Insights into the growth of Sweden eCommerce with payment methods, target audiences, marketing, social media, economy and logistics all profiled
Sweden is home to 9.8 million people with a total GDP of 496 billion USD. GDP per capita is currently 52,109 USD and expected to reach 55,851 USD by 2021. Sweden is ranked as the 14th richest country by the World Bank GDP per capita rankings.
Digital User Insights
There are currently 6.3 million eCommerce users in Sweden, with an additional 900,000 users to be shopping online by 2021. These 7.2 million eCommerce users will represent 86% of the total population. The average user spends 1,179 USD online, which will grow to 1,517 USD by 2021.
Dividing internet usage into age groups, gives a better picture of the Swedish eCommerce market. 100% of those aged 16-24, 96% of those aged 25-34, and 99% of those aged 35-44 log on daily. The older generations log on regularly with those aged 45-54 showing a 93% daily penetration rate, and 55% of those over 55 logging on daily.
Total eCommerce revenue across all product categories is 7.5 billion USD, expected to reach 10.9 billion USD by 2021. Fashion is currently the leading product category, accounting for 2.6 billion USD market share. Electronics & Media is second, accounting for 1.7 billion USD.
By 2021, fashion will still lead the charge, valued at 4 billion USD. Electronics & Media will also grow, reaching 2.3 billion USD.
Preferred Online Payments
37% of Swedish online shoppers paid by invoice, and a further 35% used debit/credit cards. Bank transfers and payment wallets like Payson and PayPal were also popular.
Where does Sweden buy from?
Germany supplies Sweden with 23.1 billion USD in imports. Other key import partners are the Netherlands (10.9 billion USD), Denmark (9.6 billion USD), Norway (8.6 billion USD) and China (7 billion USD).
Internet and Device Usage
Internet penetration in Sweden is currently at 91%, and should reach 94% by 2021. Smartphone penetration is 78% and is projected to grow to 90% by 2021.
87% of online shoppers in Sweden shop online via desktop. 4% of shoppers make purchases via tablet, and 6% made their most recent purchase via smartphone.
Total Marketing spend in Sweden has risen in recent years, as advertisers steadily invest more in digital advertising. Digital has grown to the highest market spend reaching 1.9 billion USD. Television is the second highest market spend accounting for 896 million USD.
For more market insights, check out the eShopWorld series of blogs covering a range of emerging eCommerce markets.
*Insights derived from eShopWorld data, Statista, WorldBank, OECD and other industry sources.