Exploring Colombia’s E-Commerce Market in 2024 and Beyond

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Article E-commerce Data Portrait Colombia Blog post

Latest update: January 2024

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In this article, we offer strategic data about Colombia’s e-commerce market. Most of this information comes from our celebrated PCMI E-Commerce Data Library for Latin America, available here at no charge. We complement this snapshot with insights carefully curated from external resources.

You can also read this piece in the form of an infographic report, available to download below. You can also click here to check out our other country reports of LatAm.

Cover PCMI Report E-commerce Data Portrait Colombia 2024

Current State of E-commerce in Colombia

Colombia ranks as the third most significant country in e-commerce in Latin America, trailing behind Brazil and Mexico. In 2023, the volume of e-commerce in Colombia reached US$42.3 billion, with an anticipated compound annual growth rate (CAGR) of 27% until 2026, as per PCMI data. By 2026, the e-commerce market in Colombia is projected to reach US$87 billion.

As we analyze the geographical landscape, Colombia’s situation is not that different from that of other Latin American countries: its capital, Bogotá, concentrates almost half of e-commerce sales (46%). Other significant regions for e-commerce in Colombia include Antioquia (22% of sales) and Valle del Cauca (13%), according to BlackSip (2023).

Colombia is on a promising path to reach its maximum potential. Our data indicates that 86% of the adult population already makes online purchases and 92% have an account with a financial institution or fintech. However, it shows conflicting growth signals: entities like the National Administrative Department of Statistics (DANE) indicate that only 2% of retail purchases in the national territory are made online.

Profiling the Colombian Online Buyer

Profiling the Colombian Online Buyer

While this overall picture is important, focusing on the consumer behavior delivers a deeper understanding of the market drivers:

Spending. According to the Colombian Chamber of Electronic Commerce (CCCE), each Colombian spends, on average, US$38 per online purchase. Going further, PCMI data estimates that Colombia’s average annual e-commerce spending is US$812 per capita.

Age Range: At least 1/3 of online consumers in Colombia are 25 to 34 years old, according to Statista (2023).

Media Preferences. Most consumers in Colombia (66%) research brands on social media, as indicated by a report from BlackSip (2023).

Colombia E-Commerce Payment Methods and Devices

Colombia E-Commerce Payment Methods and Devices

According to PCMI’s E-commerce Data Library, the primary payment methods for e-commerce in Colombia, by share of volume, are:

  1. Internationally-enabled credit card — 39%
  2. Bank transfers — 32%
  3. Cash vouchers — 8%
  4. Debit card — 7%
  5. Digital wallet — 4%
  6. Buy Now Pay Later — 4%
  7. Domestic-only credit card — 3%
  8. Other* — 2%

*Includes gift cards, pay-on-delivery, and other miscellaneous payment methods.

Note: the total may not sum up to 100% due to rounding.

It is also important to track device usage for e-commerce:

  • 76% of e-commerce volume in Colombia comes from purchases made with mobile devices
  • 24% of e-commerce volume in Colombia comes from purchases made with desktops
Top-Selling Categories and Leading Online Stores in Colombia

Top-Selling Categories and Leading Online Stores in Colombia

Based on share of consumers that buy these products online, here is the rank of the best-selling online products in Colombia, data from DANE (2022):

  1. Clothing, shoes, accessories and sporting goods
  2. Delivery
  3. Electronic equipment (TVs, stereos, cameras, etc.)
  4. Food and beverages
  5. Appliances

As for top online stores in Colombia, Éxito emerges as the leading one, followed by Alkosto, Homecenter, Falabella and Amazon. These top online stores are based on net sales through the digital channel in 2022, according to ECDB data.

Key Insights Ecommerce into Colombian E-commerce Market

Key Insights into the Colombian E-commerce Market

Finally, there are some key insights about e-commerce in Colombia:

Colombia stands out as the country with the highest adoption of alternative payment methods in Latin America, constituting 50% of total e-commerce sales, according to EBANX (2022).

Domestic e-commerce websites in Colombia account for a significant 86% of total e-commerce sales, as reported by PCMI.

Despite this, the cross-border e-commerce market in Colombia is projected to grow by 18% in 2024, according to PCMI.

E-commerce in Colombia contributes significantly to the country’s economy, making up 11% of the country’s GDP, as per our analysis.

Next Step:

The PCMI E-Commerce Data Library

The data provided in this report is part of PCMI’s Latin America E-commerce Data Library. The Library covers not only Colombia but also 14 other countries in Latin America, featuring e-commerce market data such as:

  • Historical volume of Colombia’s e-commerce market for 2022, 2021 and further back

  • Projections of Colombia’s e-commerce market volume for 2023-2026

  • Breakdowns by merchant vertical for e-commerce in Colombia: retail, travel, ride-hailing, digital goods and services like streaming

  • Data on both cross-border and domestic e-commerce purchases in Colombia for 2022 and projections for 2023 and beyond

  • Breakdowns and projections of payment methods used in Colombia e-commerce (international/domestic credit cards, Buy Now Pay Later, digital wallets and others)

Other key advantages make the PCMI E-commerce Data Library for Latin America a uniquely powerful tool for companies that seek a fuller understanding of e-commerce in the region:

  • It’s customizable to client needs: you can obtain additional data you need for your company’s specific business concerns, beyond what the Library offers

  • It’s budget-friendly: while detailed reports are available for 15 Latin American countries, you can just buy data on just 1 or save money by purchasing a country bundle

  • It includes personalized guidance: every purchase of the Library entitles you to a free 1-hour consultation about the data with one of PCMI’s industry experts

  • It offers unlimited sharing: there is no single-user license with the PCMI E-commerce Data Library for Latin America, so you can share it freely with your organization

Keep up to date with our e-commerce, payments and crypto insights:

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Payments and Commerce Market Intelligence (PCMI) is a strategy consultancy specializing in the global payments industry.

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