eCommerce market in Latvia
Latvia is the 95th largest market for eCommerce with a predicted revenue of US$873.5 million by 2023, placing it ahead of Moldova. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 11.5%, resulting in a projected market volume of US$1,350.8 million by 2027. With an expected increase of 24.4% in 2023, the Latvian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Latvia, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Latvian eCommerce market. Fashion is the largest market and accounts for 35.9% of the Latvian eCommerce revenue. It is followed by Electronics & Media with 30.2%, Food & Personal Care with 15.1%, Furniture & Appliances with 10.3%, and Toys, Hobby & DIY with the remaining 8.5%.
Market development
eCommerce revenue development in Latvia
Latvia is the 95th largest market for eCommerce with a predicted revenue of US$873.5 million by 2023, placing it ahead of Moldova. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 11.5%, resulting in a projected market volume of US$1,350.8 million by 2027. With an expected increase of 24.4% in 2023, the Latvian eCommerce market contributed to the worldwide growth rate of 17.0% in 2023. Like in Latvia, global eCommerce sales are expected to increase over the next years. Five markets are considered by ecommerceDB within the Latvian eCommerce market. Fashion is the largest market and accounts for 35.9% of the Latvian eCommerce revenue. It is followed by Electronics & Media with 30.2%, Food & Personal Care with 15.1%, Furniture & Appliances with 10.3%, and Toys, Hobby & DIY with the remaining 8.5%.
eCommerce revenue development in Latvia
Note: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war
Source: Statista Market Insights, ecommerceDB
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
|---|---|---|---|---|---|---|---|---|
| Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Growth (in %) | 80.9 | 87.3 | 32.0 | 32.4 | 73.6 | 37.7 | 0.1 | 75.1 |
| AOV (in US$) | 71.5 | 30.2 | 45.2 | 66.8 | 82.9 | 13.8 | 23.1 | 31.7 |
| CVR (in %) | 80.9 | 87.3 | 32.0 | 32.4 | 73.6 | 37.7 | 0.1 | 75.1 |
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