………………………………………….……………………..

Exhibit 1.23: Total no. of card in circulation ………………………………………………………………………………………………………………………….

Exhibit 1.24: Transaction made by payment cards……………………………………………………………………………………..…………………………

Exhibit 1.25: E-commerce transaction value …………………………………………………………………………………………………..……………………

Exhibit 1.26: E-commerce transaction forecast from 2010 to 2013………………………………………………………………………………………..

Exhibit 1.27: Romania: Telecom, Internet Users and Populations……….…….…………………………………………………….……………………..

Exhibit 1.28: Payment cards in circulation ……………………………………………………………………………………………………………………………

Exhibit 1.29: Transaction with payment cards…............................................................................................................................................

Exhibit 1.30: E-commerce Trade Volume ………………………………………………………………………………………………………….…………………

Exhibit 1.31: Turkey: Telecom, Internet Users and Populations……….…….…………………………………………………….…..…………………….

Exhibit 1.32: Payment Cards ……………………………………………………………………………………………………………………………………………….

Exhibit 1.33: Debit and Credit card Payments on internet ………………………………………………………………………..……………………….....

Exhibit 1.34: Ukraine: Telecom, Internet Users and Populations ……………………………………………………………………………………………

Exhibit 1.35: Uzbekistan: Telecom, Internet Users and Populations……….…….………………………………….……………………………………..

Exhibit 1.36: Payment cards ………………………………………………………………………………………………………………………………………………..

Exhibit 1.37: Payment cards transaction. ……………………………………………………………………………………………………………………………..

Exhibit 1.38: B2B E-commerce sales ……………………………………………………………………..…………………………………………………………….

Exhibit 1.39: B2B E-commerce sales by region in billion euro 2003-2008 ………………………………………………..…………………………….

Exhibit 1.40: B2B E-commerce sales by region in percent, 2003-2008……………………………………………..…………………………………….

Exhibit 1.41: B2B E-commerce sales in selected countries of Western Europe in billion euro, 2003-2008………………………………..

Exhibit 2: Poll Response …………………………..………………………………………………………………………………………………………………………….

Exhibit 2.1: Place of internet access ……………………………………………………………………………………………………………..……………………..

Exhibit 2.2: Purpose to use internet (aggregate illustration) ………………………………………………………………………………………………….

Exhibit 2.3: Frequency of internet use (aggregate illustration). ……………………….……………………………………………………………………..

Exhibit 2.4: Smartphone & Tablet dispersion (aggregate illustration)……………………………………………………………………………………...

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Exhibit 2.5: Social Network (aggregate illustration)…………………………………………………………………………….………………………………….

Exhibit 2.6: Online shopping trend (aggregate illustration) …………………………………………………………………………..……………………….

Exhibit 2.7: Recurrence of online shopping (aggregate illustration) ……………………………………….…………………….………………………...

Exhibit 2.8: Commonly used payment methods (aggregate illustration) ………………………………………………………………………………..

Exhibit 2.9: Concern during online shopping (aggregate illustration)………………………………………………………………………………………

Exhibit 2.10: Trust level on online shops (aggregate illustration) ……………………………………………………………………………………………

Exhibit 2.11: Years of using e-commerce (aggregate illustration)……………………………………………………………………………………………

Exhibit 2.12: Purpose of using e-commerce (aggregate illustration) ………………………………………………………………………………………

Exhibit 2.13: Usefulness of e-commerce for consumer in e-business (aggregate illustration) ………………..………………………………..

Exhibit 2.14: Usefulness of e-commerce in business discourse (aggregate illustration) …………………………………………………………...

Exhibit 2.15: Implementation motivation of e-commerce in existing business activities ……………………….…………………………………

Exhibit 2.16: Challenges to implement e-commerce ……………………………………….…………………………………………………………………...

Exhibit 2.17: Perception on e-commerce development …………………..…………………………………………………………………………………...

Exhibit 2.18: Government support to promote e-commerce ………………………………………………………………….…………………………….

Exhibit 2.19: Government support to private channel to increase consumer trust level………………………………………………………….

Exhibit 2.20: Future of e-commerce ……………………………………………………………………………………………………………………………………

Exhibit 4: Change in Real GDP growth (annual %) ……………………….………………………………………………………………………………………..

Exhibit 4.1: ICT Goods Export & Import ……………………………………………………………………………………………………………………………….

