Insights into the growth of Latvia ecommerce profiling payment methods, target audiences, marketing, social media, economy and logistics
Latvia is home to 1.9 million people with a total GDP of US$37.7 billion. GDP per capita is currently US$19,824 and expected to reach US$26,848 by 2026. Latvia is ranked as the 52nd richest country by the World Bank GDP per capita rankings.
Digital User Insights
Total ecommerce revenue across all product categories is US$345 million, expected to reach US$421 million by 2025. Fashion is currently the leading product category, accounting for US$137 million market share. Electronics & Media is second, accounting for US$97 million.
By 2025, Fashion will still lead, valued at US$162 million. Electronics & Media will also grow, reaching US$108 million.
Preferred Online Payments
43% of shoppers used Credit Card when shopping online. Mobile was another popular online payment method in Latvia, accounting for 39% of recent purchases. eWallets accounted for 14% of online payments.
Where does Latvia buy from?
Internet and Device Usage
In 2015 (latest data) 92% of online shoppers in Latvia shop online via desktop. 2% of shoppers make purchases via smartphone, and 2% made their most recent purchase via tablet.
Total Marketing spend in Latvia has grown marginally in recent years, as advertisers begin to steadily invest more in digital. Digital has grown to the second-highest market spend reaching US$37 million. Television is the highest market spend accounting for US$41.1 million.
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.