Colombians Feel More Secure Making Financial Transactions via Payment Platforms

One of the main reasons for the recent dramatic growth in Colombian e-commerce is that consumers are feeling better about the level of security when it comes to paying for goods via platforms like allpago.

Last year e-commerce in Colombia rocketed by over 30% and the value generated was around 9,900 million dollars. This represents around 3% of the gross domestic product.

Other factors in the spectacular growth were the number of new retailers operating in the market, the increased variety of choice and the growth of logistical companies.

e-days act as a further boost according to the Colombian Chamber of Electronic Commerce. Cyber Monday alone, says the Chamber, increased sales by over a half between 2014 and 2015. Other days such as HotSale, Black Friday and Cyber Week also contributed to the overall increased performance.

All this makes Colombia somewhat of a darling of the LATAM e-commerce market. Figures from the Latin American Institute of Electronic Commerce show that e-commerce growth over the next three years in Colombia is expected to hit 50% annually, compared with a regional average of 30%.

This current and future growth is possible because over the last decade there has been a revolution in the way consumers think and behave. Smart devices are changing the way consumers shop and the pace is going to increase dramatically over the years.

E-commerce is well suited to Colombia, because online shoppers see it as a huge advantage over physical shopping. Given the traffic problems in a City like Bogota for example, online shopping can save a consumer hours in trying to buy products in stores; add to this the lower cost and the benefits of online shopping are plain to see.

Reference: Portafolio,The Emagazine

Picture: Vecteezy