Describes what a company needs to know to take advantage of e-commerce in the local market and covers prominent B2B websites.
- Online sales accounted for approximately $500 million annually in 2019. That figure is expected to grow
- Amazon dominates online sales in TT, with buyers skewing younger.
Legal & Regulatory Environment Towards eCommerce
In its 2022 budget, the GoTT highlighted several priorities for its e-legislative agenda including amending existing legislation, updating the Data Protection Act, finalizing the Cybercrime Bill, amending the Telecommunications Act, and introducing legislation to introduce a national digital identity. In 2011, the Electronic Transaction Act came into effect, providing the legal framework for secure electronic commerce. Since then, and particularly due to the global COVI-19 pandemic, eCommerce 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. The GoTT is prioritizing financial inclusion since only approximately 20 percent of the population uses credit cards.
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 strategies 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 eCommerce sites in TT are:
- Local eCommerce Sales Rules & Regulations
Local eCommerce Business Service Provider Ecosystem
Many TT companies provide digital marketing services. WiPay and Paywise are two payment gateways available locally. No in-country events focus on eCommerce at this time.