The top ecommerce websites in Latvia are ss.lv, 1a.lv and amazon.de. Other top retail sites include ebay.co.uk, amazon.co.uk and amazon.com. It’s worth checking out those popular ecommerce sites/platforms to see which one(s) would be the best fit for your product in terms of traffic volume, competition and the type of ecommerce buyers they attract.
The top products/product categories for Latvian online buyers include electronics and media, fashion, toys and hobby, furniture and appliances and food and personal care. Offering products from these categories can help you establish your presence on the Latvian ecommerce market.
The top payment methods for digital purchases include credit cards, mobile and e-wallet. It’s important to provide your (potential) customers with payment methods of their preference. In many cases, if online shoppers can’t find their preferred or trusted methods of payment during checkout, they will abandon the shopping cart.
Optimizing checkout for your customers can have the biggest impact on your conversion rates. This is crucial also for your international online buyers. Thus, take care to provide international payment, currency conversion and suitable shipping methods.
Mobile commerce is shaping the future of ecommerce in Latvia, but also around the world. Ecommerce sellers should bear this in mind when setting up their online stores and product listings. Mobile optimization and great mobile buying experience are a must for all growth-minded online sellers.
To drive Latvian traffic to your website, local marketing & SEO will help you get it right. When you localize your online store for international markets, enable international search engines to index your content to improve your organic international traffic. You can also leverage services, such as Google Shopping and Facebook ads internationally.
To ship your products to Latvia in the most efficient and cost-effective way, use global shipping / parcel forwarding services. This way you can get competitive international shipping rates, on average 30% lower, and pass the lower cost on to your buyers, increasing your competitive advantage.
Selling on the Latvian ecommerce market is a great option for growth-minded online sellers. When you launch your store in other countries, there are a few useful facts and data that you should consider.
There are 1,491,951 Internet users in Latvia and Internet penetration amounts to 76.30%.
The total population of Latvia is 1,929,938. The median age is 43.9. The language spoken in Latvia is Latvian and the currency is Euro. The country code top-level domain is .lv and calling code +371.
According to the International Monetary Fund, GDP based on purchasing power parity (PPP) is 53,268 (millions of Current Int$) and nominal GDP is 30,319 (US$MM). GDP (PPP) per capita is 27,291 Int$ and GDP (nominal) per capita is 15,547 US$. Real GDP growth rate is 3.80%.
|GDP based on purchasing power parity (PPP)||53,268|
|GDP growth rate||3.80%|
|Number of Internet users||1,491,951|
Top 5 Ecommerce Platforms / Retail Sites
Top 5 Products/Product Categories
|1. Electronics and media|
|3. Toys and hobby|
|4. Furniture and appliances|
|5. Food and personal care|
Top 3 Payment Methods for Digital Purchases
|1. Credit cards|
Selling in Latvia is worth considering for many international ecommerce sellers. A well thought out international sales strategy should help you overcome the initial burden of translating and localizing your online store.
If you’re a global online merchant already exporting to Latvia, you may be happy with your sales figures. However, you may have noticed that your Latvian, and your international traffic in general, converts at a much lower conversion rate than your domestic traffic, even in markets that share the same language. The likely reason being, many of the components of localization, beyond translation alone, have not been optimized.
A fully localized buying experience
Currently, international online retailers must do a great deal of manual work, matching product categories, attributes, sizes, etc. It’s not uncommon for them to not even be sure if they’re doing it correctly. Instead, trying to localize their online stores by themselves, ecommerce sellers find it time-consuming and confusing.
Luckily, thanks to the developments in machine learning and Artificial Intelligence (AI), online merchants don’t have to spend a lot of time on ecommerce translation & localization when launching their stores abroad.
A simple raw description is enough for AI to localize the whole content, extract attributes, convert sizes and map the right category in an accurate, efficient and consistent way. It’s just a matter of a quick set up before your localized stores are launched on tens of markets.
Combining machines’ capabilities and the intelligence of the human brain is often the easiest and fastest way to make the most of your international sales potential.