Finland's e-commerce is growing. Currently, it is the 38th largest market for e-commerce, with a predicted revenue of US$8,215.4 million by 2023, placing it ahead of Nigeria.
Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 8.8%, resulting in a projected market volume of US$11,509.1 million by 2027.
Finland is steadily growing as an attractive market for e-commerce brands and companies. But what drives the Finish consumers? The main factor influencing the willingness to buy is quality.
The origin of the product or brand is also important. The Finnish also look at whether a given product complies with European standards.
It is proof of quality for them. Prices in Finland are quite high, making the average shopping cart more expensive. The e-commerce sector is constantly developing and accounts for up to 10% of all purchases from retailers. Finns use the intent not only to shop but also to compare prices.
Domestic products are in demand, and one effect of global brands is gaining more and more fans. For these consumers, user experience is very important therefore, if you want to conquer the Finnish market, you must take care of it.
Ecology is becoming an increasingly important factor influencing the purchasing decisions of Finnish consumers. Sales of food and organic products are growing. Respect for the environment is fundamental to Finns. The second-hand market, including the Internet market, is also increasing.
In Finland, banks transfer dominates the payment market. Verkkopankki is a bank transfer system that has won the hearts of Finnish consumers. As many as 76% of Finns believe the possibility of making direct payments with the bank is very important.
Despite the clear favoring of bank transfers, banks are trying to diversify their payment offer. Consumers are afraid to pay with cards for online purchases because it requires providing data – 16% of Finns cite precisely concerns about the security of data in terms of preferred payment methods.
Finns are very distrustful about payment and their data. Unfortunately, this is due to the increase in this type of crime in the country.
Digital payments are implemented gradually – digital wallets account for about 12% of payments. PayPal dominates in this field – it covers 10% of payments in e-commerce.
