Nordic countries have always been quite developed in terms of online shopping. These markets are characteristic for their high purchase power and a rather high percentage of consumers who are electronically literate.
This translates into a booming market that is growing year on year both in terms of turnover, and in terms of percentage of the population that is shopping online.
The first half of 2018 was no different in these terms at all. Namely, there has been an increase of no less than 11% in the total turnover compared to the previous half year, and this trend seems to be constant. Approximately 60% of the population made online purchases in that period, and the trends show that the younger population is using this way of shopping in a disproportionally large amount when compared to the senior citizens.
There are also some discrepancies when this market is compared to the rest of the EU. The most significant difference is that the major marketplaces such as Amazon and eBay are not the first choice for these shoppers. They do tend to rely on local outlets and that is something that the retailers aiming this geography should have in mind.
The representatives of the PostNord have noticed that this is something that often creates a dent in the plans of the retailers who are entering Scandinavian market for the first time. Also, they noted that the shipping methods are playing a major part in success or failure when trading in these countries.
Concerning the niches, it is apparent that the fashion niche is the one that marks the most significant turnover, but at the same time it is the most competitive one.
All in all, the expansion is about to continue, and being present there should be one of the priorities to all retailers who consider this part of the world as a potential target market.
Submitted by Studioworx Marketing Team on 12/11/2018