The combined share of Russia's two largest online marketplaces, Wildberries and Ozon, will reach 77% of the country's e-commerce market by the end of 2026, with growth markedly slower than in the previous year

Wildberries will hold 45% of the market and Ozon 32% by year-end, the analysts said. The combined share is set to grow by 5 percentage points on the year, less than half the 11-point gain recorded in 2025, Kommersant reported on April 27, citing analysis by consultancy Euler.

Analysts attributed the slowdown to Russian consumers cutting back on non-food spending and an exodus of third-party sellers from the platforms, driven by what they described as the marketplaces' unfavourable commercial terms.

To restore growth momentum, the platforms would need to secure the lifting of the prohibition on online alcohol sales, which the Health Ministry continues to oppose, or expand into new markets, the analysts told the newspaper.

Olga Sumishevskaya, partner at consultancy One Story, said the deceleration also reflected wider saturation in the Russian retail market.

"Previously, the platforms were developing on the back of a low base and the absence of significant legislative pressure," she told Kommersant. "Now the situation has changed, and this is reflected in the annual reports of the market leaders."

The Russian Finance Ministry has separately proposed extending value-added tax (VAT) to imported goods sold through online marketplaces, a measure that would further pressure cross-border sellers and could feed through into final consumer prices.

Wildberries, Russia's largest e-commerce player, has been navigating a corporate restructuring after its 2024 merger with outdoor advertising group Russ to form RWB Group. The deal was followed by a high-profile public dispute between founders Tatyana and Vladislav Bakalchuk that drew political and regulatory attention.

Ozon, listed on the Moscow Exchange under the ticker OZON, completed its redomiciliation from Cyprus to the Russian special administrative region on Oktyabrsky Island in Kaliningrad in 2025, in line with broader Russian government pressure on companies to relocate their corporate registrations from foreign jurisdictions.

Both platforms have expanded into financial services, with Wildberries Bank and Ozon Bank now offering payment, lending and savings products to platform users and merchants. The fintech businesses have become an important secondary revenue stream as marketplace commission growth moderates.

Russian e-commerce volumes have grown sharply since 2022, partly driven by the exit of Western retailers and brands following the imposition of sanctions over the war in Ukraine, and the substitution of imports through cross-border channels and parallel imports operated through the marketplaces.

The slowdown signalled by Euler's analysis suggests the post-2022 demand surge is now exhausting itself, with consumer spending softening and the regulatory environment tightening simultaneously.