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1、February 2024Digital commerce:A growth opportunity for Greece piranka/Getty ImagesCopyright 2024 McKinsey&Company.All rights reserved.This publication is not intended to be used as the basis for trading in the shares of any company or for undertaking any other complex or significant financial transa
2、ction without consulting appropriate professional advisers.No part of this publication may be copied or redistributed in any form without the prior written consent of McKinsey&Company.This report contains stock photographs for illustrative purposes only.Images do not reflect the identities of the pe
3、ople quoted.Within the quotes,some identifying details may have been altered and/or withheld to protect the speakers anonymity.Cover image:Andrew Brookes/Getty ImagesContents1Chapter 1:Closing the technology gap to fuel economic growthiiPrefaceiiiAt a glanceChapter 2:Digitization in Greece:The curre
4、nt state and signs of potential growth513Chapter 3:Creating value and maximizing productivity potential in retail and hospitalityChapter 4:Exploring the role of the state in Greeces digitization2935Acknowledgments36ContactsPrefaceDigital commerce is widely considered a catalyst for economic developm
5、ent.Many countries around the world are experiencing its benefits,including higher consumer satisfaction,increased productivity,and stronger economic growth.In Greece,digital commerce is growing but uptake still lags behind peer countries in Europe and elsewhere.In the wake of the financial and COVI
6、D-19 crises,analysis shows the Greek economy has rebounded and the countrys economic outlook appears to be stronger,as evidenced by a series of upgrades to government bond ratings.And because digital commerce could be a central contributor to Greeces economic growth,we conducted a study to explore h
7、ow Greek companies and the Greek state could help spur its development.Our study indicates that the development of digital commerce has the potential to help specific sectors grow their gross value added(GVA)by more than 20 percent.As indicated by recent improvements in the countrys digital maturity
8、,Greek companies and public institutions have the capacity to develop the necessary tools and use digital commerce to create an engine for economic growth.We begin this report with a review of Greeces competitiveness and digital maturity in the European context(see sidebar“Terms used in this report”
9、).We then outline three digitization levers(digitizing commerce,digitizing assets,and digitizing work)and assess how they could be deployed to power economic growth.Following this,we analyze Greeces competitiveness relative to its European peers at a more granular level,examining the structure and d
10、igital commerce maturity of its economic sectors and how digital commerce can best serve as a catalyst for these sectors to grow and contribute to a healthy digital economy for Greece.Narrowing our focus,we illustrate how concentrating on advancing digital performance in two economic sectors with gr
11、eat potential for growth via digital commerceretail and hospitalitycan help expand digital adoption,maximize impact,and accelerate the pace of change.Finally,we identify best practices and ways in which institutional stakeholders and the state could help establish a supportive environment for the de
12、velopment of digital commerce and the digital economy overall.Thomas KelepourisPartner,McKinsey&Company AthensTheodora KoulliasAssociate Partner,McKinsey&Company MiamiRoger RobertsPartner,McKinsey&Company Bay AreaGeorge D.TsopelasChairman and Managing Partner,McKinsey Greece and CyprusiiDigital comm
13、erce:A growth opportunity for GreeceTerms used in this reportIn the context of this report,we define certain key terms as follows.Competitiveness:A businesss ability to provide products or services of greater benefit to consumers than those of its competitors while maximizing productivity,innovation
14、,and growth Digital commerce:The purchase and sale of goods and services via an online or digital channel Digital macroeconomy:The incremental value generated by a countrys economic sectors through digitization Digital maturity:An organizations or individuals level of readiness to use digital techno
15、logies to achieve their goals Digitization:The process of converting analog information into digital formats,making data easier to store,access,and analyze,as well as the use of digital technologies to transform business processes and models Productivity:Traditionally defined as the level of output
16、per unit of input;measured in this report in terms of gross value added(output)per employee(input)Technology:Tools,systems,and processessuch as hardware,software,data analytics,and automationthat enable organizations and individuals to create value through higher productivity and competitiveness and
17、 to achieve growth Greek businesses are less productive than their EU peers.Greeces gap in productivity with Europe is much wider among the smallest businesses(3.8 times)than among the largest businesses(1.4 times).1 Within Greece,the productivity gap between larger and smaller businesses is much wi
18、der(5.8 times)than the respective gap within Europe(2.0 times).Digital-driven growth is critical to closing this gap.Despite progress in the past few years,Greece still has significant room to grow in its digitization journey.The country ranks 22nd in digitization among the EU-27,as measured by the
19、Digital Macroeconomic Index.2 Greece has recently improved its performance in key digitization indicators.The digitization of interactions between the public and the state shows that public institutions are gradually digitizing,and the countrys significant deployment of EU-provided funds in support
20、of digital objectives demonstrates a strong momentum.Greece appears well positioned to further improve its digital standing.The economic sectors that would benefit most from increased digital commerce maturity are retail and hospitality.Assuming the right levers are pulled,Greece could increase the
21、gross value added(GVA)of the retail and hospitality sectors by more than 20 percent eachapproximately 1.6 billion and 3.0 billion,respectively.Retail and hospitality businesses that adopt digital-commerce solutions could materially increase their profitability.Moving from having no online presence t
22、o an intermediate level of e-commerce maturity could increase the EBIT margin of a small retail or hospitality business by up to 11 percentage points and 13 percentage points respectively.The potential increase depends on the businesss starting digital maturity.Realizing this opportunity would requi
23、re coordinated action by companies,the state,and society.Efforts could be considered within four areas:building skills,building trust,building awareness,and providing incentives for and capturing digital commerces potential to drive growth.1 The smallest businesses are defined as those with fewer th
24、an ten employees;the largest businesses are those with 250 employees or more.2 The Digital Macroeconomic Index(DMI)is a proprietary McKinsey tool kit developed by the McKinsey Global Institute to measure and compare the extent to which 22 sectors across countries are absorbing and deploying digital
25、capabilities and practices.At a glanceiiiDigital commerce:A growth opportunity for GreeceThe$25 trillion European economy has been rocked by significant geopolitical and humanitarian crises during the past two decades3;and,as our colleagues at McKinsey have written previously,4 the widening technolo
26、gy gap between Europe and the United States is profoundly affecting macroeconomic growth and performance across European economic sectors.This expanding gap could prove the key factor in preventing Europe from growing its economy,increasing productivity,and competing effectively for global markets.T
27、he gap extends beyond slow technology adoption to underdeveloped technical capabilities and processes.Combined,these shortcomings threaten the long-term continuation of the quality of life many Europeans enjoy today.3 GDP at market prices calculated based on data from Oxford Economics;includes Andor
28、ra,Albania,Austria,Belgium,Bosnia and Herzegovina,Bulgaria,Croatia,Cyprus,Czech Republic,Denmark,Estonia,Finland,France,Germany,Greece,Hungary,Iceland,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,Montenegro,Netherlands,North Macedonia,Norway,Poland,Portugal,Romania,Serbia,Slovakia,Slovenia,Spain,
29、Sweden,Switzerland,Trkiye,and the United Kingdom.4 Jan Mischke and Jurica Novak,“Addressing Europes corporate technology gap,”McKinsey,May 5,2022;“Securing Europes competitiveness:Addressing its technology gap,”McKinsey Global Institute,September 22,2022.01Closing the technology gap to fuel economic
30、 growth fpm/Getty Images1Digital commerce:A growth opportunity for GreeceAn updated look at the 201022 data finds that GDP growth was 32 percent lower in the European Union(plus Norway,Switzerland,and the United Kingdom)than in the United States1.4 percent versus 2.1 percent CAGR,respectively.5 This
31、 stands in stark contrast to the 21.0 percent average gap in GDP growth for the 40 years prior to 2010which was 2.3 percent versus 2.9 percent CAGR,respectively.As a result of this compounding disparity,GDP per capita(in real purchasing-power-parity adjusted terms)was around 30 percent lower in Euro
32、pe than in the United States in 2022.Given the outsize role that technological advances have played in the US economy,this gap highlights the central importance of technology in fueling economic growth.According to McKinsey analysis,growth in the enterprise value(debt plus equity less cash)of listed
33、 European information and communications technology(ICT)companies with more than$1 billion in revenue was 12.0 times lower than that of their US counterparts between 2000 and 2021,resulting in a 4.5 times lower enterprise value than their US peers.Clearly,technological development is pivotal to grow
34、th.It permeates all sectors(at a minimum,transversally)and could be responsible for driving 70 percent of the new value created in the global economy over the next ten years,according to the World Economic Forum.6Digitization and technology spark the economic growth engineA combination of digitizati
35、on and new and emerging technologies serves as a growth engine within a sector,taking it from baseline economic value to net new market and value creation.Many companies drive growth by investing in digital capabilities and strengthening their data foundation and asset base.This growth creates new r
36、oles in businesses of all sizes,new markets for digital-native businesses,and new enablers for further digital innovation,such as R&D centers and improved connectivity infrastructureall of which 5 Updated McKinsey analysis of data from World Bank and OECD.See“World development indicators,”DataBank,W
37、orld Bank,accessed November 15,2023;“Gross domestic product(GDP),”OECD.Stat,accessed November 10,2023.6 Digital Transition Framework:An action plan for public-private collaboration,World Economic Forum,January 2023.7“The McKinsey guide to outcompeting in the age of digital and AI,”McKinsey on Books,
38、accessed November 13,2023.add productive jobs to the economy.At the same time,digitization can increase the productivity of a much wider range of employees,allowing them to achieve greater output and claim a higher share of generated value in the form of increased compensation.Finally,as the pace of
