E-commerce in Venezuela

E-commerce

E-commerce market: While increased Internet penetration would suggest expected e-commerce growth, the economic crisis and government restrictions on foreign exchange for online purchases have had a negative impact. According to Euromonitor International, approximately 60% of the retail stores that existed in 2012 were closed in 2017. Still, even though the country faces high inflation rates and lagging salaries, which hurt the purchasing power of the majority of Venezuelans, people still shop online. According to America Retail, 1.77 million Internet users made an online purchase in Venezuela in 2017, an 8% increase compared to 2016. Many Venezuelans increasingly rely on credit cards as a way of dealing with rapid inflation, making it a popular payment method among online shoppers. The most popular product category among Venezuelans is consumer appliances and electronics. The lack of product availability makes it difficult to generate online grocery sales, and in general there is a notable lack of companies operating in internet retailing. Locatel, FarmaPlus, and Farmatodo developed platforms to track medicines given their scarcity in Venezuela. A significant number of Venezuelans don't have bank accounts, and the country's Internet infrastructure is poor, which are two big barriers for e-commerce growth. Some of the most popular e-stores in Venezuela include Mercado Libre, Amazon, and OLX.

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