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*The sale of certain products in this market may be subject to international export regulations. If you would like to learn more about selling into this market, lets chat.
Colombia is the fourth largest economy in Latin America and has the third largest population. An improved security environment and steady economic growth prior to the COVID-19 pandemic makes Colombia one of Latin America’s more attractive destinations for exports and investment. Traditional ecommerce has struggled to take a hold due to complex logistics challenges such as Colombia’s mountainous geography and lack of integration with international markets. Many consumers in Colombia are wary of online retail platforms and until recently, payments systems did not offer options for the unbanked.
In 2020, nearly 70% of the population reported using the internet. It is currently the fourth largest e-commerce market in Latin America and forecasts predict growth in the upcoming years, reaching a revenue of over $6 billion by 2022.
Colombia’s e-commerce providers are also concerned with the security of online payments. While the level of online fraud is low in Colombia (.45%), international retailers struggle to operate within Colombian borders and not just because of Colombia’s mountainous geography. Colombia harbors a negative reputation internationally that has made retailers and payments processors hesitate over concerns of money laundering or other illegal activity, despite data that refute this assumption.
In Latin America, even though cash-based payments are hard to beat in ecommerce (with notoriously convenient kiosk cash payments methods such as Boleto Bancário, or OXXO setting the tone these days), central banks actively collaborate with the fintech environment and the government to create a climate of financial inclusion and offer unbanked citizens easy means of paying and purchasing online in faster and safer conditions.
Cross-Border Fulfillment: Landed Cost is Available.
In-Country Fulfillment: Not available