eCommerce market in Iceland
Iceland is the 71st largest market for eCommerce with a predicted revenue of US$891.8 million by 2024, placing it ahead of Ghana. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 3.1%, resulting in a projected market volume of US$1,005.9 million by 2028. With an expected increase of 3.9% in 2024, the Icelandic eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Iceland, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Icelandic eCommerce market. Hobby & Leisure is the largest market and accounts for 24.6% of the Icelandic eCommerce revenue. It is followed by Electronics with 21.4%, Fashion with 18.5%, Furniture & Homeware with 11.5%, Care Products with 9.1%, DIY with 9.0%, and Grocery with the remaining 5.9%.
Monthly revenues
Monthly revenues in the Icelandic eCommerce market
The monthly eCommerce revenue of the Icelandic eCommerce market was US$80 million in July 2024. This refers to a growth of 1.5% compared to June 2024. Within the last 12 months, the monthly revenue share was the highest in January 2024 with 10.6% of the total 2024 revenue of the Icelandic eCommerce market and the lowest in September 2023 with 6.9% of the total 2023 revenue.
Revenue Last Month
US$79.5m
The eCommerce revenue grew by 1.5% from June 2024 to July 2024.
Monthly revenue shares in the last 12 months
0-2024 | 1-2024 | 2-2024 | 3-2024 | 4-2024 | 5-2024 | 6-2024 | 7-2024 | 8-2024 | 9-2024 | 10-2024 | 11-2024 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Monthly revenue share (in %) | 0.3 | 67.2 | 87.1 | 48.4 | 37.7 | 84.7 | 48.4 | 32.7 | 39.0 | 31.6 | 77.5 | 94.4 |
Market development
eCommerce revenue development in Iceland
Iceland is the 71st largest market for eCommerce with a predicted revenue of US$891.8 million by 2024, placing it ahead of Ghana. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 3.1%, resulting in a projected market volume of US$1,005.9 million by 2028. With an expected increase of 3.9% in 2024, the Icelandic eCommerce market contributed to the worldwide growth rate of 10.1% in 2024. Like in Iceland, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Icelandic eCommerce market. Hobby & Leisure is the largest market and accounts for 24.6% of the Icelandic eCommerce revenue. It is followed by Electronics with 21.4%, Fashion with 18.5%, Furniture & Homeware with 11.5%, Care Products with 9.1%, DIY with 9.0%, and Grocery with the remaining 5.9%.
eCommerce revenue development in Iceland
eCommerce revenue growth in Iceland
Net eCommerce revenue split by sub-category
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth (in %) | 59.3 | 46.9 | 57.0 | 6.3 | 68.8 | 85.9 | 18.1 | 61.6 |
Top stores
Top five online stores in Iceland by net sales 2023
The biggest player in the Icelandic eCommerce market is elko.is. The store had a revenue of US$29.9 million in 2023. Store rankings include every store that generates revenue in Iceland. 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 Iceland was considered.
eCommerce net sales generated in Iceland in 2023
Filtered revenue / share eCommerce net sales refer to the year 2023 | Global revenue eCommerce net sales refer to the year 2023 | Growth eCommerce net sales growth refers to 2023/2022 | |
---|---|---|---|
US$900.0m 20.7% | US$8,300.0m | 8.3% | |
US$550.0m 12.0% | US$4,600.0m | 12.4% | |
US$470.0m 3.9% | US$1,190.0m | 33.6% | |
US$430.0m 20.6% | US$2,122.0m | 18.0% | |
US$370.0m 20.7% | US$1,814.0m | 12.6% |
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