39、 adoption accelerates,space is created for further innovative applications of technology.Like a tide raising all boats,digitization and the use of new technologies spark the metabolism of an economy and create additional headroom for growth.Collective digitization may require business investment as
40、its primary driver,but our research shows the state and wider society can also play important roles in building a self-sustaining virtuous cycle that distributes benefits broadly.In the public sector,foundational investments could help support sustained economic growth and deliver time savings for G
41、reek citizensfor example,by building digital infrastructure to support Wi-Fi in remote towns or digitizing public services.At the same time,when individual members of society invest in improved digital literacy and increased online adoption,this boosts societys collective adoption and skill base.Tak
42、en together,these actions can create knock-on effects that have the potential to strengthen digital macroeconomic growth and,consequently,help increase a countrys GDP.The net result is an accelerated pace of business transformationas our colleagues describe in their recent book7and a more rapid econ
43、omic metabolism that allows new ideas,technologies,and ways of working to move more quickly and efficiently from conception to execution and to advance productivity and growth.That impact can lift the whole society and build an engine for sustainable economic prosperity.Greece may need to consider b
44、old,collaborative action on all frontsbusiness,society,and the public sectorto realize its full digital potential.By charting a new,digital-centric course to the future,Greece can reverse the headwinds that have marked its transition to the 21st century and enter the age of AI positioned for success
45、.2Digital commerce:A growth opportunity for GreeceCreating value with digital commerce There are three major digitization levers:digitizing commerce,digitizing assets,and digitizing work.As we will see in the next chapter,Greece ranks relatively low among European countries in overall digitization a
46、s well as in all three digitization levers.This report focuses on the impact of fueling growth through digitizing commerce.We focus on commerce because of the magnitude and speed with which digital commerce can affect the economy and society relative to the other digitization levers.On the customer
47、front,products and services sold online make it easier for consumers to find what they need,often at more competitive prices and with lower customer service costs.Moreover,digitized transactions are significantly easier,allowing both businesses and consumers to more quickly reap the resulting benefi
48、ts in terms of increased revenue or reduced costs and prices.For businesses,digital commerce can offer opportunities for additional revenues and profitability that can increase capital 8 See,for example,Digital Europe:Pushing the frontier,capturing the benefits,McKinsey,June 2016;“Digital America:A
49、tale of the haves and have-mores,”McKinsey Global Institute,December 1,2015;“Digital India:Technology to transform a connected nation,”McKinsey Global Institute,March 27,2019.available to invest in further business growth.On the overall-economy front,digital commerce could improve the trade balance
50、by increasing net exports and tax revenues(for example,value-added tax and corporate income tax)by expanding the consumption base and further shifting the economy away from cash transactions.When viewed in this way,digital maturity and breadth of adoption are clearly correlated with macroeconomic pe
51、rformance.Building a healthy digital macroeconomy requires work on all three levels to spur GDP growth and wider prosperity in the country.This topic has been explored at length by our McKinsey colleagues.8Deploying a combination of the three digitization leverscommerce,assets,and workcovers the ful
52、l range of economic sectors and primary resources.The different levers each lend themselves to spurring growth in different sectors through tools that have the greatest potential to improve performance(Exhibit 1).Exhibit 1Web Exhibit of Three digital levers unlock the performance of economic sectors
53、 in diferent ways and at diferent speeds.McKinsey&CompanyLeverFocus of digitizationEconomic sectors primarily afectedPrimary impactsTime to impactCommerceAssetsWork Customer interactions and transactions Physical assets Workforce tools Retail Hospitality Manufacturing and mining Transportation Energ
54、y Education Health Agriculture Construction Easier transactions Smoother customer journeys Lower service costs Efcient operations Improved ROI Higher uptime Higher productivity Improved employee experience Reputational benefts Immediate benefts Requires time to integrate into business processes Requ
55、ires time to scale and shift daily work habits3Digital commerce:A growth opportunity for GreeceCommerce.Digitizing customer interactions and transactionsespecially in highly localized or service-oriented sectors such as retail,travel,and hospitalityresults in a smooth customer journey.At the same ti
56、me,it helps companies build stronger consumer insights by allowing them to create a growing data pool that they can use to optimize their offerings.Last but not least,digital commerce typically reduces the cost to serve the customer.Assets.The further digitization of physical assets such as factorie
57、s and machinery drives performance in capital-intensive sectors,including manufacturing,mining,transportation,and energy.Optimizing operations with digitally enabled capabilities such as preproduction testing and validation,open-or closed-loop advanced analyticsenabled(AA-enabled)manufacturing,and A
58、I-enabled predictive maintenance can increase uptime and productivity,help develop new revenue streams,and improve profitability and returns,among other benefits.Work.Education,health,agriculture,construction,and other labor-intensive sectors can realize performance gains by providing digital tools
59、that enhance employee productivity,service quality,and citizen adoption.Whether those digital tools provide insights,expand marketing channels,facilitate collaboration,or automate repetitive tasks,they empower employees in ways that are evident in organizations economic performance and reputation.In
60、 the next chapter,we explore the state of the digital macroeconomy in Greece and the role of digital commerce as a catalyst for economic growth.Greece may need to consider bold,collaborative action on all frontsbusiness,society,and the public sectorto realize its full digital potential.By charting a
61、 new,digital-centric course to the future,Greece can reverse the headwinds that have marked its transition to the 21st century and enter the age of AI positioned for success.4Digital commerce:A growth opportunity for GreeceThe approximately 190 billion Greek economy9 is largely service-based.More th
62、an 90 percent of Greek companies have fewer than ten employeesand yet these companies account for more than 45 percent of employment.Measuring productivity in terms of value added per employee,Greek companies with up to nine employees are approximately six times less productive than companies with m
63、ore than 250 employees(Exhibit 2).In contrast,EU-27 companies with up to nine employees account for around 30 percent of employment and are two times less productive than companies with more than 250 employees.The gap in productivity between Greece and the rest of Europe is much wider among the smal
64、lest businesses(3.8 times)than among the largest businesses(1.4 times).10 When considered within the context of overall digitization,this structure signals 9 As measured in GDP.10 The smallest businesses are defined as those with fewer than ten employees,and the largest have more than 250.02Digitiza
65、tion in Greece:The current state and signs of potential growth Yuichiro Chino/Getty Images5Digital commerce:A growth opportunity for Greecetremendous potential for digitally driven improvement in productivity and economic growth.Digitization:Greece compared with its European counterparts As measured
66、 by McKinseys proprietary Digital Macroeconomic Index(DMI),Greece ranks 22nd in digitization among EU-27 nations for 202123(see sidebar“Comparing the level of digitization across different countries:The Digital Macroeconomic Index”).11 The DMI measures 11 Excludes digital finance metrics(financial a
67、nd commerce applications spending)and some internal business-process metrics(office productivity and product life cycle management applications spending)because data for Greece is unavailable.12“DESI composite index,”European Commission,accessed November 15,2023.digitization across all economic sect
68、ors and across all digitization levers mentioned previously:commerce,assets,and work.In comparison,Greece ranks 25th among EU-27 nations as measured by the Digital Economy and Society Index(DESI)2022.12 The difference in the ranking can be attributed to methodological differences:whereas the DMI foc
69、uses on the digitization of economic sectors,the DESI also considers societal objectives.The DMI also focuses on measuring momentum in digitization as it reflects Exhibit 2Size of businesses by number of employees 1 Weighted average value added per person,calculated as value added(million)/number of
70、 persons employed 1,000.Source:“Enterprise statistics by size class and NACE Rev.2 activity(from 2021 onwards),”Eurostat,updated on December 6,2023The business structure of the Greek economy makes movement toward digitally driven growth critical.McKinsey&CompanyStructure of economy in Greece by size
71、 class,2021,%Value added at factor cost per person employed,2021,by company size,thousandUp to 90+Companies(number)EmploymentValue added94.546.520.75.024.818.812.318.516.442Share of EU-27 businesses with up to 9 employees,%94.130.119.210.217.534.759.238.551.367.080.2GreeceEU-27GreeceEU-27
72、GreeceEU-27GreeceEU-27Greek small businesses are 6 less productive than Greek large businessesEU small businesses are only 2 less productive than EU large businesses090+Average value added per person,Greece:23.01Average value added per person,EU-27:60.216Digital commerce:A growth opportun
73、ity for Greececurrent spending,rather than the adoption-and goal-oriented metrics used in the DESI and similar indexes.Among its peers in Southern Europe,Greece ranks in the middle:above Portugal,slightly below Italy,and significantly below Spain(Exhibit 3).Exhibit 3Digital Macroeconomic Index(DMI),
74、1 202123,DMI value21 The DMI is a measure of a nations digitization across sectors by commerce,assets,and labor.This view includes EU-27 country data relevant to the commerce and labor levers and EU-16 country data relevant to the assets lever.The DMI excludes digital fnance metrics(spending on fnan
75、cial and commerce applica-tions)and some internal business-process metrics(spending on ofce productivity and product life cycle management applications)due to data unavailability for Greece.2 1 index unit is approximately equal to 0.04 standard deviations.Source:Eurostat;Gartner;GlobalData;S&P Globa
76、l;McKinsey Global Institute analysisGreece ranks 22nd in digitization among EU-27 nations:Higher than Portugal,slightly below Italy,and well below Spain.McKinsey&CompanyLithuaniaLuxembourgDenmarkFinlandSloveniaSwedenIrelandGermanyFranceNetherlandsCroatiaSpainAustriaBelgiumEstoniaMaltaCzech RepublicC
77、yprusSlovakiaLatviaItalyGreeceBulgariaHungaryRomaniaPortugalPoland4746403938373534343328282727232326258555548GreecePeersTop 5 overall7Digital commerce:A growth opportunity for GreeceGreeces low ranking in the DMI can be linked to its lower investments in digital across business,the public
