We have heard some welcomed news from Russian for European merchants who are eyeing on the Russian Cross-border eCommerce market. The Russia’s leading internet service provider Yandex has joined forces with Sperbank, the biggest bank in Russia, to open a new marketplace for foreign merchants to sell products directly to Russian consumers.
Yandex and Sberbank announced on 28th of April 2018 that they have completed the formation of a joint venture with one target being the development of a new cross-border marketplace. The aim of the companies is to combine the ready marketplace technology of Yandex and the infrastructure of Sberbank to develop a new cross-border B2C marketplace for Russian consumers.
Companies target to have quick launch for the new marketplace with their existing vast customer bases in Russia and using the existing infrastructure. Yandex has 20 million monthly active users in their two local marketplaces, called Yandex Market (https://market.yandex.ru) and Beru (https://beru.ru/).
Sperbank on their side serves around 70 % of Russian population of 140 million people on daily banking transactions. Sperbank has over 14000 offices around Russia that can be used as pick-up points for the marketplaces, giving opportunities to cost-effectively deliver products to consumers everywhere in Russia.
The new marketplace for foreign merchants will open in the end of 2018 with pilot merchants from Europe. In beginning of 2019 new merchants will be allowed to join the marketplace. Yandex also offer merchants to use the logistics fulfillment center located in Riga, Latvia.
Flying Lynx is a partner of Yandex in acquiring new foreign brands to join the new cross-border eCommerce marketplace for Russia.
Flying Lynx will first help merchants to link their product offering to Yandex’s database in order to generate products cards to the marketplace, using Yandex Market Language (YML). Flying Lynx also supports in setting up logistics and payment operations. Last but not least, Flying Lynx helps brands in online marketing activities to reach the correct audience in Russia for their products.
Contact us and let us start selling to Russia!