Finland is the third largest country in the Nordic region with 5.5 million inhabitants. Clothing and footwear followed by electronics, cosmetics and skin care are the top three most commonly bought products online. And e-commerce in Finland is a growing market.
Finland is the 38th largest market for eCommerce in the world with a predicted revenue of US$8.215.4 million by 2023. Revenue is expected to show a compound annual growth rate (CAGR 2023-2027) of 8.8%, resulting in a projected market volume of US$11,509.1 million by 2027.
Ecommerce customers in Finland
According to Eurostat, 97 percent of the people in Finland were internet users in 2021. This makes Finland one of the higher rating countries for internet penetration. Moreover, 81 percent of Finnish are online shoppers according to the Europe E-commerce Report 2022.
To be more specific, nearly one third of the population purchased something online in three months’ time (28 percent). 40 percent of Finnish people order online frequently, namely 3-4 times over the same period.
Related: 6 Reasons to Attend eCommerce Industry Events
Top three online stores in Finland by net sales 2022
The biggest player in the Finnish eCommerce market is verkkokauppa.com. The store had a revenue of US$272.8 million in 2022. verkkokauppa.com is followed by k-ruoka.fi and gigantti.fi as the second- and third-largest stores with US$246.8 million and US$243.7 million, respectively. Altogether, the top three stores account for 20.4% of the top 100 online stores’ revenue in Finland.
Store rankings include every store that generates revenue in Finland. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Finland has been considered.
Related: 30 Top Online Shops in Scandinavia
The three biggest markets for purchases outside Finland
The three biggest markets for purchases outside Finland are Germany, China and Sweden. When it comes to preferred delivery options, the Finns stand out compared to most other European countries. A majority of Finns prefer to collect the e-commerce parcels themselves, rather than having their purchases delivered to their homes.
Related: What Matters to Online Shoppers in Scandinavia in 2023?
Paying for goods
When it comes to paying for goods bought online, Finnish consumers prefer to use online banking, card, invoice, and PayPal. With 38 percent, online banking is clearly the most preferred payment method, with card occupying second place at 26 percent. Invoice (13 percent) and PayPal (10 percent) are slightly less popular but should still be considered by online retailers active in Finland.
A growing market
By 2025 the market is estimated to be worth 12.74 billion dollars. In that year, the Finnish online retail market is projected to have over 4 million users.
E-Commerce in Finland – A Growing Market, compiled by Tor Kjolberg
Feature image (on top): © Rawpixel