Market Trends of Panama E-commerce Industry
This section covers the major market trends shaping the Panama E-commerce Market according to our research experts:
Increase in electronics segment
- By June 2020, approximately 45 % of the Panamanian population had made an online purchase. The Central American country's e-commerce market grew an annual average of 12 % between 2014 and 2019, and market forecasts predict that online sales will reach 270 million US dollars by 2024.
- Even though the wide range of products available for e-commerce, fashion and technology are almost universally the most profitable online categories in Central American countries. As technology advances, e-commerce will become a critical component of the fashion industry, providing digital shoppers with personalization and tailored results. According to estimates, fashion-related internet purchases may generate approximately 429 million US dollars in Panama in 2022.
- Computer ownership is a hobby for the elites in Latin America, and the possibilities for business-to-consumer e-commerce have been relatively limited. In the early 2000s, this trend showed no signs of dying down. However, as technologies become more affordable and information technology and telecommunications infrastructure become more sophisticated and widespread, entrepreneurs remain optimistic that the Central and South American consumer Internet market may progress.
- According to the Online Data Bank, approximately 73% of the Latin American population uses social networks, and 47% own a smartphone. This figure is expected to skyrocket in the coming years, expanding business opportunities for e-commerce in the region.
- For B2C online purchases, mobile e-commerce is now a significant portion of the Panama e-commerce market and is expected to surpass desktop usage within the following year. When setting up their online stores and product listings, e-commerce merchants recognize this. Mobile optimization and a great mobile buying experience are no longer optional; they must be central to one's overall e-commerce strategy.
Understand The Key Trends Shaping This Market
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