Latvia

Latvia

General Information

  • Population 1.9m
  • Population 15 + 1.6m
  • Online Population 1.7m
  • Area 64,589 km2
  • Currency EUR
  • GDP 33.5bn USD
  • GDP per Capita 17,660 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"51"},{"label":"Cash-based payments","value":"8"},{"label":"Bank transfer","value":"22"},{"label":"Wallets","value":"16"},{"label":"Other","value":"3"}]
Banked population
  • Latvia 93%
  • Eastern Europe & the CIS 67%
  • World 67%
Credit card penetration
  • Latvia 17%
  • Eastern Europe & the CIS 18%
  • World 19%
Internet penetration
  • Latvia 89%
  • Eastern Europe & the CIS 78%
  • World 62%
Smartphone penetration
  • Latvia 79%
  • Eastern Europe & the CIS 60%
  • World 70%

71% of Latvians will shop online if the price is better than in brick-and-mortar stores, while 64% like the 24 hour availability of e-commerce sites and 61% appreciate how easy it is to compare products.

In 2020 91% of online shoppers in Latvia preferred to use a PC, but in addition, 54% also liked to use their smartphone.

In 2020, airfreight into Latvia doubled to over 2,100 tonnes per month. Of that increase, almost 80% of was freight from China.

The Latvian economy will bounce back, according to the OECD, by 3.2% in 2021 and 5.6% in 2022. A large part of that is due to the increase in personal consumption as consumer confidence grows.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 0.4
2022 0.5
2023 0.5
E-Commerce spending per capita ($US)
2021 238
2022 258
E-Commerce spending as % of GDP
2021 1.1
2022 1.1

Latvia

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Electrical Goods: 33% | NA

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 25%
  2. Value of cross-border e-commerce ($US billion) – 0.1
  3. % of online shoppers who have shopped cross-border – 47%

Top 3 cross-border shopping origin markets

  1. Russia
  2. Lithuania
  3. Germany
E-commerce % of total retail
  • Latvia 6%
  • Eastern Europe & the CIS 6.3%
  • World 20%
E-commerce completed on a mobile device
  • Latvia 54%
  • Eastern Europe & the CIS 34%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
[{"label":"Visa","value":"17"},{"label":"Mastercard","value":"83"}]
  • E-commerce market size ($US billion) 0.4bn USD
  • E-Commerce spending per capita ($US) 219 USD
  • E-commerce spending as % of GDP 1.1%

The information on our Insights pages has been compiled by us in cooperation with Datamatics and Wright & Brown. The data shown is partially owned by us and partially owned by GlobalData. © 2021 by PPRO Financial Ltd. No data and information can be used for any further publication without the explicit approval of PPRO.

Latvia

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PayPal Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High PaysafeCard Type Prepaid voucher Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Direct Debit Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High Skrill Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Trustly Type Bank transfer Regions Eastern Europe & the CIS, North America + 1 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Allied Wallet Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Apple Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Boku Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Luminor Estonia Type Bank transfer Regions Eastern Europe & the CIS Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High Razer Gold Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance High SWIFT Type Bank transfer Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance High YooMoney Type Wallet Regions Asia Pacific, Eastern Europe & the CIS + 1 Market relevance High Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & the CIS, Western & Central Europe Market relevance Medium Boloro Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 G2A Pay Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 NETELLER Type Wallet Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3 Swedbank Type Bank transfer Regions Eastern Europe & the CIS Splitit Type Instalments Regions Asia Pacific, Eastern Europe & the CIS, Middle East & Africa + 3

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