We continue our journey in Europe and closely examine a second Baltic country, Latvia, under an e-commerce magnifying glass.
- € 231 million e-commerce turnover
- 350,000 online shoppers
- 77% Internet users
- 96 million inhabitants
Latvia is the second largest Baltic country in terms of population. If we look at e-commerce more closely, we can observe that Latvia has recorded a slight upturn over the last few years. This can be explained by better Internet access and faster connections. Regional road networks have likewise improved. This, in turn, allowed reliable and more efficient delivery to consumers.
Latvia has taken the right course with regard to e-commerce. Nevertheless, there are still several important steps that must be taken: In terms of total online sales, at 9%, Latvia lags significantly behind its neighbors Lithuania (13%) and Estonia (16%).
To climb higher up the ladder of success in e-commerce, companies must encourage their employees even more in this regard so that expertise is developed, and companies expand into foreign markets and are able to compete with foreign companies.
The online shopping market in Latvia is clearly dominated by men. With about 190,000 persons aged 16 to 24, they represent the largest buyer category. Numbering 160,000 individuals, women between 25 and 35 form the second largest group.
There is preference to buy clothing, electronic and media products, toys and DIY items online. A small part of expenditures is attributed to food, personal care, furniture and household appliances.
Latvia still has a lot of room to grow in terms of mobile shopping. Nonetheless, 92% of online shoppers currently complete purchases on desktop computers and only 2% shop and pay via smartphone or tablet.
To be successful in the Latvian online market, the following tips are worth heeding:
- Latvians prefer to pay online with a credit card (43%).
- Payment via a mobile phone account (39%) and eWallets (14%) are also very popular in Latvia.
- Preliminary information is increasingly obtained via smartphone. Even if online purchases via smartphone are not yet very widespread, you should already set up your online shop for mobile shopping and mobile payment.