BAKU, Azerbaijan, July 22. Azerbaijan is on the verge of rapid growth in the digital commerce sector, in line with global trends, said Yevgen Lisnyak, senior director of Visa for strategic partnerships and fintech, and Joint Projects for Ukraine, Georgia, the Commonwealth of Independent States (CIS), and Southeast Europe, in an interview with Trend.
Lisnyak noted that the COVID-19 pandemic played a key role in accelerating the development of e-commerce worldwide. “Due to restrictions on movement and self-isolation, the demand for remote services and online shopping surged,” he said.
According to Lssnyak, the global e-commerce market currently stands at $6-7 trillion and accounts for 20 percent of total global trade. Annual growth is estimated at 8-9 percent, and the sector could reach up to $9-10 trillion by 2030.
He highlighted that countries like the United Kingdom and China have emerged as leaders, with e-commerce making up over a third of retail trade. While Central Asia, including Azerbaijan, is still below the global average, Lesnyak emphasized that the region holds significant growth potential.
“We’re witnessing steady double-digit annual growth in e-commerce in Azerbaijan. A favorable environment has been created for the development and implementation of new digital payment services,” he explained.
The official underscored the key role of regulatory institutions in shaping the digital economy.
“The Central Bank of Azerbaijan has taken essential steps to stimulate this process, including the adoption of the Law on Payment Services and Payment Systems in 2023, the launch of a regulatory sandbox, and the implementation of consecutive three-year financial sector development strategies. The 2021–2023 strategy has been completed, and the 2024–2026 strategy is now underway. These efforts are advancing not only e-commerce and digital payments but the entire fintech market,” he stated.
On global trends, Lisnyak stated that artificial intelligence (AI) is becoming a core focus, automating operations and offering personalized solutions.
“We already see AI technology in Azerbaijan – from chatbots to personalized product recommendations on marketplaces. Globally, AI agents are also being actively explored. Visa recently launched the Visa Intelligent Commerce initiative, which redefines buyer-seller interactions. Smart agents can handle tasks such as product searches, price comparisons, and cart creation, leaving the final purchase decision to the user. We’re actively working to scale this with our partners,” he said.
Visa’s AI-powered commerce tools bring value to both businesses and consumers.
“Visa’s solutions help businesses streamline operations while assisting consumers with product selection and checkout. For instance, when users are faced with multiple offers, AI helps them build a cart faster, saving time and enhancing the experience. Seamless payment is also essential. Studies show some users abandon purchases during checkout if their preferred payment method isn’t available,” he added.
As omnichannel commerce grows, with interactions happening through websites, mobile apps, physical stores, and social media, it’s crucial to ensure consistency behind the scenes,'' Lisnyak explained.
“The goal is to deliver a smooth customer experience across all channels. In this case, AI can act either as a passive responder or an active assistant, suggesting solutions based on purchase history, location, and other data points,” he noted.
Lisnyak further stressed that AI can transform company operations at all levels.
“More than half of marketing directors in the United States already use AI tools to generate content. And this is just the beginning — smart technologies are now applied in everything from text and image creation to augmented reality, which lets users visualize products in real-life settings,” he said.
He added that combining AI with augmented and virtual reality opens up new horizons for businesses. “The key is not to be afraid to experiment,” Lesnyak advised.
Mobile commerce is another strong trend. Lesnyak noted that in Azerbaijan, more users are shopping via mobile apps rather than traditional web browsers.
“To meet this demand, local players are actively adapting their services to mobile platforms,” he said.
Another global trend is direct-to-consumer (D2C) sales, where manufacturers engage directly with consumers through platforms like TikTok, Instagram, and Facebook, bypassing intermediaries.
“A significant number of Azerbaijani businesses already utilize these channels. However, payment methods often rely on simple transfers, which are inconvenient. Visa and its partners are ready to provide solutions that help small and medium-sized enterprises accept payments seamlessly,” Lisnyak noted.
The official highlighted Visa’s technologies that simplify payments, such as Visa Click to Pay — which stores encrypted card data for one-click checkout — and Visa Payment Passkey, which enables biometric confirmation. The Tap to Phone solution turns smartphones into contactless payment terminals without additional hardware.
Lisnyak also mentioned the Cybersource platform, which allows businesses to rapidly deploy electronic acquiring systems with minimal technical effort while accessing a wide range of modern payment services.
Among global trends with relevance for Azerbaijan, he pointed to the rapid growth of business-to-business (B2B) commerce and platforms, as well as “quick commerce,” a model where speed of delivery is critical.
“Often, long wait times discourage buyers. Rather than wait days for delivery, consumers prefer to go to a store and buy the product right away. That’s why fast-growing express delivery services and AI-driven logistics are becoming increasingly vital. In some countries, drone delivery is already being tested,” he explained.
Lesnyak emphasized that logistics remain a challenge for e-commerce growth in Azerbaijan, as delivering goods to regions can take time. He cited the state-backed Online Azerbaijan project, which aims to bring internet access to even the most remote parts of the country.
“Internet infrastructure is the foundation for digital services and the online economy. As far as I know, the program is progressing well, and we will soon see real results, which will drive e-commerce growth in Azerbaijan,” Lisnyak concluded.
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