TABLE OF CONTENTS
- Key indicators
- Payment methods:
- Which payment method do Colombian consumers prefer to use when shopping online?
- Market overview
Population 15+: 35m
Online Population: 34.73m
Currency: COP (Columbian Peso)
GDP: 325.00bn USD
GDP per Capita: 5 332.77 USD
Cards - 52%
Which payment method do Colombian consumers prefer to use when shopping online?
|Also, cards are one of the most preferred payment methods in the country, only 46% of the population have bank accounts, and the credit card penetration is even lower - only 14 % of the Colombians.|
At the same time, most Colombian nationals have access to the internet (68%), which provides popularity to other payment methods.
Pagos Seguros Online is one of the most widely promoted e-transfer payment solutions within the country. Also, digital wallets like PayPal and MercadoPago are gaining popularity among the locals and, at the same time, cash-based methods like Baloto and Efecty are still quite common in Colombia.
The global pandemic has given a long-term trend to e-commerce growth in Colombia. In 2021 country's e-commerce market was the third largest one in Latin America with more than 70% of the internet-penetrated population shopping online.
After the lockdown people continued to buy online as they have got acquainted with the effectiveness of this shopping method. Colombians highlighted free delivery and simple online checkout as the main advantages of online shopping.
Worth mentioning that the Columbian government supports the development of the e-commerce market, as it is capable to boost the country's economy. For instance, The National Government and the Ministry of Commerce have held the VAT-free days online and offline three times a year since 2020.
The total revenue of the e-commerce market of Colombia in 2021 was 7.035m USD.
E-commerce expansion in the country is expected to continue over the next few years. It has been predicted that the compound annual growth rate for the next four years will be 6%.
Kindly contact your Account Manager if you would like to enter the Colombian market.