Exhibit 4.2: Foreign direct investment, net inflow (%GDP) …………………………………………………………………………….………………………

Exhibit 4.3: Foreign direct investment, net inflow (BoP, US$ in billion) ………………………………………………………….………………………..

Exhibit 4.4: Foreign direct investment, net outflow (%GDP) ………………………………………………………………………….………………………

Exhibit 4.5: Percentage of individual using the internet ………………………………………………………………………..……………………………….

Exhibit 4.6: ICT expenditure (current US$) …………………………………………………………………………………………………………………………..

Exhibit 5: B2B E-commerce Value Chain ……………………………………………………………………………………….……………………………………..

Exhibit 5.1: Carrier Offerings ……………………………………………………………………………………………………..………………………………………..

Exhibit 5.2: Content Offerings ……………………….…………………………………………………………………………………….………………………………

Exhibit 5.3: B2B E-commerce Applications …………………………………………………………………………………………………………………………..

Exhibit 5.4: Gartner Inc. IT Hype Cycle ……………………………………………………………………………………………………………………………......

Exhibit 5.5: The Vision Gap Model ………………………………………………………………………………………………….…………………………………..

Exhibit 5.6: IT Hype Cycle of selected countries ……………………………………………………………………………………………………………………

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List of Tables

Table 1: Global Telecom Snapshot …………………………………………………………………..…………………………………………………………………

Table 2.1: Countrywise insight on place of internet access …………………………………………………………………………………………………..

Table 2.2: Countrywise insight on frequency of use of internet ………………………………….………………………………………………………...

Table 2.3: Countrywise insight on purpose to internet use …………………………………………………………………………………………………..

Table 2.4: Countrywise insight on Smartphone & Tablet use………………………………………….…………………………………………………….

Table 2.5: Countrywise insight on social network use ………………………………………………………..……………………………………………......

Table 2.6: Countrywise insight on online shopping trend ……………………………………………………..…………………………………………......

Table 2.7: Countrywise insight on recurrence of online shopping ………………………………………..……………………………………………….

Table 2.8: Countrywise insight on commonly use payment method ………………………………………………………………..........................

Table 2.9: Countrywise insight on concerns during online shopping ………………………………………………………………...........................

Table 2.10: Countrywise insight on trust level on online shops ………………………………………………………………………...........................

Table 2.11: Countrywise insight on years of using e-commerce ……………………………………………………………………............................

Table 2.12: Countrywise insight on purpose of using e-commerce ……………………………………….………………………….........................

Table 2.13: Countrywise insight on usefulness of e-commerce for consumer in e-business …………………………………………………..

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Table 2.14: Countrywise insight on usefulness of e-commerce in business discourse ………….………………………………………………..

Table 2.15: Countrywise insight on motivation for e-commerce implementation in existing business …………………………………….

Table 2.16: Countrywise insight on challenges to implement e-commerce …………………………………………………………………………..

Table 2.17: Countrywise insight on perception on e-commerce development ……………………………………………………………………..

Table 2.18: Countrywise insight on government support to promote e-commerce ………………….…………………………………………..

Table 2.19: Countrywise insight on government support to private channel to increase consumer trust ………………………………..

Table 2.20: Countrywise insight on future of e-commerce ………………………………………………….……………………………………………….

Table 3: Blue Ocean Strategy ……………………………………………………………………..……………………….……………………………………………..

Table 4: Political Environment Indices ………………………………………………………..……………………….………………………………………………

Table 4.1: Foreign trade turnover in 2011 ………………………………………………………………………………………………………..…………………

Table 4.2: Major economic factors …………………………………………………………………………………………………………………..…………………

Table 4.3: New business density rank and score ……………………………………………………………………………………………..…………………..

Table 4.4: Easiness of doing business ……………………………………………………………………………………………………………..…………………..

Table 4.5: Computer, Communication and other services export & import ……………………………………………..……..…………………….

Table 4.6: Venture capital deal, joint venture/Strategic alliance, Venture capital availability …………………………..……………………….

Table 4.7: Internet & Facebook users and penetration rate ……….…………………………………………………………………..…………………….

Table 4.8: B2C E-commerce estimation by eMartketer.com ………………….………………………………………………………..……………………

Table 4.9: Education Indicators ………………………………………………………………………….…………………………………………..…………………..

