eCommerce market in Iceland
Iceland is the 98th largest market for eCommerce with a predicted revenue of US$778.2 million by 2023, placing it ahead of Laos. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 10.1%, resulting in a projected market volume of US$1,144.0 million by 2027. With an expected increase of 16.8% in 2023, the Icelandic eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Iceland, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Icelandic eCommerce market. Food & Personal Care is the largest market and accounts for 31.7% of the Icelandic eCommerce revenue. It is followed by Fashion with 31.2%, Electronics & Media with 13.4%, Furniture & Appliances with 12.8%, and Toys, Hobby & DIY with the remaining 10.9%.
Market development
eCommerce revenue development in Iceland
Iceland is the 98th largest market for eCommerce with a predicted revenue of US$778.2 million by 2023, placing it ahead of Laos. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 10.1%, resulting in a projected market volume of US$1,144.0 million by 2027. With an expected increase of 16.8% in 2023, the Icelandic eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Iceland, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Icelandic eCommerce market. Food & Personal Care is the largest market and accounts for 31.7% of the Icelandic eCommerce revenue. It is followed by Fashion with 31.2%, Electronics & Media with 13.4%, Furniture & Appliances with 12.8%, and Toys, Hobby & DIY with the remaining 10.9%.
eCommerce revenue development in Iceland
Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source: Statista Market Insights, ecommerceDB
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|
| Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Growth (in %) | 87.3 | 52.3 | 37.5 | 9.0 | 29.5 | 36.4 | 65.2 | 84.4 |
| AOV (in US$) | 93.5 | 38.1 | 98.2 | 69.7 | 71.3 | 7.7 | 22.4 | 71.1 |
| CVR (in %) | 87.3 | 52.3 | 37.5 | 9.0 | 29.5 | 36.4 | 65.2 | 84.4 |
Top stores
Top five online stores in Iceland by net sales 2021
The biggest player in the Icelandic eCommerce market is elko.is. The store had a revenue of US$29.6 million in 2021. elko.is is followed by ikea.is and heimkaup.is as the second- and third-largest stores with US$26.8 million and US$10.4 million, respectively. Altogether, the top three stores account for 38.0% of the top 100 online stores' revenue in Iceland. Store rankings include every store that generates revenue in Iceland. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Iceland was considered.
eCommerce net sales generated in Iceland in 2021
Note: First party net sales generated after deduction of returns, allowances for damaged or missing goods and any discounts allowed
Source: Annual report, secondary sources, ecommerceDB analysis
| no-access-0 | no-access-1 | no-access-2 | no-access-3 | no-access-4 | |
|---|---|---|---|---|---|
| Filtered revenue (in mUS$) | 900.0 | 550.0 | 470.0 | 430.0 | 370.0 |
| Share of global revenue (in %) | 20.7 | 12.0 | 3.9 | 20.6 | 20.7 |
| Global revenue (in mUS$) | 8,300.0 | 4,600.0 | 1,190.0 | 2,122.0 | 1,814.0 |
| Growth global revenue (in %) | 8.3 | 12.4 | 33.6 | 18.0 | 12.6 |
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