Expanding shopping options for Russian consumers
Yandex.Market has partnered with Turkey’s Hepsiburada on an online retail program, according to Turkish newspaper Daily Sabah. Yandex.Market is an e-commerce platform operated as a joint venture of Yandex (YNDX) and Russian lender Sberbank. Hepsiburada is Turkey’s leading e-commerce operator, whose marketplace is used by over 20,000 leading sellers and 2,000 brands across Turkey.
Yandex.Market’s partnership with Hepsiburada involves expanding shopping options for Russian consumers, whereby those consumers can buy from Hepsiburada sellers and access over 5.0 million more items across categories such as clothing, footwear, and accessories.
eBay in the Middle East
Yandex.Market and Hepsiburada have also agreed to work toward creating a logistics program that would ensure the express delivery of goods from Turkey.
The Yandex.Market-Hepsiburada partnership appears to be cast in the same mold as the eBay-Noon.com deal that closed earlier this year. eBay (EBAY) and Noon.com teamed up on a program meant to let consumers across Saudi Arabia and the United Arab Emirates shop from eBay sellers in America.
Yandex and Sberbank own equal stakes in Yandex.Market.
Diversifying the business
Getting into e-commerce is part of Yandex’s attempts to diversify its business. The company is also a player in the ride-hailing and cloud computing industries.
Yandex’s revenue rose 34% YoY (year-over-year) to $472.8 million in the second quarter. Alphabet (GOOGL) and Baidu (BIDU) grew their revenues 25.6% and 32% YoY, respectively, in the same period. Amazon’s (AMZN) revenue rose 39.3% YoY, and Alibaba’s (BABA) revenue jumped 61% YoY in the second quarter.