Even though Spain is undergoing a financial crisis with its housing market and banking sector in trouble, e-commerce in the country has grown in the last fiscal and is set to grow in the near future according to eMarketer.
eMarketer forecasts e-commerce revenues at $18.57 billion in 2012, up from $15.64 billion in 2011. It further expects e-commerce to grow to $30 billion by 2016.
The e-commerce sector in Spain is yet to mature and is smaller than that of the UK, Germany, and France. Online buyer penetration among Internet users in Spain is less than 50 percent. However, when payment infrastructure and delivery modes develop, e-commerce is expected to pick up in the country as well.
The consumer in Spain appears to favor trusted retailers over newer ones. Also, consumers are in the early stages of adopting e-commerce, preferring to purchase services online rather than goods and apparel.
Currently, travel and related services account for a leading share of e-commerce in Spain at 36 percent, while electronic goods account for a very small share at 2.2 percent.
Trusted brands such as the global leader Amazon are favored by consumers when choosing to make online purchases. El Cortes Ingles, the department store that is a familiar feature in urban Spain, has the second largest number of e-commerce customers in Spain.
To succeed in Spain, e-commerce stores will have to focus on building trust among consumers by focusing on quality products and prompt delivery.