78、 sector,and society that may have translated to lagging digital adoption,as measured by key indicators.13 Business Adoption of digital solutions was ten to 40 percentage points lower in Greece than in the European Unions most digitized countries in 2021.The gaps in use of cloud-based solutions and A
79、I were even greater.Digital ad spending was 50 percent lower in Greece than the EU average in 2021.Less than 30 percent of advertising spend went toward digital ads,while 60 percent of advertising was print and television.Use of digital equipment(computers and broadband)and investment in digital tra
80、ining 13 The calculations in this section are based on McKinsey analysis of several data sets,primarily from Eurostat,Magna,and the McKinsey Global Institute,as well as on Digital Economy and Society Index 2022,European Commission,updated September 27,2023.were ten to 20 percentage points lower in G
81、reece than in other EU countries in 2020.Public sector The availability and provisioning of digital public services in 2021 was ten to 20 percentage points lower in Greece than in other EU countries.Consequently,the use of digital public services in Greece was ten to 30 percentage points lower than
82、in other EU countries in 2021.Society In 2021,adoption rates of digital skills among 16-to 74-year-olds were around 20 percentage points lower in Greece than in the EUs most digitized countries.Comparing the level of digitization across different countries:The Digital Macroeconomic IndexThe Digital
83、Macroeconomic Index(DMI)is a proprietary McKinsey tool developed by the McKinsey Global Institute to measure and compare the extent to which 22 sectors across countries are absorbing and deploying digital capabilities and practices.The index uses indicators related to the various facets of digitizat
84、ion to offer a holistic view of how businesses across countries and sectors are investing in digital capabilities.Specifically,the index uses 26 indicators grouped into three categories corresponding to the three digital levers:increasing digital commerce,accumulating digital assets,and investing in
85、 digital work.The indicators have been standardizeddigital assets and investments as a share of total spending or divided by number of workers per sectorto allow for comparability among sectors and countries.Results are aggregated at a country level,resulting in the final composite DMI score.When co
86、nsidered within the context of overall digitization,the structure of the Greek economy signals tremendous potential for digitally driven improvement in productivity and economic growth.8Digital commerce:A growth opportunity for GreeceGreece is well behind Europe in digital commerceAcross the three d
87、igital levers as defined by the DMI,Greece ranks 24th(among 27)in digital commerce,23rd(among 27)in digital work,and ninth(among 16)in digital assets(Exhibit 4).Within digital commerce,Greece has low adoption rates relative to its European peers.Among EU-27 14“Simple adoption”is defined as the perce
88、ntage of companies in a country that make at least 1 percent of their sales via e-commerce(that is,evidence of web presence).“At-scale adoption”is defined as the percentage of companies in a country that make at least 20 percent of their sales via e-commerce.countries,Greece ranks 24th in terms of s
89、imple adoption and 22nd in terms of at-scale adoption.14Although digital commerce(measured in terms of online sales)represented around 10 percent of Greek GDP in 2022,e-commerce penetration in terms of value is still well below the EU average and not evenly distributed across sectors.Exhibit 4Rankin
90、g in Digital Macroeconomic Index(DMI)subindexes,1 20212023(forecast),DMI value21 DMI is a measure of a nations digitization across sectors by commerce,assets,and work.This view includes the EU-27 for the commerce and labor levers and the EU-16 for the assets lever.The DMI excludes digital fnance met
91、rics(spending on fnancial and commerce applications)and some internal business-process metrics(spending on ofce productivity and product life cycle management applications)because of data unavailability for Greece.2 1 index unit is approximately equal to 0.04 standard deviations.Source:Eurostat;Gart
92、ner;GlobalData;McKinsey Global Institute analysisAcross the three digital levers,Greece is furthest behind on digital commerce relative to EU counterparts.McKinsey&Company622324252627LithuaniaIrelandFinlandSwedenDenmarkSloveniaGermanyCroatiaMaltaCzech RepublicSpainHu
93、ngaryNetherlandsAustriaPolandFranceBelgiumItalyCyprusEstoniaSlovakiaLatviaPortugalGreeceBulgariaRomaniaLuxembourg80604342404039383736343432303028262623232321181513129CommerceDMI value6FinlandDenmarkSpainFranceSwedenIrelandGermanyAustriaGreeceNetherlandsCzech RepublicHungaryPort
94、ugalBelgiumItalyPoland554843332302725232015AssetsDMI value622324252627LuxembourgDenmarkFinlandSwedenSloveniaBelgiumEstoniaNetherlandsFranceIrelandGermanyLithuaniaAustriaCroatiaLatviaBulgariaSlovakiaRomaniaCyprusSpainItalyMaltaGreeceCzech RepublicPortugalHu
95、ngaryPoland837264845444439373635343434323028202017129WorkDMI valueGreece peersTop 5 overall9Digital commerce:A growth opportunity for GreecePromising indicators for digital growth in GreeceDespite the gaps between Greece and its European counterparts in overall digitization,key digital-co
96、mmerce metrics have experienced significant improvement across Greek businesses,the public sector,and society(Exhibit 5).Between 2018 and 2022,the number of companies with ten or more employees in Greece that have e-commerce sales increased by 50 percent.During the same period,Greek citizens annual
97、digital transactions with public services soared from nine million to 772 millionan increase of 206 percent per year.Fixed broadband subscription rates among Greek households also rose significantly,from 69 percent to 82 percent,and the percentage of households with access to internet speeds of at l
98、east 100 megabits per second(Mbps)increased from around zero to 9 percent between 2018 and 2022.At the same time,the countrys digitization potential is being supported by considerable infrastructure investments by businesses and public institutions and a highly digital-savvy younger generation whose
99、 digital skill sets exceed those of their European counterparts(Greece has a 15 percentage-point lead in share of people aged 1634 years old with basic or above-basic digital skills).Going forward,this generation will provide the bedrock for the countrys digitization.Exhibit 51 Refers to companies t
100、hat have e-commerce sales and at least 10 employees.2 Includes digital services to citizens and interoperability services(exchange of information between public-sector services registers without any other action on the part of the citizen besides granting consent).3 Refers to percentage of individua
101、ls aged 1634 with basic or above-basic overall digital skills.Source:Eurostat;Greek Ministry of Digital Governance;SEV(Hellenic Federation of Enterprises)Greece demonstrates improvement in critical digital metrics across three dimensions.McKinsey&Company50%growth in e-commerce adoption by Greek busi
102、nesses(from 12%to 18%)between 2018 and 202218 billion in digital infrastructure investments in Greece announced by global technology players and local corporations206%average growth per year in Greek citizens digital transactions with public services(from 9 million to 772 million)between 2018 and 20
103、2224%GDP invested in digital initiatives via the Recovery and Resilience Fund from 2021 to 2027the highest in the European Union13-percentage-point growth in the percentage of Greek households subscribed to fxed broadband internet(from 69%to 82%).Penetration of fxed broadband of at least 100 Mbps gr
104、ew from about 0%to 9%between 2018 and 202215 percentage-point lead in digital skills of 16-to 34-year-olds3 vs EU peers in 2021BusinessPublic sectorSociety10Digital commerce:A growth opportunity for GreeceAs a result of these gains,Greece has recently made significant progress on the Digital Economy
105、 and Society Index,narrowing the gap between the country and its EU peers.Greeces DESI score rose from 22 in 2017 to 39 in 2022the second-highest average annual improvement among EU-27 countries for that time period.This improvement,along with the countrys DMI 15 Italy showed the highest average yea
106、rly improvement.See Digital Economy and Society Index 2022,September 27,2023.ranking,demonstrates momentum in Greeces digitization efforts(Exhibit 6).15In the context of the gaps and the positive momentum we have discussed,the following chapters explore how digitization and economic growth objective
107、s can be achieved through targeted efforts in key sectors.Exhibit 61DESI is the Digital Economy and Society Index.Overall score range is 0100.2Score range is 025.Source:Eurostat DESI composite indexGreeces continued improvement in four dimensions has driven its upward trending score on the Digital E
108、conomy and Society Index.McKinsey&CompanyDigital public services2Human capital2Connectivity2Integration of digital technology220020202099912455567DESI score222426283339Evolution of DESI score for Greece,1 by score dimension11Digital commerce:A growth opportunity for
109、Greece?/Getty Images12Digital commerce:A growth opportunity for GreeceExcluding the public sector and the real estate sector,which are not typically considered production-based,five sectors account for most of the Greek economy:trade(including retail and wholesale),manufacturing,hospitality(includin
110、g accommodation and food services),transportation,and energy.Specifically,these sectors make up 40 percent of the total economys gross value added(GVA)and 57 percent of the production-based sectors GVA.Some of these sectors are characterized by low productivity and low digitization rates,constrainin
111、g their potential contribution to Greeces growth.Despite some recent progress,retail and hospitality suffer from low productivity levels as measured by GVA per employee(Exhibit 7).03Creating value and maximizing productivity potential in retail and hospitality bgblue/Getty Images13Digital commerce:A
112、 growth opportunity for GreeceThis report focuses on retail and hospitality because they are significant contributors to the economy and are more commerce-intensive compared to other sectors.These conditions make them ideal candidates for digital-commerce initiatives,which offer a faster path to mac
113、roeconomic impact than the other two digitization levers.For the purposes of assessing the impact of digitizing commerce in this report,we assume the following(unless stated otherwise):The retail sector comprises businesses active in the retail sale of products conducive to e-commerce:groceries,appa
114、rel,footwear,pharmaceuticals,ICT equipment,and household equipment.Not included are retail sectors not suited to e-commerce,such as retail sale of automotive fuel in specialized stores and retail sales in markets and market stalls.The hospitality sector comprises businesses providing accommodation,f
115、ood,and beverage,as well as travel agencies and tour operators.Exhibit 7GDP,2022,billion Note:Data refer to 2015 constant prices.Figures may not sum,because of rounding.1 Includes mining.2Split of GVA between accommodation and food and beverage is based on the sum of value added at factor cost and e
116、mployee wages.3Includes warehousing.4Utilities and oil and gas.5Other production-based sectors.6Directional estimate based on%of online sales per sector.7All activities,excluding fnancial sector.8Greeces lead is driven by its more established food delivery culture.Source:Eurostat;S&P Global;McKinsey
