- Mobile-first approach: The widespread adoption of smartphones has led to a growing number of Caribbean consumers shopping online via their mobile devices. As a result, many e-commerce companies are focusing on developing mobile-friendly websites and apps. Across most of the Caribbean, mobile penetration is over 90%. This is good news for Caribbean eCommerce.
- Cross-border trade: The Caribbean is a region of many small island nations, and cross-border trade is becoming increasingly important for e-commerce companies looking to expand their reach.
- Increased adoption of digital payments: The Caribbean is seeing an increase in the adoption of digital payment methods, such as mobile wallets and online payment systems, which are making it easier for consumers to purchase products and services online. Currently, there is a rise in Caribbean Digital Wallets in Jamaica, Barbados, and the Bahamas primarily…IslandPay, PayceDigital, KanooPays, Lynk to name a few.
- Focus on local businesses: There is a growing trend of consumers seeking out local and regional businesses for their e-commerce needs, as they look to support the local economy. Hence the rise in Caribbean E-commerce Service Providers offering online retailers small to large services to set up their shops, branding, and payment systems.
- Sustainability and environmentally friendly products: Just like globally, there is also a growing interest in sustainability and environmentally friendly products in the Caribbean, as consumers become more conscious of the impact their purchases have on the environment.
- Growth of online marketplaces: Online marketplaces, such as Amazon and eBay, are becoming increasingly popular in the Caribbean as they provide consumers with a wide range of products and services to choose from in one convenient location. Some of the well-known regional e-commerce marketplaces in the Caribbean include CaribShopper, based in Trinidad and Tobago, and NBM Retail, based in Barbados. There are also several online marketplaces that cater to specific industries, such as the fashion marketplace, Fashionista. In addition, international e-commerce giants such as Amazon, Shopify, and eBay have a presence in the Caribbean and are becoming increasingly popular among Caribbean consumers.
These are some of the key trends shaping the e-commerce landscape in the Caribbean. But let’s not forget some of the early adopters and pioneers in the space especially out of Trinidad and Tobago and Jamaica.
Also if you want to keep up on the fast-rising Caribbean fintech news, trends & updates, subscribe to our weekly newsletter – The Future of Caribbean Money Insider ( The Fi).
The 8-minute newsletter that makes you smarter about how technology is changing the way you make and manage your money.
Credit: Source link