The COVID-19 pandemic contributed to an increase in banking amongst Colombians. This was largely driven by the economic aid that the government provided to the vulnerable population during the crisis, as e-wallets and mobile banking served as the main channels to allow access to subsidies.
The accelerated development of marketplaces and last mile apps was a notable feature of the digital landscape in Colombia in 2020 as retailers and consumer foodservice players, in particular, looked to adapt to dramatic changes in market conditions due to the COVID-19 crisis. Marketplaces provided opportunities for small and medium-sized businesses to generate online sales and mitigate the impact of restrictions on the operations of core operations.
Colombia is characterised by heavy use of social networks and messaging apps, with people using such channels for more than three hours per day. This has led to an increase in retailers advertising on social networks like Instagram, where shop now links are being included and appealing deals offered.
With consumers confined to their homes, and many unable to work, as a result of the COVID-19 crisis, there was a strong demand for at-home entertainment. This contributed to significant growth amongst streaming services in 2020.
E-commerce is expected to continue to register positive growth rates over the forecast period, though retail is set to see growth slow in 2021 while foodservice experiences decline as the immediate threat from COVID-19 diminishes and consumers return to physical retail stores and restaurants. The pandemic accelerated the development of e-commerce, mainly in the remote environment, introducing new consumers to online purchases and increasing the range and frequency of purchases made by established online shoppers.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page