117、 Global Institute analysisTwo of Greeces largest economic sectorsretail and hospitalityare characterized by low productivity and are relevant to commerce digitization.McKinsey&CompanyThese fve sectors make up 40%of the total GVA in Greece and 57%of GVA for production-based sectorsSectors in focusRel
118、evant GVA2022 GDPProduct taxesminus subsidiesTotal sectors GVAReal estateGovernmentRetailWholesaleManufacturing1Accommodation2Food and beverage2Transportation3Energy4Other50GVA from digital,6%GVA per employed person,thousand40N/A497115Greece771N/A8722410871EU1874N/A1
119、322213461523Hospitality Food and beverage2 Accommodation2 Trade WholesaleRetail14Digital commerce:A growth opportunity for GreeceA recent study by our colleagues estimates that digital-commerce growth in the European Union will drive 90 percent of the retail sectors growth by 2030,highlighting the p
120、ivotal role digital commerce could play.16 For Greece to increase its GDP through digital commerce,businesses of all sizes must improve their performance in 16“Transforming the EU retail and wholesale sector,”McKinsey,October 25,2022.these two commerce-intensive sectors.That is especially the case f
121、or small businesses,which account for the vast majority of establishments in these sectors(Exhibit 8).Digital commerce allows smaller businesses to expand their market reach and grow in size without having to spend on establishing or reinforcing their physical presence.Exhibit 8Breakdown of gross va
122、lue added(GVA)by the two sectors with the highest productivity improvement potential via digital commerce,by company size,%Note:Figures may not sum to 100%,because of rounding.1Retail sales in nonspecialized stores,retail sales of information and communication technology equipment in specialized sto
123、res,retail sales of other household equipment in specialized stores,and retail sales of other goods in specialized stores.2Accommodation and food service activities and travel agency,tour operator,and other reservation service and related activities.32022 GVA per sector at constant 2015 prices.Refer
124、s to retail segments relevant to digitization of commerce,which is a portion of total retail,accounting for 8 billion in GVA.Source:“Enterprise statistics by size class and NACE Rev.2 activity(from 2021 onwards),”Eurostat,updated December 6,2023;S&P GlobalFor Greece to grow its GDP through digital c
125、ommerce,it will need to ensure that businesses of all sizes break through to the next level of performance.McKinsey&CompanyCompaniesGVA97191268CompaniesGVA8513143452Large(50+employees)Medium(1049 employees)Small(Up to 9 employees)Total GVA3=6 billion 100%=94,000 companies100%=114,000companiesTotal G
126、VA3=13 billion Refers to retail subsectors relevant to digital commerce21Retail1Hospitality215Digital commerce:A growth opportunity for GreeceGreece is falling behind most other European countries in the use of e-commerce,which is the leading growth driver for the retail and hospitality sectors.Meas
127、uring e-commerce usage in terms of the percentage of companies with at least 1 percent of sales via e-commerce,we see that in both retail and hospitality,e-commerce use in Greece is well below that of the European front-runners in these sectors(59 percent lower in retail,17 percent lower in accommod
128、ation,and 63 percent lower in food and beverage).Compared with peer countries Portugal,Italy,and Spain,e-commerce usage in Greece is 11 percent lower in retail,16 percent lower in accommodation,and 32 percent lower in food and beverage(Exhibit 9).Interestingly,Greeces relative position to Portugal,I
129、taly,and Spain in terms of e-commerce penetration is less favorable than its relative position in overall digitization(as illustrated in the DMI rankings shown in chapter 2 of this report).Capturing the potential of digital commerce Digitizing commerce can lead more quickly to success than digitizin
130、g assets or work.Still,it demands a purposeful commitment to a capability-building journey(see sidebar“Kick-starting the digital macroeconomic engine”).Exhibit 9Retail e-commerce usage,%of retail companies1 Note:Refers to companies with 10 or more employees.1Companies with at least 1%of sales from e
131、-commerce.2Portugal,Italy,and Spain.3Lithuania,Luxembourg,Denmark,Finland,and Ireland.4Denmark,Finland,Netherlands,Slovenia,and Sweden.5Sweden,Ireland,Spain,Denmark,and Finland.Source:Eurostat;McKinsey Global Institute analysis,202123The e-commerce use gap between Greece and sector front-runners is
132、about 60 percent in retail and food but only 16 percent in accommodation.McKinsey&CompanyAccommodation e-commerce usage,%of accommodation companies1HospitalityFood and beverage e-commerce usage,%of food and beverage companies1GreecePIS2EU-27average Overallfront-runners3Sectorfront-runners423.126.029
133、.643.156.411%59%GreecePIS2EU-27average Overallfront-runners3Sectorfront-runners470.183.372.175.184.7GreecePIS2EU-27average Overallfront-runners3Sectorfront-runners416.724.628.433.344.717%32%63%16%16Digital commerce:A growth opportunity for GreeceKick-starting the digital macroeconomic engineBusiness
134、es need confidence to start a digital journey,and the first steps should be straightforward.Once a retail or hospitality business has taken the initial step toward a basic digital level,its digital journey could become self-funded.At an intermediate level,the business can begin to hire for specializ
135、ed skills.Finally,at an advanced level,these specialized employees can become dedicated entirely to digital value capture,also leveraging AI technologies to further boost productivity.The exhibit shows some of the applicable use cases for each level of maturity as well as the associated platforms an
136、d enablers.These platforms perform critical roles as foundations for the delivery of the use cases.For example,using only a simple internet connection and free online tools and channels,a business can raise awareness among customers,driving increased offline traffic but also tapping into a completel
137、y new sales channel online.Then,at the intermediate level of deployment,a customer relationship management system allows a retailer,restaurant,or hotel to capture new customers information as they make online purchases and build transaction histories.At the advanced level,this investment could becom
138、e a platform for applying personalized marketing techniques to increase the likelihood that sales offers will drive incremental revenue.As businesses invest in these platforms,they build capabilities that could sustain future growth.Through platforms,next-level use cases can be developed at lower ma
139、rginal costsand thus can contribute to expanding profits and to enabling reinvestment in new jobs and offerings.The availability of AI-enabled tools for many of the use cases listed here makes them accessible and affordable to any business,regardless of its size.These use cases can allow businesses
140、to leapfrog ahead in digital commerce maturity and radically increase their competitiveness.For example,these tools could enable automatic content generation(without the need for marketing agency support)as well as automated customer-service support.Exhibit Use cases and platforms,increasing level o
141、f digital maturity from left to right1 Customer relationship management.2Product information management.3Enterprise resource planning.4Supply chain management.5Product life cycle management.Developing the digital macroeconomic engine requires the gradual deployment of use cases.McKinsey&Company Onli
142、ne presence:simple marketing website Online presence:maps listing Online presence:social media Customer reviews(including AI-enabled synthesis and sentiment analysis)Customer account and login 1st-party data capture Trafc analysis(including AI-enabled analytics)Participation in marketplaces or aggre
143、gators Digital advertising(including AI-empowered content creation)Targeted digital marketing(eg,email,SMS)Commercial website that allows online sales and online checkout Flexible booking and insurance New loyalty program Referrals programs AI-enabled personalized promotions Customer behavior analyt
144、ics Marketing spend optimization Conversion nudges(abandoned cart and checkout)Simple buy fow(1-page checkout,auto-fll)Retention and engagement pop-up Personalized product recommendations at all stages Content personalization(including generative AIenabled message tailoring)Customer support(eg,chatb
145、ot)Optimized return and cancellation experience Action recommendation from reviews analyticsPlatforms and enablersUse casesBasicDigital journey starts to become self-fundedIntermediateBusinesses start to hire specialized skillsAdvanced and next generationEmployees with specialized skills become dedi
146、cated to digital value capture Broadband internet Customer list Cloud productivity suite Basic accounting Product and SKU list Lightweight CRM1 for 1st-party data capture Cloud data store Cloud commerce platform Cloud fnancials Cloud PIM2 Campaign management platform Cloud and Edge nodes Commerce an
147、d content management Cloud ERP3 and SCM4 platform Cloud PLM5 and PIM2 17Digital commerce:A growth opportunity for GreeceTo capture the potential value that digital commerce offers,Greek businesses could pursue practices that allow them to climb the basic,intermediate,advanced,and next-generation ste
148、ps of the digital maturity staircase(Exhibit 10).The basic level of maturity is mostly about increasing consumer awareness of a businesss online presence.At the intermediate level,transactional commerce is introduced through first-or third-party platforms,and marketing approaches become more sophist
149、icated(see sidebar“How digital commerce helped a small business in Athens grow”).Advanced businesses incorporate personalization and analysis of digital consumer behavior in their sites to allow for a deeper level of understanding.They also extend the use of digital tools to customer care,including
150、applying AI-powered virtual agents to offer 24/7 service at lower cost.Next-generation players are testing emerging AI and machine-learning technologies to optimize customer experiences and operations,connect sensors to gather more real-time data,and train their own AI models using cloud-based platf
151、orms.Exhibit 10Digital-commerce solutions by level of increasing maturityTo capture the full potential impact of digital commerce,businesses need to adopt solutions that gradually drive them to higher levels of digital maturity.McKinsey&CompanyBasicInformational and fundamentalFundamental online pre
152、sence increases awarenessBasic marketing drives visibility and sales,enabled by the simplicity of cloud-based servicesCustomer reviews increase trust and attract consumers;AI enables rapid extraction of critical themes and makes them actionable Value comes from visibility IntermediateTransactional a
153、nd consumer engagingOnline marketplaces and cloud platforms scale reach for businessesDigital marketing and advertising increase brand recognition and trafc using AI-enabled analyticsOnline accounts,booking,and rewards programs boost revenueValue comes from better targeting of addressable customer b
154、ase AdvancedExperiential and optimally seamlessPersonalization and AI-powered analytics improve loyalty and user experienceDigital behavioral hacks promote greater conversionCustomer support and care(eg,for returns),enabled by AI and cloud services,reduce churn and operational burdenValue comes from
155、 personal interactions enabled by AINext generationData-driven and hybridOptimization and AI deliver next-level performanceValue comes from AI-and cloud-powered transformation How digital commerce helped a small business in Athens grow Some small businesses in Greece are taking advantage of digital
