Insights into the growth of Finland ecommerce profiling payment methods, target audiences, marketing, social media, economy and logistics
Economy
Finland is home to almost 5.5 million people with a total GDP of US$269 billion. GDP per capita is currently US$54,330 and expected to reach US$65,059 by 2025. Finland is ranked as the 18th richest country by the World Bank GDP per capita rankings.
See other European opportunities in Denmark, Norway and Sweden.
Digital User Insights
There are currently 4 million ecommerce users in Finland, with an additional 100,000 users to be shopping online by 2025. The average user spends US$1,524 online, which will grow to US$1,690 by 2025.
Product Categories
Total ecommerce revenue across all product categories is US$6 billion, expected to reach US$6.9 billion by 2025. Electronics & Media is currently the leading product category, accounting for US$1.38 billion market share. Fashion is a close second, accounting for US$1.37 billion.
By 2025, Fashion will lead valued at US$1.57 billion, Electronics & Media will also grow, reaching US$1.53 billion.
Logistics
In 2018, Finland ranked 10th in the World Bank Logistics ranking, making it among the easiest countries to deliver to in the world. 85% of Finland’s population reside in urban areas, this coupled with excellent logistics mean that cross-border retail is relatively easy.
Preferred Online Payments
34% of online payments are made via bank transfer. Invoice accounts for 12% of online shopper’s payments, and eWallets account for 19% of payments. Card payments, instalments and cash on delivery are all popular alternative payment methods.
Where does Finland buy from?
Finland imports from Germany (US$11.7 billion), Sweden (US$10 billion), Russia (US$9.5 billion), China (US$4.43 billion), and Netherlands (US$4.32 billion).
Internet and Device Usage
Internet penetration in Finland is currently at 94%, and should reach 97% by 2026. Smartphone penetration is 98%.
29% of online shoppers in Finland shop online via desktop. 23% of shoppers make purchases via tablet, and 60% made their most recent purchase via smartphone.
Marketing
Total Marketing spend in Finland has decreased in 2020 due to Covid, although prior to that Digital Advertising had been steadily increasing, reaching €528 million (approx US$631 million).
Social Media
Finland’s Social Media usage is high with 83% logging on to YouTube, 75% to Facebook and 59% to WhatsApp. Other popular networks include Instagram, Twitter and LinkedIn.
For more market insights, check out the ESW series of blogs covering a range of emerging ecommerce markets.
*Insights derived from ESW data, Statista, WorldBank, OECD and other industry sources.
