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 Commonwealth of Independent States 67%
  • World 67%
Credit card penetration
  • Latvia 17%
  • Eastern Europe & The Commonwealth of Independent States 18%
  • World 19%
Internet penetration
  • Latvia 89%
  • Eastern Europe & The Commonwealth of Independent States 78%
  • World 62%
Smartphone penetration
  • Latvia 79%
  • Eastern Europe & The Commonwealth of Independent States 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 Commonwealth of Independent States 6.3%
  • World 20%
E-commerce completed on a mobile device
  • Latvia 54%
  • Eastern Europe & The Commonwealth of Independent States 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%

Latvia

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High PaysafeCard Type Prepaid voucher Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High SEPA Direct Debit Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High Trustly Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 2 Market relevance High TrustPay Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Apple Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High DaoPay Type Carrier billing Regions Asia Pacific + 5 Market relevance High Luminor Estonia Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High SEPA Credit Transfer Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 Market relevance High YooMoney Type Wallet Regions Asia Pacific + 2 Market relevance High Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific + 5 Market relevance Medium SEPA Instant Credit Transfers (SCT Inst) Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States + 1 Market relevance Medium Boloro Type Wallet Regions Asia Pacific + 5 G2A Pay Type Wallet Regions Asia Pacific + 5 NETELLER Type Wallet Regions Asia Pacific + 5 Swedbank Type Bank transfer Regions Eastern Europe & The Commonwealth of Independent States Splitit Type Instalments Regions Asia Pacific + 5

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