Suppose you’re like most people. In that case, you’re likely to think about the Caribbean as a place for your holidays. In this tropical paradise, people can relax on white beaches and take refreshing drinks under tiny umbrellas.
But what are the other aspects of the Caribbean? The side that’s not all palm trees and resorts? What’s life like for everyday Caribbean people? One question we often get asked is – do Caribbean people shop online?
The answer might be a surprise to you. Continue reading to learn more.
Online Stores in The Caribbean
Although online stores aren’t yet widespread in the Caribbean, the market is expanding exponentially due to the ease involved. Amazon is among the top websites used across the Caribbean for shopping online. A growing number of people across the region are using credit cards for buying their desired stuff from online marketplaces.
The impact of COVID-19 has further accelerated the pace of online shopping and eCommerce. Experts believe that this short boost will soon get permanency in the years to come. People will become comfortable with its convenience, the advantages of using contactless transactions, and benefiting from digital payment methods. Both are likely to trigger an inevitable shift in behavior towards the use of digital transactions.
Growth Rates in Caribbean Countries
Jamaicans are shopping online. According to the recent estimates, Jamaican’s revenue in the eCommerce for the next three years will jump at an exceptional rate of 16.76% annually. People are finding out how easy and enjoyable it is to use a laptop, tablet, or any other handy device to make purchases.
The Statista Digital Market Outlook estimates that around five million people made online purchases in the Dominican Republic in 2020. In 2025, the number of consumers who shop online in this Caribbean country is expected to be 6.5 million. In the meantime, retail eCommerce revenue in the Dominican Republic is also predicted to grow in the near term.
Is it a Good Omen for The Region?
Based on IHS Markit, eCommerce in the US grew from 21% of sales from manufacturing within the US in 2003 to an astounding 64.8 percent in 2016. In this period, retail eCommerce was up 17% each year.
The Caribbean isn’t exempt from these changing market trends since we, too, have discovered a love of online services, shopping, and trade. Within the island twin nation of Trinidad and Tobago, the Minister of Finance recently revealed that 1.2 billion dollars have been spent through credit card transactions in 2018. So, this is going to be a game-changing milestone not only for consumers but the business community is also going to enjoy the low-hanging grapes.
The Bottom Line
Caribbean shoppers are addicted to buying stuff and are increasingly shopping online. It’s a great thing for eCommerce retailers as it suggests a vast unexplored market waiting to be discovered. So, what are you waiting for? Start your business online and tap into the Caribbean market now!
We are at First Atlantic Commerce are committed to providing the most efficient services for card payments and transaction processing assistance to banks, merchants, and partners across the globe. So, no matter the requirements you can rest assured that FAC will be there to make your transactions as easy as possible.
For any queries about services or products, feel free to contact us. We’d like to hear from you!
Follow us on YouTube to learn more.
Comments are closed.