Table 4.10: Scientific & Technical journal articles ………………………………………………………………………………………….……………………..

Table 4.11: Research and development expenditure (%GDP) ………………………………………………………………………..…………………….

Table 4.12: ICT Access and Use ……………………………………………………………………………………………………………………..…………………...

Table 4.13: Quality of scientific research institutions, University/Industry research collaboration ………….……..…………………………

Table 4.14: Online service index and its components ………………………………………..…………………………………………..…………………….

Table 4.15: Gross domestic expenditure on research and development in 2009 …………………………………………..………………………

Table 4.16: Patent Statistics 2011 ………………………………………………………………………………………………….……………..…………………….

Table 4.17: ISO 9001: Quality management system certification 2011 …………………………………………….………….………………………..

Table 4.18: Business model creation, Organization model creation ……………….……………………………………………..………………………

Table 5: Alibaba’s History Timeline …………………………………………..…………………………………………………………………..…………………….

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E-commerce Prospective in Black Sea and CIS Countries |ix

About the report This Report has been prepared by the Vivek K. Singh for identify the E-commerce potential in selected Black Sea

and CIS countries.

The purpose of the report is to assess key drivers of the E-commerce Industry and evolving its growth scenarios

and new e-commerce business model. Itnovations Georgia helped in gather secondary and primary information

available over internet and other sources and conducted online poll & survey and applied analytical tools for

qualitative and quantitative (for poll & survey) assessments. The major building blocks of the report are:

Identify key trends of global e-commerce industry and its growth prospective.

Countrywise development of e-commerce, size & growth, industry profitability factors in respect of B2B e-

commerce.

Consumer study on use of internet, social networks, online shopping and apprehend e-commerce trend.

Assessment of impact of major cross-cutting external factors such as infrastructure, regulatory

environment, use and access of IT, R&D development and innovation, availability of venture capital, the

quality of science and engineering education and starting new businesses etc.

Identification of selected countries e-commerce industry development and growth, based on experience of

countries e-commerce development, and the priorities to become knowledge based economy.

Analysis of B2B major player Alibaba.com and competitive analysis of B2B e-commerce.

Evaluation of countries external dimension that are directly responsible for growth and development of e-

commerce.

Identify prospective consumer group for B2C and B2B e-commerce in selected countries.

This report contributes to Vivek K. Singh goal to help organizations and business leaders understand the e-

commerce development prospective to excel success factors and evolving new business model to growth. I would

like to emphasize that this work is independent and solely reflect author’s views.

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E-commerce Prospective in Black Sea and CIS Countries |x

Acronyms ADB Asian Development Bank IDA International Development Association

AGEPI State Agency on Intellectual Property of the Republic of Moldova

ILO International Labor Organization

AM or ARM Armenia IMF International Monetary Fund

AMD Armenian Dram IP Innovation Policy

ASP Application Service Provider IPR Intellectual Property Right

ATP Autonomous Trade Preference ISAF International Security Assistance Force

AZ or AZE Azerbaijan ISO International Organization for Standardization

AZN Azerbaijani Manat ISP Internet Service Provider

B2B Business-to-Business IT Information Technology

B2C Business-to-Consumer ITU International Telecommunication Union

B2E Business-to-Employee KG or KGZ Kyrgyzstan

B2G Business-to-Government KGS Kyrgyzstani Som

BASSCOM Bulgarian Association of Software Companies KITA Korea International Trade Association

BEA Bulgarian E-commerce Association KZ or KAZ Kazakhstan

BGN Bulgarian Lev KZT Kazakhstani Tenga

BGR Bulgaria LAN Local Area Network

bln. Billion M&A Merger and Acquisition

BM Business Model M-commerce Mobile Commerce

BoP Balance of Payment MD or MDA Moldova

BSEC Black Sea Economic Cooperation MDA Moldovan Leu

BY Belarus mln. Million

C2B Consumer-to-Business MP Member of Parliament

C2C Consumer-to-Consumer n/a Not Available

C2G Citizen-to-Government NATO North Atlantic Treaty Organization

CA Certification Authorities NBM National Bank of Moldova

CEE Central and Eastern Europe NGO Non-Governmental Organization

CEFTA Central European Free Trade Agreement OECD Organization for Economic Co-operation Development

