Describes what a company needs to know to take advantage of e-commerce in the local market and covers prominent B2B websites.
Assessment of Current Buyer Behavior in Market
Internet shopping is popular in TT. While the local eCommerce sector is still in its infancy, the largest eCommerce retailer is Amazon. The COVID-19 pandemic has forced local businesses to rethink their eCommerce strategy and has spurred local growth over the past year. There are no local requirements for businesses selling online in the market, but foreign exchange limitations may impede growth. The key digital statistics for TT in January 2021 indicate:
- Population: 1.4 Million
- Internet users: 1.08 Million
- Internet penetration: 77 percent
- Active social media users: 940,000
- Mobile connections: 1.9 Million
Many people have more than one mobile connection, so the figure for mobile connections exceeds 100% of the total population. The top e-Commerce sites in TT are:
Local eCommerce Sales Rules & Regulations
Local eCommerce Business Service Provider Ecosystem
In 2011, the Electronic Transaction Act came into effect, providing the legal framework for secure electronic commerce. Since then, e-commerce has grown in significance, with a larger number of businesses (utilities, banks and most recently retail establishments) offering the option to pay bills and make purchases online or via mobile phone. Approximately 20 percent of the population uses credit cards and this may be a potential limitation for growing eCommerce .
Many TT companies provide digital marketing services. WiPay and Paywise are two local payment gateways. No in-country events focus on eCommerce at this time.