156、commerce to expand their customer bases and increase sales,especially to consumers abroad.One example is a gift and clothing store that opened in Athens in the mid-2010s.At first,the owner focused on social media to build her business by posting images of her products.Before long,the number of her s
157、ocial media followers had grown to several thousandfar more than the number of customers who visited her physical store.The owners popularity on social media encouraged her to pursue digital commerce.Launching an online shop was a small risk compared to the potential upsidefor example,a new source o
158、f growth from tapping into the international market.Once the shop was online(and the third-party distribution logistics were in place),sales started growing significantly,spurred by orders from Greece and around the world.Now the owner divides her time between looking after her physical store and pr
159、omoting the online business.The businesss online presence,both through social media and the website,has helped increase traffic to the physical store.As a result,sales grew by 38 percent.Today,the online shop accounts for about 25 percent of total sales.18Digital commerce:A growth opportunity for Gr
160、eeceHow moving up the staircase affects profitability We built a composite income statement for each sector using public sources and expert estimates.This allowed us to model the operating profit impactmeasured in EBITof each step up the staircase.The results are quite interesting(Exhibit 11).The im
161、provement in profitability in the retail and hospitality sectors for small and large businesses is significant,both when moving from the basic tier to intermediate and when moving from intermediate to advanced.The improvement upon simply getting to the basic tier is limited.The profitability impact
162、from moving toward the intermediate and advanced tiers is larger in hospitality than in retail for both small and large businesses.The profitability impact in retail is more profound for small businesses,whereas in hospitality,the impact is similar for small and large businesses.Specifically,a small
163、 retail business moving to the basic tier could see EBIT margin improvement of up to 1.6 percentage points(p.p.)(0.1 p.p.for medium and large),while moving from basic to intermediate could improve the margin up to 8.9 p.p.(5.6 p.p.for medium and large;cumulatively Exhibit 11Potential change in EBIT
164、from deploying digital solutions,1 percentage points(p.p.)1Changes are incremental to the previous maturity tiers and do not take into account any potential investments required to increase capacity to facilitate additional demand.Source:General Electronic Commercial Registry(G.E.MI.);ICAP CRIF;McKi
165、nsey analysisIn retail and hospitality,digital solutions afect the bottom line at each tier and result in major changes when businesses move between tiers.McKinsey&CompanyRetail impactHospitality impactRationale100%value from ofine revenue growth100%of value from ofine and tour-operator-driven reven
166、ue growth Fundamental online presence increases awareness Basic marketing drives visibility and sales Customer reviews increase trust and attract consumersOnline revenue growth is 2x higher than ofine(815 p.p.)Nearly 90%of value from online revenue growth Online marketplaces scale reach for business
167、es Digital marketing and ads increase brand recognition and trafc Online accounts,booking,and rewards programs boost revenueOnline revenue growth is 23x higher than ofine(510 p.p.)80%of value from online revenue growth Personalization and analytics improve loyalty and user experience Digital behavio
168、ral hacks promote greater conversion Customer support and returns reduce churn and operational burdenBasicIntermediateAdvanced024681012Retail small-business impactRetail medium-to large-business impactHospitality small-business impactHospitality medium-to large-business impact024681219Dig
169、ital commerce:A growth opportunity for Greece10.5 p.p.for small and 5.7 p.p.for medium and large),and getting to the advanced tier could result in another 6.9 p.p.(5.7 p.p.for medium and large)improvement(cumulatively 17.4 p.p.for small and 11.4 for medium and large).In hospitality,the margin improv
170、ement for small businesses moving to the basic tier could be up to 4.2 p.p.(0.8 for medium and large),while the improvement from basic to intermediate could be up to 9.2 p.p.(10.8 for medium and large)(cumulatively 13.4 p.p.for small and 11.6 for medium and large),and getting to the advanced tier co
171、uld result in an additional 9.3 p.p.improvement(8.1 for medium and large;cumulatively 22.7 p.p.for small and 19.7 p.p.for medium and large).When a business moves from the basic level of the digital maturity staircase to intermediate,online revenue growth can accelerate up to two times faster than of
172、fline growth.At the basic level,generating additional traffic typically leads primarily(or exclusively for retail)to an increase in offline revenue because companies at this level lack online channels.At the intermediate level,businesses benefit from the scale afforded by online marketplaces and dig
173、ital marketing that increase brand recognition and traffic(see sidebar“Taking a rental car company global through digital commerce”)and online accounts,booking,and rewards programs that can boost revenue.To achieve the full benefits of these digital solutions,businesses will likely also need to cons
174、ider exploring opportunities outside the Greek market by leveraging the digital discoverability and ease of distant transactions afforded by online platforms and targeted advertising.Expanding to a regional or global audience makes businesses more resilient by enabling them to diversify their custom
175、er base without making the significant capital investments that offline footprint expansion normally requires.Companies will benefit from continuing to invest in moving to the advanced level and beyond,but the further rise in profits will tend to decelerate.At the advanced level,businesses can still
176、 capture additional online revenue but are mostly focused on optimizing customer experience and employee productivityand so the profit growth trajectory 17“The economic potential of generative AI:The next productivity frontier,”McKinsey,June 14,2023.is not as steep.However,the data assets and platfo
177、rms that companies are building lay the foundation for future growth as advances in AI make it even faster and less expensive to extract value from information(see sidebar“The state of AI adoption and value creation”).For example,generative AI applications have the potential to improve productivity
178、by changing the anatomy of work and augmenting the capabilities of individual workers by automating some of their individual activities.A recent report from our colleagues shows that the global retail and consumer packaged goods industry could generate additional value of$400 billion to$660 billion
179、by implementing AI applications,mainly via automating key functions such as customer service,marketing and sales,and inventory and supply chain management.17 Taking a rental car company global through digital commerce How does a small car-rental company in Greece grow into an enterprise with a prese
180、nce in more than 200 countries?For the owner of one 25-year-old company,the answer was through extensive investment in digital commerce aimed at international expansion.The company built an online booking portal and applied targeted digital-marketing techniques to reach its international clients and
181、 connect them with more than 1,500 car rental businesses across the globe.Over time,it added localized content in more than 20 languages and developed global rental-car partnerships.Today,the online marketplace has more than 20 million users a year worldwide,500 times more than when it started.Befor
182、e the company built the online portal,its traditional website attracted just 5,000 visitors a year,and business was mostly limited to Greece.Now,its digital presence has allowed the company to reach a different scale,growing from a local business to an international player.20Digital commerce:A growt
183、h opportunity for GreeceThe state of AI adoption and value creation1“The state of AI in 2022and a half decade in review,”McKinsey,December 6,2022.As research by our colleagues shows,1 AI applications have been widely adopted by companies across different functions.Applications pertaining to service
184、operations and marketing and saleswhich are most associated with retail and hospitalityare among the most widely adopted,with roughly one in four survey respondents reporting that they have used AI to optimize their service operations(Exhibit A).Strong adoption is coupled with significant benefits:2
185、8 to 70 percent of companies that implemented AI applications have seen an increase in revenues or a decrease in costs,depending on the function for which AI was implemented.Exhibit A1 Question was asked only of respondents who said their organizations have adopted AI in at least one function.2Eg,fe
186、ld services,customer care,back ofce.Source:“The state of AI in 2022and a half decade in review,”McKinsey,December 6,2022The most popular AI use cases span a range of functional activities.McKinsey&Company Most commonly adopted AI use cases within each business function,%of respondentsService operati
187、ons optimization24Contact-center automation16Service operationsCustomer service analytics19Customer segmentation19Marketing and salesSales and demandforecasting10Logistics network optimization9Supply chain managementPredictive maintenance13Simulations(eg,using digital twins,3 D modeling)11Yield,ener
188、gy,and/or throughput optimization11ManufacturingOptimization of talent management10Optimization of workforce deployment5Human resources Risk modeling and analytics15Fraud and debt analytics11RiskCapital allocation7M&A support4Treasury management4Strategy and corporate fnanceCreation of new AI-based
189、products20New AI-based enhancementsof products19Product and/or service development21Digital commerce:A growth opportunity for GreeceMore specifically,in terms of AI-related increases in revenue,the largest percentage of respondents reporting gains70 percenthad implemented AI in marketing and sales a
190、nd product or service development(Exhibit B).And in terms of AI-related cost reductions,implementation in supply chain management and service operations proved beneficial for the highest number of companies52 percent and 45 percent of respondents,respectively,cited a decrease.Exhibit BCost decrease
191、and revenue increase from AI adoption in 2021,by function,%of respondents1Question was asked only of respondents who said their organizations have adopted AI in a given function.Respondents who said“no change,”“cost increase,”“not applicable,”or“dont know”are not shown.Source:“The state of AI in 202
192、2and a half decade in review,”McKinsey,December 6,2022Most AI-related cost decreases are reported in supply chain management and revenue increases in product development and marketing and sales.McKinsey&CompanyService operationsDecreaseby 10%Increaseby 610%Increaseby 5%ManufacturingHuman resourcesMa
193、rketing and salesRiskSupply chain managementProduct and/or service developmentStrategy and corporate fnanceAverage across all activities45422928435230433229322523587048597065630733336Twenty-eight to 70 percent of companies
