Guatemala has had an impressive growth of 89% in its e-commerce volume this year, according to Americas Market Intelligence (AMI). In fact, Guatemala’s e-commerce volume is forecast to reach US$8.5 billion by the end of 2022. Some of this volume could well be driven by frequency, considering that the Guatemala Chamber of Commerce (CCG) indicates that 6 out of 10 online buyers in Guatemala make purchases at least once a month.
Total accessible market for banking services in Guatemala is 8 million of adults, according to AMI[2].
On the other side, the AMI payments team has detected an exceptionally large, underserved banking population in Guatemala of 7.2 million people (among 11 million adults)[1]. Our numbers indicate that even though 7.6 million people in Guatemala are smartphone owners, only 1.4 million have a digital wallet; also, while 4.8 million Guatemalans have a bank account, only 8,800 have a credit card.
That said, Guatemala has plenty of room for improving—and enormous potential—in the context of its e-commerce. In comparison to other LatAm economies, AMI data indicates that consumer spending on online purchases per year per capita in Guatemala (US$450) is quite similar to the amount for Colombia (US$455) and higher than the per capita annual e-commerce expenditure in Argentina (US$437), which is one of the biggest e-commerce markets in the region.
To better understand the e-commerce market in Guatemala, such as best-selling products, preferred payment methods, the state of crypto-e-commerce, and some other economic dynamics, AMI has put together the following infographic summary. For more detailed information, you can order a report from our E-Commerce Data Library.
Moving beyond these data
Contact us if you are interested in a more in-depth market study on e-commerce payments in Guatemala, or other payment-related topics there and elsewhere in Latin America. Our personalized studies can help your company with strategic decision making, and to identify new opportunities in the market.
We also invite you to see our infographic about e-commerce in Costa Rica, Peru, Brazil, Mexico, Argentina, Colombia and Chile.
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Sources
[i] Mastercard, Americas Market Intelligence (AMI). 2022. Digital Evolution: Future Forecasting for a Digital Central America.
[ii] Mastercard, Americas Market Intelligence (AMI). 2022. Digital Evolution: Future Forecasting for a Digital Central America.
