Colombia is also home to one of the fastest-growing e-commerce markets in the region, with an online shopping growth rate at just under 25 percent in 2018. The previous year, e-commerce accounted for roughly six percent of the country’s gross domestic product, and more than 14 trillion Colombian pesos were generated from digital sales.
Over the next few years, the revenue of mobile e-commerce is expected to rival that of desktop devices, which have so far held the largest share of online purchases. In 2018, the Colombian e-commerce sector reported desktop sales of four billion U.S. dollars and two billion from mobile. By 2021, retail e-commerce sales in Colombia is forecast to surpass 10 billion U.S. dollars, with multimedia products, personal accessories, and household items generating the largest revenue. Surveys indicate that clothing, shoe wear, and consumer electronics were among the most in-demand products online in the country.
Women, as well as Millennials between the ages of 25 and 34, made up almost half of online shoppers in Colombia. Credit cards were by far the preferred method of payment for online purchases, with new digital methods such as PayU becoming increasingly more common.
In Colombia, Black Friday and Cyber Monday are among the most important online sales events. Colombians’ adoption of these shopping days — which both originated in the United States — continues to grow each year. In 2018, Black Friday online transactions showed a 630 percent growth compared to any other day. E-retailers have also embraced these events, with nearly 44 percent of them offering Black Friday discounts in 2018. In the November edition of Cyber Monday that same year, online shopping generated around 519 billion Colombian pesos, and the number of online transactions was estimated at one million.