194、that implemented AI applications have seen an increase in revenues or a decrease in costs,depending on the function for which AI was implemented.22Digital commerce:A growth opportunity for GreeceWhere do the retail and hospitality sectors stand today?To find out,we assessed their maturity level usin
195、g survey data collected from 400 Greek businesses of all sizes.We categorized them by their level of maturity:low,medium,or high and very high(Exhibit 12).For the purposes of this analysis,we combined high and very high because very few businesses in Greece are at the very high level.Small businesse
196、s in retail have a head start on hospitality in terms of digital-commerce maturity,but in larger businesses,the picture is mixed,with retail achieving not only a larger share of high-and very-high-maturity businesses than hospitality but also a bigger share of businesses with the minimum level of di
197、gital maturity.This dichotomy can be attributed primarily to the disproportionate share of large hospitality businesses that are hotels,which tend to score higher on digital commerce maturity than other retail and hospitality subsegments.As we would expect,large companies have adopted the most digit
198、al use cases in both sectors.In contrast,we see a much wider gap between sectors when we look at small businesses:in hospitality,42 percent of players are not yet engaged digitally or are just getting started,compared with 24 percent in retail.We then established an aspirational target for how much
199、these sectors could improve in digital-commerce maturity based on previous improvements in digital-commerce adoption performance and the current adoption gap versus European peers.Retails base digital-commerce maturity is higher than hospitalitys,and we expect retail to maintain its lead in small an
200、d medium-size businesses,although both sectors can expect to see large increases in digital commerce maturity across small and medium-size businesses.In the larger business segment,both sectors should see significant gains in players moving to high Exhibit 12Level of digital-commerce maturity,%Note:
201、Figures may not sum to 100%,because of rounding.1 Retail sale in nonspecialized stores,retail sale of information and communication technology equipment in specialized stores,retail sale of other household equipment in specialized stores,and retail sale of other goods in specialized stores.2Accommod
202、ation and food service activities,travel agency,tour operator,and reservation service and related activities.Source:Survey of Greek businesses,Kantar,June 2023(n=400)Greece can boost its digital macroeconomy by shifting its level of digital commerce maturity in the next three to fve years.McKinsey&C
203、ompanyLarge businesses(50+employees)Medium businesses(1049 employees)Small businesses(09 employees)Retail1Hospitality2CurrentstateTarget in35 years01020304050CurrentstateTarget in35 years01020304050None or minimalLowMediumHigh and very highCurrentstateTarg
204、et in35 yearsCurrentstateTarget in35 yearsCurrentstateTarget in35 yearsCurrentstateTarget in35 years23Digital commerce:A growth opportunity for Greeceor very high maturity.But retail should end in the strongest position,with almost half of small businesses(49 percent)having achieved at least the med
205、ium level,with the number going as high as 75 percent for large businesses.Only among the smallest players in hospitality do we anticipate a significant share(26 percent)to remain at the starting line in the race to adopt digital use cases and climb the capability staircase.If we link the expected i
206、mprovements in digital-commerce maturity of Greek companies to the profit impact from the use case adoption discussed previously,we can assess the impact on profit at the business level(see sidebar“Assessing the impact of increasing digital commerce maturity”).We can then aggregate that result to th
207、e GVA at the sector level from shifts in the maturity mix of businesses of each size category.This links the actions of company-level adoption of specific use cases to the impact on productivity and profitabilityand then to outcomes at the sector level and ultimately economy-wide.Assessing the impac
208、t of increasing digital commerce maturityWe developed a proprietary model to estimate the potential impact on the Greek economy of increasing the digital-commerce maturity of businesses in retail and hospitality.The value at stake,measured in terms of GVA,is what we believe could be achieved in the
209、next three to five years,assuming all the appropriate levers are pulled to drive adoption by businesses.The result is derived from a four-step process that incorporates public and proprietary data as well as input from experts:Step 1.We assessed the current level of digital-commerce maturity(based o
210、n adoption of digital-commerce use cases as discussed previously)of small,medium-size,and large Greek businesses and sectors by assigning scores to a sample of 400 Greek businesses surveyed by Kantar in June 2023.Step 2.We determined the aspirational digital-maturity level for Greek businesses and t
211、he respective transition between levels by analyzing the growth of European peers penetration in digital-commerce maturity indicators that could signal transition to a higher maturity level in different-sized businesses,as well as determining what the current penetration is in Greece versus these pe
212、ers.Step 3.We approximated the incremental value,measured in terms of GVA,that could be created(as a productivity gain for each individual business moving to a different digital-maturity level)via EBIT uplift from deploying digital-commerce solutions.Step 4.By combining the outputs derived from the
213、first three steps,we calculated the GVA that could be contributed to each sector by different-sized businesses transitioning to their aspirational digital-maturity level and improving their productivity.24Digital commerce:A growth opportunity for GreeceIn Greece,large businesses contributions to GVA
214、 are more than 15 percentage points higher in the retail sector than in hospitality.Given that structure and the impact of more advanced use cases,56 percent of incremental GVA could come from larger businesses.Overall,the retail sector could grow GVA more than 20 percent if companies achieved their
215、 target digital-maturity levels(Exhibit 13).Exhibit 13Total upliftEstimation of impact to gross value added(GVA)from companies moving to the aspirational digital maturity level scenario in the next 35 years,billion1 Note:Figures may not sum to 100%,because of rounding.1 Based on split by size and se
216、ctor of value added at factor cost.2Retail sale in nonspecialized stores,retail sale of information and communication technology equipment in specialized stores,retail sale of other household equipment in specialized stores,and retail sale of other goods in specialized stores.3Starting relevant GVA
217、for retail(billion)+total uplift(billion)from progression in digital maturity scenario.42022 GVA per sector at constant 2015 prices.Refers to retail segments relevant to digitization of commerce,which is a portion of total retail.Source:“Enterprise statistics by size class and NACE Rev.2 activity(fr
218、om 2021 onwards),”Eurostat,updated December 6,2023;S&P Global;Survey of Greek businesses,Kantar,June 2023(n=400);McKinsey analysisGreek retail could achieve sizable growth in gross value addedan estimated 20 percent or more,mostly from large businesses.McKinsey&CompanyRetail2Large businesses(50+empl
219、oyees)Medium businesses(1049 employees)Small businesses(09 employees)0.08To low0.010.070.49To medium0.190.030.261.02To high and very high0.690.120.21CurrentstateTargetstate1.21.80.80.94.35.26.347.91.590.89(56)Total GVA uplift(%of sectorGVA uplift)0.16(10)0.54(34)A 25%increase from 6.3 billion to 7.9
220、 billion325Digital commerce:A growth opportunity for GreeceIn hospitality,the potential increase in total sector GVA from businesses moving to their target maturity levels is also more than 20 percent,although growth is more widely distributed across the size range of businesses:large businesses cou
221、ld deliver 43 percent,followed by small businesses at 35 percent and medium businesses at 23 percent(Exhibit 14).Exhibit 14Estimation of incremental impact to gross value added(GVA)from companies moving to the aspirational digital maturity level scenario in the next 35 years,billion1Note:Figures may
222、 not sum to 100%,because of rounding.1 Based on split by size and sector of value added at factor cost.2Includes accommodation and food service activities;travel agency,tour operator reservation service,and related activities;and other reservation service and related activities.3Starting relevant GV
223、A for hospitality(billion)+total uplift(billion)from progression in digital maturity scenario.42022 GVA per sector at constant 2015 prices.Source:“Enterprise statistics by size class and NACE Rev.2 activity(from 2021 onwards),”Eurostat,updated December 6,2023;S&P Global;Survey of Greek businesses,Ka
224、ntar,June 2023 The hospitality sector could realize growth of 20 percent or more in gross value added from a mix of large,medium,and small businesses.McKinsey&CompanyTotal upliftHospitality2Large businesses(50+employees)Medium businesses(1049 employees)Small businesses(09 employees)1.37To medium0.51
225、0.220.651.34To high and very high0.790.440.100.34To low0.010.310.023.051.30(43)Total GVA uplift(%of sectorGVA uplift)0.69(23)1.06(35)A 23%increase from 13.0 billion to 16.0 billion3CurrentstateTargetstate1.72.84.55.26.88.113.0416.0Digitization can deliver 20 percent growth in GVAenough to make a sig
226、nificant contribution to Greeces overall prosperity.26Digital commerce:A growth opportunity for GreeceSmall businesses in both retail and hospitality could benefit two to three times more more than larger businesses in terms of GVA gain per company.Large retail businesses could derive benefits simil
227、ar to large hospitality businesses,despite the size differences between the sectors(Exhibit 15).In both sectors,gains in GVA contribution per business are highest for small businesses.This makes a big difference in the aggregate,given the large number of small businesses in Greece.However,the gains
228、are still significant for businesses of other sizes,highlighting the impact of digital innovation on growth.Digital technologies also spur productivity growth;GVA rises with minimal labor growth as the mix of work is redistributed inside businesses,given increased output and digitization of tasks.Ex
229、hibit 15CurrentProductivitygainTarget182911CurrentProductivitygainTarget13196CurrentProductivitygainTarget28032040CurrentProductivitygainTarget35042070CurrentProductivitygainTarget5,9007,0001,100CurrentProductivitygainTarget21,00025,3004,300Change in average gross-value-added contribution per busine
230、ss from achieving target state scenario,thousand Note:Figures may not sum,because of rounding.Values are approximate.1Retail sale in nonspecialized stores,retail sale of information and communication technology equipment in specialized stores,retail sale of other household equipment in specialized s
231、tores,and retail sale of other goods in specialized stores.2Accommodation and food service activities,travel agency,tour operator,reservation service and related activities.Source:“Enterprise statistics by size class and NACE Rev.2 activity(from 2021 onwards),”Eurostat,updated December 6,2023;S&P Gl
232、obal;Survey of Greek businesses,Kantar,June 2023(n=400);McKinsey analysisAverage productivity gains in retail and hospitality could be between 15 and 61 percent,depending on the size of the business.McKinsey&CompanyRetail1Hospitality2Number of companies,2022,thousandsLarge businesses(50+employees)0.
