eCommerce market in Panama

Panama is the 65th largest market for eCommerce with a predicted revenue of US$1,105.9 million by 2024, placing it ahead of Cyprus. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 7.5%, resulting in a projected market volume of US$1,477.3 million by 2028. With an expected increase of 10.0% in 2024, the Panamanian eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Panama, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Panamanian eCommerce market. Electronics is the largest market and accounts for 24.1% of the Panamanian eCommerce revenue. It is followed by Fashion with 21.1%, Hobby & Leisure with 21.0%, Furniture & Homeware with 11.2%, Care Products with 8.4%, DIY with 8.4%, and Grocery with the remaining 5.8%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Panamanian retail market, the online share is 8.8% and will increase by an average of 7.5% to 11.7% by 2028.