01.03.2016 @ 11:22

eCommerce Growing Rapidly in Colombia, Reaching US$2.53bn by 2018

1456848449_Online-ShoppingA new report shows that eCommerce is growing rapidly in Colombia and that by 2018, it will have reached a value of $2.53bn.

The report comes from Integration Consulting, together with Mercado Libre. It concluded that although the market in Colombia is still in its infancy, it is still worth $1.07bn in 2014.

Colombia currently has the fourth largest online audience in LATAM. What’s more, the country’s eCommerce market is notable for most of its online consumers being aged between 25 and 35, which represents some 85% of the total audience. Also, these consumers make on average between one and three purchases a month.

Although future growth is set to be substantial, it could be even better says the report, as Colombia still suffers from low credit card penetration and an electronic payment system which is considered to be generally inadequate.

eCommerce experts in the country are calling for the online trade ecosystem to be improved and matured, so as to respond to customer demand for increased purchases. They also want greater internet penetration and better security in order to improve the customer experience.

The report also highlighted the reasons why consumers are moving online which is headed by home delivery (23%), then the convenience of shopping at home (14%), followed by the convenience of open-all-hours and the ability to compare prices. The figures also showed that most purchases are made between June and December.

Generally, Colombia is now regarded as an eCommerce market with a huge amount of potential.

About allpago

allpago is the leading payment provider for the LATAM region. allpago provides the relevant local payment methods through one API and one single platform. allpago offers the best conversion rates ensuring state-of-the-art technology and legal advice necessary for a successful e-Commerce operation in LATAM.

allpago enables start-ups to Fortune 500 companies to offer the necessary local payment methods in the LATAM market, which account for around 80% of their revenues. Current clients include Art.com, Getty Images, Intel Security McAfee, Paylogic, Sumup, Teamviewer and many other leading payment and digital companies.

Reference: Comunicados CO

Photo: Webalys

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