Chile’s E-commerce Sales Fell By 20.1% Year-On-Year In 2023
Jayson 05 Feb 2024 09:17
Data from the Media Banco website shows that Chile's online retail industry performed poorly in 2023 due to the global economic downturn, inflation and other factors. Overall, e-commerce sales in this market fell by 20.1% year-on-year in the past year, with the most obvious decline in online sales in the two categories of electronic products and furniture, which were 25.9% and 23.9% respectively.
Judging from the overall performance of the Chilean e-commerce market in the past year, its year-on-year decline showed a "from large to small" trend. Compared with the third quarter, in the fourth quarter, affected by major promotions such as Black Friday, Cyber Monday, and Christmas, e-commerce sales in this market surged 44% month-on-month and only fell 7% year-on-year.
Regarding the performance of the Chilean e-commerce market, Media Banco emphasized that the negative performance growth of Chilean e-commerce is mainly due to the fact that online sales have reached historical peaks in 2021 and 2022, the base is too large, and economic headwinds have reduced Chilean consumers' desire to consume.
However, sellers planning to enter the Chilean market do not need to worry too much. The Chilean e-commerce market is currently in the recovery stage. Forecast data from the Santiago Chamber of Commerce (CCS) shows that Chilean e-commerce sales will increase by 5% in 2024, reaching US$11.5 billion, compared with US$10.6 billion in 2023.
Judging from the overall performance of the Chilean e-commerce market in the past year, its year-on-year decline showed a "from large to small" trend. Compared with the third quarter, in the fourth quarter, affected by major promotions such as Black Friday, Cyber Monday, and Christmas, e-commerce sales in this market surged 44% month-on-month and only fell 7% year-on-year.
Regarding the performance of the Chilean e-commerce market, Media Banco emphasized that the negative performance growth of Chilean e-commerce is mainly due to the fact that online sales have reached historical peaks in 2021 and 2022, the base is too large, and economic headwinds have reduced Chilean consumers' desire to consume.
However, sellers planning to enter the Chilean market do not need to worry too much. The Chilean e-commerce market is currently in the recovery stage. Forecast data from the Santiago Chamber of Commerce (CCS) shows that Chilean e-commerce sales will increase by 5% in 2024, reaching US$11.5 billion, compared with US$10.6 billion in 2023.
