At the end of the review period, digital commerce in Colombia remained somewhat underdeveloped. However, there remains huge growth potential as well as considerable room for improvement and this has attracted the attention of numerous private stakeholders across various industry sectors.
Recent years have seen many of the leading players in e-commerce and other areas of digital commerce focus on major sales events to promote their online businesses and spread awareness of digital commerce generally. In particular, the promotion of sales events often focuses on key dates such as Black Friday, Hot Sale and Cyber Monday and these have so far proved crucial in the promotion of digital commerce as a way for consumers to save money.
So far, the development of Colombia’s digital economy has focused mainly on large corporations, especially companies that already have a notable presence and strong branding in the physical realm, including in retailing, consumer foodservice and travel and tourism. The challenge now remains for the digital revolution to reach the country’s innumerable MSMEs (micro, small and medium-sized companies).
As Colombia’s a digital economy continued to develop over the course of the review period, It became increasingly apparent that the most successful players are those which had taken a comprehensive approach to their operations in terms of covering all points in the value chain. Among the companies that have been the most successful in developing their digital commerce operations are those that have focused on a high level of integration in their activities across the entire chain.
As the pace of life in Bogotá continues to accelerate and with busy urban lifestyles becoming more common in other major urban areas such as Medellín, Cali and Barranquilla, online services which offer greater convenience are becoming increasingly popular among the expanding ranks of Colombia’s time-pressed urban professionals. At the same time, these emerging service companies are spurring growth in various sectors of the economy whilst setting new standards for digital commerce.
Colombia’s emerging breed of digital entrepreneurs continues to invest heavily in the development of apps, marketing campaigns and physical infrastructure in the expectation that the development of digital commerce will continue strongly during the forecast period. Indeed, it is currently widely held that the country’s economy will undergo a digital revolution in coming years, with numerous players poised to take full advantage of improvements in digital telecommunications infrastructure and increasing consumer acceptance of digital commerce.
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