A REVIEW OF THE DEVELOPMENT OF ELECTRONIC COMMERCE IN RUSSIA AND ITS IMPLICATIONS FOR SMALL BUSINESSES

Abstract

This article provides a detailed review of the literature on the development of electronic commerce in Russia from its origins in 1997. The article reveals some very important milestones in Russia’s electronic commerce adoption, including the creation of Russia’s first electronic bookstore, the invention of Russia’s first e- payment system, and the start of Russia’s first fully e-commerce store. It also provides an analysis of the initial struggles of electronic commerce in Russia, and how the market has grown to become a 2.7 trillion ruble industry in 2020, making up 21 % of overall Russian retail. The implications of all of these on small businesses was also analyzed.