ICT Opportunity - Panama's eCommerce leading in Latin America
With only 4.4 million habitants and 70% internet penetration, Panama leads as the country with major eCommerce consumption in Latin America. Currently, Panamanians have 5.5 million cell phones, 2.9 million users and spent 1350 million USD using eCommerce platforms, covering 91% of the share of all digital revenues, followed by others such as eServices, eHealth, eServices, eTravel, and Digital Media.
Panama’s eCommerce revenue is expected to grow annually by 20.8% by 2025. The most important areas of interest of Panamanians are:
- Fashion
- Electronics
- Toys, hobbies, and DIY
- Beauty Health & Care
- Furniture
- Media
- Food
- Beverages
FinTech transaction value in Panama is also forecasted to grow by 107% from 2021 to 2025, with Digital Payments as its largest segment. From 2020, all industries (retail and services) reinvented are investing in eCommerce platforms to continue operating successfully. This represents a great opportunity for eCommerce developers to create alliances with the local industry and export services to Panama.
For more information, contact Kenneth Delvalle, Commercial Assistant by e-mail at Kenneth.Delvalle@trade.gov