233、21.2Medium businesses(1049 employees)2.216.196.9Small businesses(09 employees)91.8+21%Number of companies,2022,thousands+44%+19%+15%+61%+20%27Digital commerce:A growth opportunity for GreeceIt is important to note that moving to a higher level of commerce digitization maturity can be achieved by mak
234、ing reasonable investments.It also does not require sophisticated capabilities,given the plethora of often free tools available online.This kind of investment could provide immediate returns(see sidebar“What a digital-commerce transition could look like for a typical Greek business”).In conclusion,t
235、he impact of increasing the level of digital maturity in two of Greeces most important sectors(in terms of size and productivity gap)is considerable.Indeed,purposeful adoption of digital use cases that enable new levels of capability and maturity can create value for businesses of all sizes,though t
236、he effects are varied given different starting points,sizes,and levels of fragmentation in the retail and hospitality sectors.In the aggregate,digitization can deliver 20 percent growth in GVAenough to make a significant contribution to Greeces overall prosperity.28Digital commerce:A growth opportun
237、ity for GreeceWhat a digital-commerce transition could look like for a typical Greek businessTo illustrate the economic benefits of increasing the digital-commerce maturity,we modeled such progressions for two hypothetical small businesses in Greece.For a small hotel to move up to a medium level of
238、digital-commerce maturity,for example,its core investments would include the following:acquiring the physical and digital tools needed to digitize customer interactions(for example,a transaction-capable website)establishing an online presence across different channels(typically free of charge;for ex
239、ample,social media accounts,booking platforms,or in-map listings)engaging customers via digital marketingWe estimate that these investments(adding up to 1,500 to 4,000 up front and 2,500 to 3,300 per annum)could yield an ROI of approximately one to five times within the first year(Exhibit A).Exhibit
240、 ATotal4006002003001,2501,50003001,000Recurring(per annum)One-of setup1505001,0002,500Movement from a lack of online presence to a medium digital-commerce maturity level for a typical small hotelFocus areaDigital asset,tool,and capability investmentBeforeA 1,500 to 4,000 initial investmen
241、t yields an approximate 9,000 incremental EBITa 1.35.0 x return on investment within the frst yearAfterIndicative cost range,Acquiring physical equipmentEstablishing an online presenceDigitizing opera-tions and customer managementEngaging in digital marketingPC/LaptopWorkstation and phone deviceInte
242、rnet and phone connectionTransaction-capable websiteAdvertising accounts and digital advertising budgetEmail management systemLightweight ERP&CRM toolEvolution of proftability,thousand1Includes depreciation of investment in digital tools.Source:General Electronic Commercial Registry(G.E.MI.);ICAP CR
243、IF;McKinsey analysisA 1,500 to 4,000 investment could help a small hotel achieve medium-level digital-commerce maturity and grow earnings an average 35 percent.McKinsey&Company2,5003,3001,5004,000RevenueCost of goods soldMarketing and salesG&AOther1EBIT34Ofine salesOnline sales
244、1503029Digital commerce:A growth opportunity for GreeceIn the case of a more sophisticated midsize retail shop moving to an advanced digital-commerce maturity level,the focus is more on optimizing existing customer interactions and derived value.Specifically,the shop could do the following:invest in
245、 tools to optimize its digital marketing and customer experience adopt advanced customer-value-management techniques(for example,website optimization and digital-marketing optimization-tool deployment)leverage the services of digital-marketing professionals to set up,optimize,and manage the business
246、s online presence end to end(for example,strategy,channels and mix,and content)We estimate that these investments(adding up to 15,000 to 30,000 up front and 24,000 to 29,000 per annum)could yield an ROI of approximately one to three times within the first year(Exhibit B).It is important to note that
247、 the above advances in digital-commerce maturity would also require some capability building and changes in day-to-day operations,such as logistics to serve online customers or interconnection with couriers.All advancements and cost structures(that is,the mix of up-front investments and recurring co
248、sts)may vary depending on a businesss specific circumstances and level of outsourcing.Exhibit BTotal3,0004,0001,0002,00015,00020,000N/AN/A5001,0002,0004,0002,0003,000N/AN/AN/ARecurring(per annum)One-of set upN/AN/A10,00020,0001,0002,0003,0005,000N/AN/A01,0001,0002,000Movement from medium to advanced
249、 digital-commerce maturity for a typical midsize retail shopFocus areaDigital asset,tool,and capability investmentBeforeA 15,000 to 30,000 initial investment yields an approximate 55,000 incremental EBITa 0.82.7x return on investment within the frst yearAfterIndicative cost range,Increasing and opti
250、mizing digital marketing and value managementOptimizing cust-omer experience within websiteLeveraging a digital marketing professionals or agencys servicesAdvanced email management systemSophisticated ERP&CRM toolDigital advertising budget increaseCustom solutions-powered websiteGen AI-powered custo
251、mer care toolDigital and social media strategy and managementChannel and mix monitoring and optimizationContent production and marketingSearch engine optimizationData privacy and protection strategyEvolution of proftability,thousandNote:Figures may not sum,because of rounding.1Includes depreciation
252、of investment in digital tools.Source:General Electronic Commercial Registry(G.E.MI.);ICAP CRIF;McKinsey analysisA midsize retail shop could boost earnings 33 percent by investing 15,000 to 30,000 to achieve advanced digital-commerce maturity.McKinsey&Company23,50029,00015,00030,000RevenueCost of go
253、ods soldMarketing and salesG&AOther1EBIT1,9001,2504206051652,1001,4004404010220Ofine salesOnline sales1,3505501,30080030Digital commerce:A growth opportunity for Greece04Exploring the role of the state in Greeces digitization gremlin/Getty ImagesThe state,businesses,and society all have a role to pl
254、ay in increasing digital-commerce penetration.As discussed in chapter 2,Greece has made considerable progress toward digitization in the past five years by investing in infrastructure and services.In this chapter,we explore how the state could deploy critical enablers to help unlock the next S-curve
255、 in the growth of the countrys digital commerce.31Digital commerce:A growth opportunity for GreeceInstitutional stakeholders could consider addressing four broad areas as they reflect on how to spur digital growth through commerce:building skills,building trust,building awareness,and encouraging and
256、 capturing digital commerces full potential to drive growth.Each area presents challenges that Greece will need to overcome.But initiatives that other countries have implemented show that the state and other organizations have multiple ways to surmount these challenges.At the same time,significant f
257、unds are available to finance digital transformation:Greece is deploying 20 percent of ESPA 20212027 funds to support its digital transformation(Exhibit 16),and it has allocated Recovery and Resilience Facility(RRF)support equivalent to 3.9 percent of GDP to digital-related initiatives,the highest s
258、hare among all EU countries in terms of percentage of GDP(Exhibit 17).1818“ESPAwhat is it?,”Espa.io,accessed November 15,2023;Recovery and Resilience Facility(RRF),Espa.io,accessed November 15,2023.19“How digitalised are EUs enterprises?,”Eurostat,October 29,2021.Below,we discuss the challenges faci
259、ng Greece in its digitization efforts.We also examine ways to accelerate progress while working toward the European Commissions goal that,by 2030,more than 90 percent of small and medium-size businesses will reach at least a basic level of digital intensity and 75 percent of all European companies w
260、ill use cloud computing,AI,and big data.19The initiatives discussed in the next section will not only affect the digital commerce use but also the overall digital maturity in Greece.These initiatives are based on our analysis of international practices and our understanding of the specific context o
261、f Greece.As a result,they should be treated as a contribution to the public discussion and not as policy recommendations.Exhibit 16ESPA 20212027 policy priorities,1 billionNote:Figures may not sum to 100%,because of rounding.1Amounts refer only to EU contributions to the Regional Development Corpora
262、te Agreement(ESPA 20212027)partnership under which Greece receives support for objectives outlined in the European Unions National Strategic Reference Framework(NRSF)for its Corporate Regional Development Pact 202127;Smart Europe is the portion of funding dedicated to digitization.Source:“Partnershi
263、p Agreement with Greece2021-2027,”Ministry of Development and Investment,July 29,2021 Greece has dedicated 20 percent of ESPA 20212027 funds to digital initiatives as part of Smart Europe.McKinsey&CompanyMain policy priorities Digital transformation Interconnection of businesses Entrepreneurship Sup
264、port state servicesShare of total contribution,%30.027.020.08.07.06.04.0Social EuropeGreen EuropeSmart EuropeConnected EuropeJust Energy TransitionEurope closer to citizensTechnical assistance6.25.71.61.41.20.84.132Digital commerce:A growth opportunity for GreeceExhibit 17Estimated1 expenditure towa
265、rd digital objectives as%of GDP2 for the 27 approved Recovery and Resilience Plans1Based on estimation of expenditure toward digital objectives as%of national Recovery and Resilience Plan from European Commission.22019 GDP.Source:Digital Economy and Society Index(DESI)2022:European analysis 2022;Eur
266、ostat;McKinsey analysisThe Greek Recovery and Resilience Plan directs 3.9 percent of GDP(the largest share in the European Union)to digital initiatives.McKinsey&CompanyGreeceItalyBulgariaRomaniaCroatiaLatviaPortugalSpainHungarySlovakiaLithuaniaPolandCyprusSloveniaFranceCzech RepublicEstoniaMaltaAust
267、riaGermanyBelgiumFinlandNetherlandsSwedenDenmarkIrelandLuxembourg3.32.82.62.31.91.71.61.51.51.41.41.31.10.90.80.70.60.60.40.30.30.20.10.10.10.13.933Digital commerce:A growth opportunity for GreeceBuilding skillsBest-practice examples from countries such as the Netherlands and Denmark support the ide
268、a that building skills is key to spur the digitization pushand,in turn,digital commerce.Building a digital talent benchSeveral reports in the past few years have highlighted both the challenge Greek companies face when looking for ICT talent and the potential ICT talent gap the country could face go
269、ing forward.20 A long-term road map has the potential to increase the countrys digital talent pool and to address supplydemand gaps.For example,Denmark has adopted the Technology Pact,a national platform that supports collaboration among the public sector,industry,and educational institutions for th
270、e evaluation,knowledge-sharing,development,expansion,and establishment of initiatives that improve education and promote interest in,and application of,STEM competencies.Such a road map could cover the following:digital-talent generation within universities and postsecondary vocational institutions
271、providing incentives for talent repatriation and attraction of international talent,with a special focus on specific profiles and skills in high demand(in alignment with tax incentives for repatriating professionals)a large-scale reskilling and upskilling program for both the employed and unemployed
