New Retailing research report from Euromonitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 06/12/2014 -- Colombian online shoppers are beginning to introduce new products into their shopping baskets, other than electronics, appliances, or media products. The rapid growth of internet retailing in Colombia is motivating consumers to try and order apparel and footwear products and to have a positive impact on category sales, which have exhibited double-digit growth rates since 2008. Consumers of apparel have found appealing offers online, a factor that is also motivating purchases of premium brands at lower prices than in store-based retailers. Almacenes Exito, for example, launched an exclusive online promotion of the Kenneth Cole brand and new portals, such as magnolia.com, are offering a wide variety of brands with prices often as much as 30% below those found in stores.
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Although internet retailing is fragmented, Almacenes Exito accounts for 6% of retail value sales. This company is also the leader in store-based retailing and is directing its efforts towards becoming an important player in different channels. The company is succeeding in its goals and in 2013 its internet sales grew by 78% in current value. This performance is supported in a wide online offer, the different alternatives that customers can use to pay, such as debit and credit cards, cash or via a PIN at the different banners owned by Almacenes Exito. The company also has a mobile app for iPad that is constantly widening its offer. Another factor that has been boosting sales is the frequent exclusive online promotions, focused mainly on appliances and electronics. Recently customers have the click and collect option, which will also contribute to improve the performance of the company's online sales.
Internet retailing will continue to thrive in Colombia and it is expected that the category will post a CAGR of 25% in constant value terms. However, this rate will be higher as more players enter the category to widen the offer, and consumers continue gaining confidence and internet penetration rates continue improving during the forecast period. Moreover, Colombia's young demographic will be one of the key factors that will fuel internet sales. In 2013, 69.7% of the online audience was represented by 15- 34 year olds, according to Comscore.
Discover the latest market trends and uncover sources of future market growth for the Internet Retailing industry in Colombia with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Internet Retailing industry in Colombia, our research will save you time and money while empowering you to make informed, profitable decisions.
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