Colombia: e-commerce sales value 2017-2020

In 2020, e-commerce sales in Colombia generated approximately 29 trillion Colombian pesos (nearly eight billion U.S. dollars, based on conversion rates for December 31, 2020). That is an increase of more than 30 percent compared to the 22.2 trillion pesos recorded in 2019, considering both the purchases made and paid for online.

The product of a perfect storm

Colombia's fast-growing internet penetration over the past few years has been a key element in the evolution of the country's e-commerce market, but certainly not the only one. Both the diversification of devices enabling online shopping and an increase in the banked population have made e-commerce an accessible and attractive option for many buyers in the South American country. Ultimately, Colombia's consolidation of e-commerce in recent years has positioned it as the fourth largest revenue generating Latin American economy in this activity.

Discounts, a catalyst for online shopping

Each year, holiday shopping offers and discounts mark a critical point in the pockets of both retailers and shoppers. The same is true for online commerce. In Colombia, Black Friday and Cyber Monday (or Cyberlunes) promotions have become a major driver of online sales over the last few years. While in 2019 online transactions during Black Friday were nearly five times higher than any other day, the average spend per person on both events was estimated at 183 U.S. dollars in 2020.