Market Size of Panama E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 20.31 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Panama E-commerce Market Analysis
Panama's E-commerce Market is expected to grow at a CAGR of 20.31% from 2022 to 2027. MercadoLibre is South America's largest online marketplace. It generated a GMV of US$19.7 billion in 2020. When compared to 2019, this represents a remarkable GMV growth of 50%.
- When it came to online visitor traffic in 2021, the leading players in Latin American E-commerce are Mercado Libre, Americanas, OLX, and Amazon, followed by Brazilians Magazine Luiza and Casas Bahia.
- Degusta is a well-known platform in Panama that provides restaurant recommendations. Large retailers offer online shopping and have seen consistent growth in Panama's e-commerce revenues. To remain competitive, the Colon Free Zone (CFZ or Zona Libre de Colon), the Americas' largest free-trade zone, recently implemented e-commerce. To increase efficiency, new logistics platforms are being proposed.
- Panamanian consumers and businesses have adopted many financial institutions which provide online banking (for example, Banco General's "Yappy"). Applications such as "Mercadito" enable small agricultural producers to reach a more significant number of consumers. Delivery platforms like PedidosYA, Uber Eats, ASAP, and Glovo have grown popular among Panamanians.
- The COVID-19 pandemic created an opportunity for business digitization for many companies. WooCommerce was the leading e-commerce platform used by e-sellers in Panama in 2021. On the other hand, Squarespace did not make the top three because Shopify and Wix had a relatively high share of online retail outlets using their platforms.
- COVID-19 pandemic has ended demographic dominance; Panamanians of all ages have turned to the internet to buy groceries and supplies across various platforms. Everything seems to indicate that internet shopping in the Central American country is more than just a passing fad.
