COMPETITIVE DYNAMICS OF THE E-COMMERCE MARKET OF THE REPUBLIC OF KAZAKHSTAN: FORMATION OF A SEGMENTED OLIGOPOLY AMID EXPANSION OF FOREIGN MARKETPLACES (2024–2026)

Abstract

This article examines the competitive structure of the e-commerce market of the Republic of Kazakhstan amid the expansion of foreign marketplaces. Based on descriptive statistics, comparative analysis, and benchmarking, the hypothesis of a segmented oligopoly formation is tested, wherein local players retain market dominance through integration of e-commerce with fintech services (BNPL, installments), while foreign platforms compete through logistics infrastructure scale and product assortment depth. The results show that in 2024 the market volume reached 3,439 billion tenge (+42% YoY), and the share of e-commerce in retail trade reached a record 15.3%. Kaspi.kz holds approximately 70–77% of the market, building a super-app ecosystem, while Wildberries and Ozon are aggressively expanding their pickup point networks. The study concludes that the market is transitioning from extensive growth to intensive competition for user retention.