Retailing in Ecuador has been recovering a positive trend since 2017, after the national economy suffered a downfall in 2016 driven by low petroleum prices and a strong earthquake, which affected the coastal cities of the country. During this period, VAT tax was increased as an emergency measure, and in general, consumers were resistant to spending their income on other than the necessary products.
Store-based retailing continues to lead retail industry in Ecuador. It covers all consumption categories, unlike other channels, like homeshopping, direct selling or internet retailing.
Ecuador is part of the new dynamic to make online purchases and electronic commerce adds more “e-shoppers” within the Ecuadorian population. There are different reasons why online commerce has grown, but perhaps the main driver is the increasing penetration of the internet.
The most important retail players in Ecuador have something in common: they include store brands across several categories and a significantly wide product offer. Corporación Favorita and Corporación El Rosado entered grocery retailing, including hypermarkets and supermarkets, as their main operating channel and focus on offering premium, standard and economy to attract consumers of every income level.
Driven by high costs of mass media advertising, plus a higher internet penetration amongst the general population, retailers designate a high percentage of their budgets to promote their brands on digital channels. Most brands are present at social networks such as Facebook, where they invest in generating a strong relationship with consumers, reaching specific selected audiences for their products and making the investment more efficient, as the main advantage vs traditional media.
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Discover the latest market trends and uncover sources of future market growth for the Retailing industry in Ecuador with research from Euromonitor's team of in-country analysts.
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This industry report originates from Passport, our Retailing market research database.