Norway

Norway

General Information

  • Population 5.4m
  • Population 15 + 4.5m
  • Online Population 5.4m
  • Area 385,207 km2
  • Currency NOK
  • GDP 362.0bn USD
  • GDP per Capita 67,176 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"41"},{"label":"Cash-based payments","value":"2"},{"label":"Bank transfer","value":"18"},{"label":"Wallets","value":"19"},{"label":"Other","value":"20"}]
Banked population
  • Norway 100%
  • Western & Central Europe 94%
  • World 67%
Credit card penetration
  • Norway 71%
  • Western & Central Europe 46%
  • World 19%
Internet penetration
  • Norway 99%
  • Western & Central Europe 91%
  • World 62%
Smartphone penetration
  • Norway 86%
  • Western & Central Europe 75%
  • World 70%

Norwegian consumers are considered to be very tech savvy and highly literate in e-commerce. The rate of m-commerce is gaining popularity so any retailer considering moving into this market must take this into consideration.

There are rumours afoot that Amazon is moving into Norway. At present, Norwegians who want to buy from the e-commerce giant must shop from Amazon Sweden which opened in 2020.

Norway’s economy dropped by 0.8% in 2020 but is forecast to grow by 3.9% in 2021 and 4% in 2022 according to the IMF. Inflation also rose in 2020 by 1.3% and is expected to rise by 2.2% in 2021 and by 2% in 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 20.3
2022 23.5
2023 27
2024 30.6
2025 34.2
E-Commerce spending per capita ($US)
2021 3734
2022 4284
2023 4891
2024 5506
2025 6118
E-Commerce spending as % of GDP
2021 4.8
2022 5.2
2023 5.7
2024 6.2
2025 6.6

Norway

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: NA | 18%
  2. Health & Beauty: NA | 11%
  3. Electrical Goods: NA | 9%
  4. Toys, DIY, & Hobbies: NA | 9%
  5. Food & Drink: NA | 6%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 26%
  2. Value of cross-border e-commerce ($US billion) – 5.0
  3. % of online shoppers who have shopped cross-border – 60%

Top 3 cross-border shopping origin markets

  1. China: 34%
  2. USA: 15%
  3. UK: 12%
E-commerce % of total retail
  • Norway 18%
  • Western & Central Europe 17.6%
  • World 20%
E-commerce completed on a mobile device
  • Norway 52%
  • Western & Central Europe 43%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
  • Other
[{"label":"Visa","value":"6"},{"label":"Mastercard","value":"11"},{"label":"American Express","value":"1"},{"label":"Local Schemes","value":"60"},{"label":"Other","value":"22"}]
  • E-commerce market size ($US billion) 19.1bn USD
  • E-Commerce spending per capita ($US) 3,536 USD
  • E-commerce spending as % of GDP 4.8%

Norway

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 BankAxept Type Local payment card Regions Western & Central Europe 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 Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High Klarna Type Bank transfer, Buy Now, Pay Later, Instalments Regions Asia Pacific, North America, Western & Central Europe 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 VIPPS Type Wallet Regions Western & Central Europe 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 Handelsbanken Type Bank transfer Regions Western & Central Europe NETELLER Type Wallet Regions Asia Pacific + 5 Splitit Type Instalments Regions Asia Pacific + 5

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