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Hepsiburada, Turkey’s first and only company listed on Nasdaq, has announced its financial results for the first quarter of 2024, showcasing significant growth.
Above Expectations Growth
Hepsiburada‘s total sales volume reached 35.2 billion Turkish Lira in Q1 2024, surpassing expectations with a growth rate of 137.8% compared to the same quarter last year. Calculated under inflation accounting, the total sales volume increased by 42.5%, totaling 36.3 billion TL compared to the previous year’s Q1.
The number of orders placed by Hepsiburada customers through its platform increased by 22% year-over-year, reaching 29.3 million in Q1. The active customer base expanded to 12.1 million, with the frequency of orders per customer rising by 30% from 7.5 to 9.8 over the past twelve months.
Close to 102,000 Active Sellers
Through its “Hepsiburada Business Partner” program, Hepsiburada continues to provide comprehensive opportunities to sellers and SMEs. The number of active sellers on the platform increased to nearly 101,900, and the quantity of products sold surged by 38% year-over-year to 248 million units.
FAVÖK Achieved at 2.4%
Aligned with its strategy of profitable and sustainable growth, Hepsiburada‘s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached 289.4 million TL. The ratio of FAVÖK to total sales volume increased by 1.2 percentage points to 2.4%. Under inflation accounting, this ratio stood at 0.8%.
Continued Customer Loyalty and Satisfaction
The “Hepsiburada Premium,” Turkey’s first membership-based loyalty program, reached 2.6 million members as of May 15. Customers using Hepsiburada Premium exhibited a 1.4 times increase in order frequency compared to the period before their membership.
Hepsiburada maintained its sector leadership in the Net Promoter Score (NPS) performance, measured through independent research, reflecting ongoing growth in customer loyalty and satisfaction.
82% of Hepsiburada Orders Delivered Next Day
Operating in all 81 provinces of Turkey, HepsiJet delivered 82% of orders placed via Hepsiburada to various locations across the country the next day. HepsiJet, not only responsible for deliveries on the Hepsiburada platform but also handling cargo transport for different brands, achieved an impressive customer satisfaction score of 87 in Q1, owing to services like Scheduled Delivery, Next Day Delivery, and Door-to-Door Scheduled Returns.
Hepsipay Reaches 15.7 Million Users
Hepsiburada‘s fintech subsidiary, Hepsipay, providing a digital wallet and one-click payment solution, reached 15.7 million users by May 31, 2024. Beginning in 2023, Hepsipay extended its rapid and secure shopping service to e-commerce players in Turkey across 28 retail companies.
Pioneering Payment and Installment Solutions
In Q1, Hepsipay’s “Buy Now, Pay Later” application facilitated 1.1 million orders using Hepsiburada limit and installment options of up to 36 months. Introduced in 2024, HepsiFinans consumer loans disbursed over 280 million TL by the end of May.
CEO Nilhan Onal Gökçetekin commented on the Q1 2024 financial results, stating, “We entered 2024 with growth and profitability figures exceeding our expectations for the year. We anticipate approximately 75% growth compared to the same period last year in Q2 2024. With continued stringent cost management, we expect FAVÖK to range between 1.8% and 2.0% of total sales volume in Q2 2024.”
As Turkey’s e-commerce flagship, Hepsiburada remains committed to expanding e-commerce in the country, enhancing visibility for sellers with HepsiAd, and ensuring swift delivery through HepsiJet. The company continues to broaden its payment and financing solutions, trusted by customers nationwide.
