- Mobile first access: The widespread use of smartphones has led to an increasing number of Caribbean consumers shopping online through their mobile devices. As a result, many e-commerce companies are focusing on developing mobile-friendly sites and applications. In most of the Caribbean, mobile phone penetration is over 90%. This is good news for Caribbean e-commerce.
- 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.
- Increasing 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 surge of Caribbean digital wallets in Jamaica, Barbados and the Bahamas, mainly…IslandPay, PayceDigital, KanooPays, Lynk to name a few.
- Focus on local businesses: There is a growing trend of consumers looking to local and regional businesses for their e-commerce needs as they look to support the local economy. Hence the rise of Caribbean E-Commerce Service Providers offering online retailers small and large services to set up their stores, branding and payment systems.
- Sustainability and environmentally friendly products: As globally, there is also a growing interest in sustainability and environmentally friendly products in the Caribbean as consumers become more aware of the impact their purchases have on the environment.
- Growth of online markets: Online marketplaces, such as Amazon and eBay, are becoming increasingly popular in the Caribbean as they offer consumers a wide range of products and services to choose from in one convenient location. Some of the popular regional e-commerce marketplaces in the Caribbean include CaribShopper, based in Trinidad and Tobago, and NBM Retail, based in Barbados. There are also some online marketplaces that cater to specific industries, such as the fashion marketplace, Fashionista. Additionally, 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 from Trinidad and Tobago and Jamaica.
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