Chilean e-commerce to suffer first-ever drop in 2022
Statistics from the Santiago Chamber of Commerce show that online retail sales have adjusted significantly over the past year, dropping 13% to reach nearly $10.5 billion. However, the union expects e-commerce to grow again sometime in 2023. After approaching an all-time high of US$12 billion in 2021, e-commerce experienced a… The Chilean Chamber of Commerce has reported that online retail sales have adjusted significantly over the past year, dropping 13% to reach nearly $10.5 billion. This contraction is due to high inflation and rising interest rates, as well as reduced income from emergency subsidies and pension withdrawals. Chile is the worst performer in 2022 after being one of the most dynamic countries in the last two years. Latin America and Asia are seen as high-growth regions, with Colombia topping the list with 38% growth in online sales in 2022, followed by Singapore and Indonesia. However, for its neighbors, its very high inflation leads to negative real volatility in sales.
Publié : il y a 2 ans par David dans World
Statistics from the Santiago Chamber of Commerce show that online retail sales have adjusted significantly over the past year, dropping 13% to reach nearly $10.5 billion. However, the union expects e-commerce to grow again sometime in 2023.
After approaching an all-time high of US$12 billion in 2021, e-commerce experienced a major correction last year equivalent to a 13% drop (measured in current dollars), reaching nearly US$10.5 billion.
This contraction has become one of the most severe globally and is the result of a combination of factors.
One example is high inflation and rising interest rates, as well as lower consumer demand due to reduced income from emergency subsidies and pension withdrawals.
While domestic market figures show a setback compared to the 2021 boom, its value far exceeds the 2019 and even 2020 figures, achieved by Chilean e-commerce in recent years. It reflects development.
In 2022, a decline in online sales of goods was partially offset by a strong recovery in tourism services.
Meanwhile, the tech category, along with health and beauty, saw a nominal 37% decline in specialty stores.
Online sales of goods were most complicated in the middle of the year, with drops of up to 40% in June.
Since then, the 12-month decline has mostly been located between 15 and 20%.
In fact, 2023 started with a nominal 18.5% decline in the 12 months of January. The tech sector has slowed its decline to 14% in 12 months. Meanwhile, housing fell 30% and clothing and footwear fell 7%.
In global comparisons, Chile is the worst performer in 2022 after being one of the most dynamic countries in the last two years.
Latin America and Asia stand out as high-growth regions, with Colombia topping the list with 38% growth in online sales in 2022, followed by Singapore (36%) and Indonesia (34%), some distance away. Philippines, India, Argentina, all around 25%.
However, for its neighbors, its very high inflation leads to negative real volatility in sales.
World leaders China, the US, and the EU are key to growth near the 10% global average, with growth rates of 6, 8, and 11% respectively.
However, when dealing with nominal volatility, we have to take into account that the countries with the highest inflation have a much slower real rise.
The most extreme case is the aforementioned Argentina, where 95% inflation in 2022 far exceeds the nominal growth of e-commerce.