CIS Commonwealth of Independent States OEM Original Equipment Manufacture

CIT Corporate Income Tax OIC Organization of the Islamic Conference

CITES Convention on International Trade in Endangered Species

OM Organization Model

CITUB Confederation of Independent Trade Union of Bulgaria

OSCE Organization for Security and Cooperation in Europe

COMECON Council for Mutual Economic Assistance P2P Point-to-Point or Person-to-Person

CPI Corruption Perception Index PCA Partnership and Cooperation Agreement

CPL Consumer Protection Law PCT Patent Cooperation Treaty

CRM Customer Relationship Management PDA Personal Digital Assistant

CSTO Collective Security Treaty Organization PIT Personal Income Tax

CU Custom Union PKI Public Key Infrastructure

EAI Enterprise Application Integration PSA Production Sharing Agreements

e-Banking Electronic Banking PSTN Public Switched Telephone Network

EBRD European Bank for Reconstruction and Development

QMS Quality Management System

E-business E-commerce Business R&D Research and Development

ECA Electronic Commerce Act RATS Regional Anti-Terrorist Structure

E-commerce Electronic Commerce RMB Renminbi

ECRI European Commission against Racism and Intolerance

ROM Romania

E-commerce Prospective in Black Sea and CIS Countries |xi

EDI Electronic Data Interchange RON Romanian Leu

EDL Electronic Document Law SaaS Software as a Service

EE Environmental Expertise SBA Small Business Administration

EECA-ICT EU-Eastern Europe and Central Asia for ICT Research, Development and Policy Dialogue

SCO Shanghai Cooperation Organization

e-Government Electronic Government SDR Special Drawing Rights

EIA Environmental Impact Assessment SECI Southeast Europe Cooperation Initiative

e-Marketplace Electronic Marketplace SERP Search Engine Result Page

EP Eastern Partnership SME Small and Medium Enterprises

e-Payment Electronic Payment SPNT Specially Protected Natural Territories

ERP Enterprise Resource Planning SWIFT Society for Worldwide Interbank Financial Telecommunication

e-Signature Electronic Signature Thou. Thousand

ETG Electronic Trade Ground TI Transparency International

EU European Union TJ Tajikistan

EUR Euro TLD Top-level domain

EurASEC Eurasian Economic Community TM Turkmenistan

FDI Foreign Direct Investment TR or TUR Turkey

FEZ Free Economic Zone TRIPS Trade-Related Aspects of Intellectual Property Rights

FTA Free Trade Agreement or Free Trade Area TRY or TL Turkish Lira

G2B Government-to-Business UA or UKR Ukraine

G2C Government-to-Citizen UAH Ukrainian Hryvnia

G2E Government-to-Employee UIS UNESCO Institute for Statistics

G2G Government-to-Government UNCTAD United Nations Conference on Trade and Development

GATS General Agreement on Trade in Services UNDP United Nations Development Programme

GATT General Agreement on Tariffs and Trade UNESCO United Nations Educational, Scientific and Cultural Organization

GDP Gross Domestic Product UNPAN United Nations Public Administration Network

GE or GEO Georgia URL Uniform Resource Locator

GEL Georgian Lari USAID United States Agency for International Development

GERD Gross Domestic Expenditure on Research and Development

USD American Dollar

GMAT Graduate Management Admission Test USSR Union of Soviet Socialist Republics

GNI Gross National Income UTC Coordinated Universal Time

GNP Gross National Product UZ or UZB Uzbekistan

GOR Government of Romania UZS Uzbekistani Som

Govt. Government VAN Value-Added Network

GSP Generalized System of Preferences VAT Value Added Tax

GUAM Georgian, Ukraine, Azerbaijan and Moldova WG Working Group

HGA Host Government Agreement WIPO World Intellectual Property Organization

IAMAI Internet and Mobile Association of India WM Wire Money

ICT Information and Communication Technology WTO World Trade Organization

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E-commerce Prospective in Black Sea and CIS Countries |xii

Part I: Industry Profile

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Part II: Consumer Study

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E-commerce Prospective in Black Sea and CIS Countries |14

Part III: E-commerce

Competitive Forces

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E-commerce Prospective in Black Sea and CIS Countries |15

Part IV: Externalities

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E-commerce Prospective in Black Sea and CIS Countries |16

Part V: Competitive Landscape

and Case Study

In context of B2B E-commerce

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E-commerce Prospective in Black Sea and CIS Countries |17

APPENDIXES Click to download the full report

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