In a recent interview with Elena Kirilova on “UpDate,” Georgi Georgiev, co-founder and CEO of Releva.ai, discussed some important thoughts on the eCommerce industry, which he referred to as potentially the worst salesperson ever.

Photo credit: www.bloombergtv.bg/

During the interview, Georgiev pointed out the lack of empathy and understanding of buyer needs in the sector. According to him, this situation will persist unless platforms learn to understand their users’ desires and necessities.

He explained that the sector has experienced rapid development in recent years, with a growth rate of around 10%. In Bulgaria, the expected growth for the period 2024-2027 is estimated to be around 13-14%. Despite its positive impact, Georgiev explained that a number of factors, primarily financial obstacles, might affect the sector in the near future.

During the interview, he also commented on the role of Chinese players in the eCommerce sector.

According to Georgiev, they can’t be viewed as a threat to Southeast Europe as they do to major markets like the United States. He emphasized TikTok’s role in the current eCommerce landscape as a highly successful platform among the young audience.

Georgiev noted, “We are currently witnessing the rapid growth of such Chinese companies with higher engagement and a clearer, better approach to young people.”

Regarding another rapidly growing Chinese company, Temu, Georgiev shared that the platform stands out with both low prices for offered products and a high level of personalization and marketing. Temu is known for its gamified features inspired by real-life activities, applying an interesting approach to current discounts and sales.

It was a very interesting discussion and analysis of the current eCommerce landscape.

👉 Watch the full interview in Bulgarian on Bloomberg TV Bulgaria here.

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