Hola! Are you a business owner, investor, or developer on the lookout for the next big goldmine of potential customers? Well, look no further. The Spanish e-commerce market is a promising site for you to watch out for.
Spain is ranked as one of the largest markets in Europe. From fashion to tech, the Spanish e-commerce market has everything to offer. Online shopping in the Spanish-speaking world is growing rapidly.
According to a recent study, Spain’s e-commerce market is expected to show a simple annual growth rate of 14.7% in the period 2022-2027. So, whether you are hoping to expand your business or invest in promising startups, here is a list of the top trends that should put the Spanish E-commerce market on your radar.
1. Online Shopping Attitudes
- Ever since the pandemic that imposed social distancing and limited mobility, attitudes towards online shopping have changed in Spanish buyers.
- In 2023, around 30% of buyers reported monthly online shopping habits. According to a 2022 study, the minimum spending habit of 60% of e-commerce buyers was 20 euros monthly. In 2023, roughly 50% of the buyers reported spending around 50 euros. Between 2024 and 2029, an increase of 8.1 million users in e-commerce sites is expected.
- By age, nearly 5.5 million people in Spain between the ages of 35 to 44 reported buying products online.
- When it comes to attitudes regarding online shopping, around 50% of online Spanish buyers report being influenced by online reviews when buying on the internet.
- 80% of respondents in another survey reported preferring friends’ recommendations and comparing prices through search engines. Interestingly, 90% of online buyers prefer free delivery over a speedy one.
2. Highest E-commerce Revenue Generators
- Electronics and fashion continue to be the top market revenue generators in recent market surveys. According to a 2023 survey, products that belong to the fashion and leisure category were the most popular among online buyers.
- 80% of the survey respondents reported buying clothing or leisure items in the last 12 months.
- Excitingly, digital market insights report electronics to be the highest revenue generator in Spain. The electronics category generated around $9 million in 2023. However, the revenue of fashion-related products is expected to exceed electronics by 2027.
3. Top Online Stores and Shopping Apps
- The Spanish e-commerce market is ruled by big names, such as Amazon, eBay, Shein, and Apple. In 2022, Amazon.es led the market with $5.3 billion in net sales. Additionally, Amazon and Alibaba were the most visited e-commerce websites in Spain as of 2023.
- The online store of the Spanish store chain El Corte Inglésfollowed behind this American giant and generated $1.4 billion in net sales.
- Among the top European brands are Carrefourand Media Marketplace. Needless to say, the Spanish e-commerce market is highly diverse. This diversity also shows the impact of international giants on the local Spanish market.
- When it comes to shopping apps, Temuwas downloaded 13 million times by Spanish consumers in 2024. This incredible number was much bigger than the number of downloads for the Chinese clothing company, Shein.
4. Payment Methods
- According to a 2024 survey that asked e-commerce retailers what payment methods they offered to their customers, around 60% reported offering buy now, pay later services. A notable amount of responders also reported offering credit card services in 2024.
- Other than that, Cryptocurrency made it into the list of payment methods offered by professional retailers. As of 2024, Bizumis the biggest contactless payment platform in Spain.
- When it comes to customer preferences in payment methods, 20% of buyers reported opting for installments in a 2022 survey. These were frequent shoppers who utilized online shopping services weekly. Only 5% of the less frequent buyers reported paying in installments.
5. Role of Artificial Intelligence in the E-commerce Market
- Artificial Intelligence (AI) has transformed the way e-commerce businesses operate. Several major brands have incorporated AI into their business model. This AI analyses the search history and product preferences of the customers. It also recognizes the common features of products to generate a projecting algorithm of product suggestions for buyers.
- Amazon, the biggest e-commerce brand in Spain uses AI to evaluate customers’ shopping behavior and creates a recommendation engine accordingly. In addition to this method of personalized shopping, the Amazon shopping app now includes an AI chatbot called Rufus.
- This chatbot will act as the customer’s personal shopping assistant. Similarly, Shein also utilizes AI analytics and predictive models to offer a personalized shopping experience.
Extra Bit: As Spanish e-commerce grows, companies can also adopt the best practices of Optimum from the U.S., such as 24/7 support and multichannel engagement. Plus, Optimum servicio al cliente en español is quite exemplary.
Key Points
The world of e-commerce is rapidly expanding with technological advancements, increased smartphone usage, and Artificial intelligence. The Spanish e-commerce market is an important spot to watch out for in 2024. This list of trends can help investors, buyers, and developers make better decisions in this profitable market.