272、;privately run initiatives in Greece such as Regeneration are increasingly beginning to prioritize tailored and digital-focused upskilling programs responding to employers inability to find ICT talent21Eurostat data shows that Greece is currently lagging in AI talent and adoption.22 Given the strate
273、gic importance of AI going forward(evidenced by the announcement of a committee for the formation of a Greek national AI strategy 20 Greek market needs in tech talent,Socialinnov,April 2020.21“Enterprises that recruited or tried to recruit ICT specialists by size class of enterprise,”Data Browser,Eu
274、rostat,updated August 29,2023.22 Greece had 2.6 percent adoption in 2021 versus the EU average of 7.9 percent for companies with at least ten employees.See“Artificial intelligence by NACE Rev.2 activity,”Data Browser,Eurostat,updated August 29,2023.23 Sabrina Geremia and Darryl Julott,“Our work to h
275、elp get 25,000 Canadian small businesses online over the past year,”Digital Main Street,June 22,2021.24“European Accessibility Act:Q&A,”European Commission,accessed November 9,2023.in October 2023),the above initiatives could also support the building or improving of AI capabilities.Readily availabl
276、e how-to support One-stop digital commerce hubs can provide resources to companies that wish to explore digital commerce,and evidence suggests that they could provide a valuable starting basis for these companies.23 Such a hub could provide how-to guides,support programs,and a network of professiona
277、ls to help businesses build digital-commerce assets and capabilities.For example,France and Canada,via their respective platforms“France Num”and“Digital Main Street,”provide a one-stop portal to assist businesses in their digitization journey.This includes how-to guides and courses,case studies,and
278、expert-written articles,as well as resources such as available funding tools,partnerships,and access to networks of digital experts.Creating a digitally inclusive societyAn important enabler is ensuring that everyone can be in a position to take advantage of digitization.The following initiatives,wh
279、ich have been implemented in other European countries,could offer examples:Defining accessibility standards for digital offerings to increase usability by specific groups.Working toward this objective would also help Greece comply with the European Unions European Accessibility Act,which goes into e
280、ffect in June 2025 and aims to streamline and optimize the EU market for accessible products and services.24 Developing and disseminating practical how-to guides for people who need help with day-to-day digital tasks.These guides would be promoted through the awareness campaign that we explore later
281、 in this report.Making on-the-ground coaching programs available to help small businesses build digital capabilities.Financial incentives could further accelerate this effort.34Digital commerce:A growth opportunity for GreeceIn the United Kingdom,for example,the National Digital Inclusion Network,ma
282、de up of thousands of community partners,works to tackle the digital divide by delivering data,devices,and digital skills training via both on-the-ground coaching programs and online guides.25 In addition,the charity Age UK,via its Think Digital program,recruited and trained digital champions to sup
283、port older people in making the most of the digital world.26Building trustOne way to encourage digital commerce is to build trust in technology.Many Greek consumers are still skeptical of online companies.27 In addition,basic customer service in digital commerce lacks common standards.Set customer e
284、xperience standardsExamples in other markets show that the establishment of customer rights for digital commerce could be an important enabler in this effort.These rights would include proper handling of online complaints,prompt money returns,compensation in the event of error,adherence to agreed de
285、livery timelines,and protection of personal data.For example,in addition to addressing some of these issues through EU-wide regulations such as geo-blocking regulations and the General Data Protection Regulation(GDPR),countries such as Germany have also regulated a broader array of issues,including
286、dynamic pricing,handling of customer reviews,and level of clarity on sellers rankings in online marketplaces.Accreditation of companies selling onlineA commonly accessible infrastructure that could provide digital certification for a companys trustworthiness can provide significant confidence to onl
287、ine users.The standards could include having a valid business license,providing accurate contact information,and having no unresolved consumer complaints.This could work in line with accreditations provided by agencies in US and UK markets to help buyers identify 25“The digital divide,”Good Things F
288、oundation,accessed November 15,2023.26“Think Digital,”Age UK,accessed November 15,2023.27 Global Digital Sentiment Insights:Survey results for Greek market,McKinsey(sample size 1,500 users between 18 and 85 years old;online survey conducted March 1531,2022).28“Digital transformation and small busine
289、ss,”Small Enterprises Institute-Hellenic Confederation of Professionals,Craftsmen,and Merchants(IME GSEBEE)exhibition,2020.29 Survey of Greek businesses,Kantar,June 2023(n=400).30”Guidance:Digital Skills Partnership,”GOV.UK,updated January 24,2023.businesses that have been vetted and meet trustworth
290、iness standards.Building awarenessResearch has demonstrated that many small Greek businesses remain unaware of available digital tools and their benefits.28 In addition,from a consumer perspective,many small businesses have a limited online presence.29 Designing a digital nation awareness campaignA
291、digital awareness campaign could target audiences that lag behind in digitization,including people living in rural areas,senior citizens,and small businesses.The campaign could employ a mix of toolssuch as online learning portals,workshops,association partnerships,TV ads,and social media campaignsto
292、 promote the benefits of e-commerce and staying safe online to both consumers and businesses.For businesses in particular,the campaign could emphasize the incentives available to businesses that digitize and highlight resources such as tutorials on how to adopt e-commerce or reach international mark
293、ets through digital channels.In the United Kingdom,for example,the government is collaborating with local partners and authorities to create local digital-skills partnerships,which aim to raise awareness of the importance of improved digital skills.30Encouraging and capturing digital commerces poten
294、tial to drive growthOur research shows that businesses usually perform better under the right incentives.In this context,we believe the right incentives could accelerate digital-commerce activity.Incentives to encourage digital sales and consumptionSome countries have introduced tax incentives for d
295、igital sales revenue of small and medium-size businesses.Our analysis shows that this has the potential not only to shift demand to online channels,with the productivity gains outlined 35Digital commerce:A growth opportunity for Greecein earlier chapters,but also to fuel new demand growth and lead t
296、o net value creation.Outside the European Union,Singapore has introduced such incentives,offering credits to merchants that accept QR code payments.31 Similarly,in India,merchants receive cash back for accepting cashless payments.32 Subsidies or vouchers for small businesses to invest in digital sys
297、tems and infrastructure could further accelerate the shift to digital commerce,which is already addressed by some ongoing state initiatives.In terms of encouraging consumers to move toward digital,several countries,including Greece,have introduced tax incentives to direct consumers toward cashless p
298、ayments and digital commerce.Institutionalize and promote public e-procurementAnother relevant initiative that has been effective in other markets is a dedicated program and minimum sourcing quotas for small and medium-size businesses for public e-procurement.The idea is to encourage smaller busines
299、ses to invest in digitization so they can claim a share of public-sector contracts.An online platform that facilitates the contracting,payment,and 31 Medha Basu,“Singapore promotes QR payments to help hard-hit hawkers fight back,”GovInsider,August 12,2020.32“Incentive/promotional schemes,”Ministry o
300、f Electronics&Information Technology,Government of India,accessed December 1,2023.33“Small business procurement,”US Small Business Administration,accessed November 15,2023.documentation process on behalf of the state would provide further incentives for the shift to digital-commerce practices.In the
301、 United States,for example,each federal agency has a statutory annual goal for awarding contract dollars to particular groups of contractors(for instance,23 percent is the goal for prime contracts for the federal government),and contracting officers are required to use the Dynamic Small Business Sea
302、rch(DSBS)to search for contractors.33 Expand sales abroad through digital channelsA dedicated national digital-exports gateway covering all steps for selling products and services to customers abroad could provide useful resources to businesses aiming for international growth.In addition,digital eco
303、nomy agreements with priority non-EU countries that facilitate frictionless trade through e-commerce activities,including smooth customs clearance,would further facilitate this growth.Singapore,for example,has already concluded such agreements with five countries,including the United Kingdom and Aus
304、tralia.In conclusion,coordinated action across the aforementioned areas can significantly accelerate the penetration of digital commerce and bring the benefits that come with it,as indicated by international examples.36Digital commerce:A growth opportunity for GreeceAcknowledgmentsThis report is the
305、 product of an extensive,cross-disciplinary research effort at McKinsey,led by McKinseys Athens office and supported by McKinseys Digital Practice.We wish to thank Google Greece for helping inform this report and Kantar Greece for its market research.We also wish to thank our McKinsey Global Institu
306、te colleagues for their advice and support.The research was led by George D.Tsopelas,chairman and managing partner of McKinsey Greece and Cyprus;Roger Roberts,partner in McKinseys Bay Area office;Thomas Kelepouris,partner in the Athens office;and Theodora Koullias,associate partner in the Miami offi
307、ce.The team comprises Antonis Vasilakis Kinalis,senior capabilities and insights analyst in the Athens office;Alexandros Malioglou,consultant in the Athens office;Marianthe Maroulis,senior capabilities and insight analyst in the London office;and Nicholas Bernhardt-Lanier,consultant in the New York
308、office.As with all McKinsey&Company research,this report solely reflects the results of our own analysis and perspectives.37Digital commerce:A growth opportunity for GreeceContactsGeorge D.TsopelasChairman and Managing Partner of McKinsey Greece and Cyprus George_TsopelasMcKRoger RobertsPartner,Bay
309、Area Roger_RobertsMcKThomas KelepourisPartner,Athens Thomas_KelepourisMcKTheodora KoulliasAssociate Partner,Miami Theodora_KoulliasMcKAntonis Vasilakis KinalisSenior Research Analyst,Athens Antonis_VasilakisMcK38Digital commerce:A growth opportunity for GreeceMcKinsey&CompanyFebruary 2024Copyright McKinsey&Companywww.McK McKinsey McKinsey McKinsey