With booming e-commerce, Ecuador plans to close 2022 with at least $4 billion in online sales

From last Wednesday until this Friday, June 3, the e-Commerce Day Ecuador Blended [Professional] Experience takes place in Guayaquil.

With more than 1,200 participants, the e-Commerce Day Ecuador Blended [Professional] ExperienceIt takes place in Guayaquil, where the highlights of electronic commerce in the country and the region have been concentrated since last Wednesday.

The event, a regional initiative of theeCommerce Instituteand co-organized with theEcuadorian Chamber of Electronic Commerce (CECE),was rated as a success by theunion president,Leonardo Ottati,who took advantage of e-Commerce Day to confirm that in 2021 electronic commerce in Ecuador closed with$3.2 billion, exceeding the estimate that was $2.8 billion.

While by 2022 it is estimated that the sector could close in$4 billionassured the president of the CECE, who clarified that it is a “conservative projection.”

In this regard, the Minister of Telecommunications, Vianna Maino, who inaugurated the second day of e-Commerce Day this Thursday, highlighted that electronic commerce experienced historic growth in Ecuador and in the world, especially since the beginning of the pandemic, where a 400 %.

With these results and expectations, Ottati highlighted the participation of the speakers national and international, and the different firms that present their advances in electronic commerce on e-Commerce Day.

One of them isTiendamia, thestartupof Uruguayan origin who has a presence in Argentina, Brazil, Costa Rica, Peru, Uruguay and Ecuador, where he arrived a year and a half ago, he recalledAlejandra Moscoso,country managerof the firm in Ecuador.

The executive highlighted the excellent results obtained in Ecuador, where thestartupreports growth of between 25% and 30% month over month. Tiendamia offers more than one billion products from the catalogs of Amazon, Macy's, Ebay and Walmart.

“For us, Ecuador is an incredible market because we have seen very organic growth (…). We are entering now with more force, we want to support the e-commerce In Ecuador, we want people to also see us as a reference for online shopping,” said Moscoso, who assured that although there is a very good local offer in the country, Tiendamia focuses on what is not found here.

As well as stores specialized in e-commerce, The event also brings together payment platforms and the companies that help them validate transactions. One of them is Clear Sale.

Carolina Correa,partnerships managerfrom the company, explained that the company works directly with businesses and payment gateways to prevent fraud and increase the acceptance and approval rates of transactions, which allows businesses to validate 100% of these movements.

“We guarantee chargebacks, that means that any fraudulent transaction that goes through Clear Sale, that is approved by us, we will guarantee it and we will pay the business the value of its transaction, it is almost a guarantee for businesses” , explained Correa, who highlighted that they have a high customer retention rate of 99%.

The executive also highlighted the growth ofe-commercein Ecuador, noting that in the first quarter of this year, compared to the same period in 2022, the number of transactions grew by 100%.

“This speaks of new businesses and the same stores that have been increasing their transaction rate, which is why I see a good increase in Ecuador, a change towards a different purchasing trend, where people want to buy more comfortably from home, with a very similar experience and without paying for a store service,” said Correa, who clarified that at the regional level Ecuador has not yet emerged in its growth, however, he assured that in the country the intention of fraud, through electronic transactions , it's still not very high.

Correa pointed out, for example, that other countries like Mexico have a very high fraud rate and low approval rate.

The event will close this Friday, June 3, with the presentation of success stories at the regional level, in which Pycca, Marcimex, Tiendamia, DMujeres, Simmons Store, among others, will participate.