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

Economy

Latvia is home to 1.96 million people with a total GDP of 27.57 billion USD and GDP per capita of 15,027 USD, which is expected to reach 19,240 USD by 2022.

Digital User Insights

There are currently 890,000 eCommerce usersin Latvia, with an additional 40,000 users expected to be shopping online by 2022. Four years from now, these 930,000 eCommerce users will spend an average of 794.65 USD online.

LATVIA  Online

Internet usage

Dividing internet usageinto age groups gives a better picture of the Latvian eCommerce market – 96% of 16-24 year olds, 95% of 25-34 year-olds and 83% of 35-44 year-olds log on daily. The older generations also log on regularly with 45-54 year-olds and over 55s showing an 79% and 69% daily penetration rate, respectively.

LATVIA  Usage

Product Categories

Total Latvian eCommerce revenue across all product categories is 315 million USD, and is expected to grow to 440 million USD by 2021. Electronics & Media is currently the leading product category in Latvia, accounting for 109.1 million USD market share, followed by Fashion, which generates 88 million USD in sales.

By 2022, Electronics & Media will still be the most purchased online category, with an estimated value of 154.9 million USD, and second favorite, Fashion will have an expected worth of 118.5 million USD.

LATVIA  Revenue

Logistics

In 2016, Latvia was ranked 43rd in the World Bank Logistics ranking.

Preferred Online Payments

43% of Latvian shoppers like to pay with credit card when shopping online.

LATVIA  Payments

Where does Latvia buy from?

Russia supplies Latvia with 4.84 billion USD in imports – ranging from cars to petroleum. Latvia’s other key import partners are Lithuania ($2.47 billion), Germany ($1.85 billion), Poland ($1.37 billion) and Estonia ($1.21 billion).

LATVIA  Imports

Internet and Device Usage

Internet penetration in Latvia is currently 71.1%, and should reach 73.1% by 2022. Smartphone penetration is substantially less (49.1%), but is projected to grow to 56.2% in the next four years.

92% of online shoppers in Latvia buy via desktop, a stark contrast to the amount of smartphone (2%) and tablet (2%) shoppers.

LATVIA  Devices

Advertising

In 2018, 24.73 million USD of Latvia’s digital ad spendis projected to bespent on internet advertising.

LATVIA  Ad Spend

Social Media

1.6 million people in Latvia are active social network users, thanks to Facebook, Twitter, Pinterest and YouTube, which are the leading social networks.

LATVIA  Social

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

Latvia – Single Color by FreeVectorMaps.com