Insights into the growth of Finnish eCommerce with payment methods, target audiences, marketing, social media, economy and logistics all profiled

Economy

Finland is home to 5.5 million people with a total GDP of 236.79 billion USD and GDP per capita of 42,612 USD, which is expected to reach 47,849 USD by 2021.

Digital User Insights

There are currently 3.32 million eCommerce users in Finland, with an additional 530,000 users expected to be shopping online by 2021. Four years from now, these 3.85 million eCommerce users will spend an average of 1,597.91 USD online.

Internet usage

Dividing internet usage into age groups gives a better picture of the Finnish eCommerce market – 93% of 16-24 year olds, 96% of 25-34 year-olds and 96% of 35-44 year-olds log on daily. The older generations also log on regularly with 45-54 year-olds and over 55s showing a 90% and 70% daily penetration rate, respectively.

Product Categories

Total Finnish eCommerce revenue across all product categories is 4.4 billion USD, and is expected to grow to 6.12 billion USD by 2021. Fashion is currently the leading product category in Finland, accounting for 1.42 billion USD market share, followed by Electronics & Media, which generates 1.04 billion USD in sales.

By 2021, Fashion will still be the most purchased online category, with an estimated value of 2.02 billion USD, and second favorite, Electronics & Media, will have an expected worth of 1.38 billion USD.

Logistics

In 2016, Finland was ranked 15th in the World Bank Logistics ranking.

Preferred Online Payments

31% of Finnish shoppers like to pay via debit or credit card when shopping online.

Where does Finland buy from?

Germany supplies Finland with 10.3 billion USD in imports – ranging from petroleum to cars. Finland’s other key import partners are Sweden ($9.4 billion), Russia ($6.54 billion), the Netherlands ($4.54 billion) and China ($2.88 billion).

Internet and Device Usage

Internet penetration in Finland is currently 84.8%, and should reach 85.4% by 2021. Smartphone penetration is a little less (74.7%), but is projected to grow to 84% in the next four years.

90% of online shoppers in Finland buy via desktop, a stark contrast to the amount of smartphone (3%) and tablet (6%) shoppers.

Marketing

In 2016, 398.12 million USD of Finland’s ad spend was spent on newspaper advertising.

Social Media

48% of Finland’s population are monthly active social network users, thanks to WhatsApp, YouTube, Facebook and Instagram, which are the leading social networks.

For more market insights, check out the eShopWorld series of blogs covering a range of emerging eCommerce markets.