eCommerce market in Colombia

Colombia is the 46th largest market for eCommerce with a predicted revenue of US$4,997.3 million by 2024, placing it ahead of Hungary. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 11.3%, resulting in a projected market volume of US$7,682.3 million by 2028. With an expected increase of 12.2% in 2024, the Colombian eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Colombia, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Colombian eCommerce market. Electronics is the largest market and accounts for 24.1% of the Colombian eCommerce revenue. It is followed by Fashion with 21.1%, Hobby & Leisure with 21.1%, Furniture & Homeware with 11.2%, DIY with 8.4%, Care Products with 8.3%, and Grocery with the remaining 5.8%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Colombian retail market, the online share is 8.6% and will increase by an average of 3.4% to 9.8% by 2028.

The biggest player in the Colombian eCommerce market is alkosto.com. The store had a revenue of US$140.3 million in 2023. Store rankings include every store that generates revenue in Colombia. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Colombia was considered.

With 94.7% VISA the most commonly offered payment method of all online stores in the Colombian eCommerce market in 2023. Like VISA Mastercard with a share of 92.6% and American Express with a share of 91.6% the payment type Cards is the most common used by online retailers in in the Colombian eCommerce market in 2023. Other commonly used payment methods in that market are Invoice (unknown) with 82.1% and PSE (Bank transfer) with 76.8% of stores offering that payment method to the clients.

Although VTEX holds a commanding lead with 21.5% of online stores using the shop software solution, the Colombian eCommerce market in 2023 remains vibrant and competitive. This is due to the presence of several other shop software solutions, including WooCommerce, Shopify, PrestaShop, and Magento, which collectively hold a significant share of the market.