E-COMMERCE IN THE NORDICS 2024 - AUTUMN

E-commerce in the Nordics 2024 - Autumn

Key highlights from the report:

• Strong e-commerce growth

  • Despite facing geopolitical challenges and economic uncertainty, e-commerce continues to grow across the Nordic region. Online sales are rising steadily, while physical store sales are lagging behind. This trend reflects broader consumer spending patterns as people increasingly turn to online shopping for convenience and better pricing options.

• Price sensitivity and competitive pressure

  • Nordic consumers have become more price-driven, with many opting for budget-friendly choices and cross-border shopping. Increased competition on e-commerce platforms is a direct response to this heightened price sensitivity, driving many retailers to offer more attractive deals and diverse product ranges.

• Impact of geopolitical factors

  • The report notes the impact of global geopolitical events—such as tariffs and supply chain disruptions—on the Nordic e-commerce market. These challenges have resulted in rising costs and stock shortages, although forecasts for economic recovery in 2024 suggest these pressures could ease.

• Cross-border and circular shopping trends

  • A significant number of Nordic consumers (76%) engage in cross-border online shopping, with China and Germany being the most common sources of goods. Furthermore, second-hand purchasing is on the rise, with 29% of consumers buying second-hand items online, predominantly in the clothing and footwear categories.

• Consumer preferences and delivery methods

  • Delivery methods are an important consideration for Nordic consumers. Service points (e.g., pick-up points) and parcel lockers are the most popular delivery methods, with notable regional variations. Invoice payments in Sweden and online bank payments in Finland dominate the payment landscape.

Country-specific insights:

• Sweden

  • A high percentage (89%) of Swedish consumers shop online at least once a month, with a notable preference for service point delivery (46%). Cross-border shopping is also common, with 65% having made a purchase from abroad in the last year.

• Finland

  • Finland sees 80% of consumers shopping online monthly, with parcel lockers (50%) being the most favored delivery option. Finnish consumers are also highly engaged in international online shopping, with 74% having purchased goods from foreign retailers in the past year.

• Denmark

  • In Denmark, 86% of consumers shop online at least once a month, and 44% prefer using service points for delivery. Denmark has one of the highest rates of cross-border shopping in the region, with 80% of Danes making international purchases.

• Norway

  • In Norway, 87% of consumers shop online regularly, with service points being the most common delivery method. The report highlights the strong demand for second-hand items, with 34% of Norwegians having bought second-hand products online in the last month.

Sustainability and innovation

Sustainability remains an important theme, with increasing interest in circular commerce and eco-friendly shopping practices. The report highlights the growing trend of buying second-hand items and the role of sustainable e-commerce practices in shaping consumer choices.

The autumn edition also features interviews with key industry figures, including Bank Bergström, CEO of Nordic Nest Group, who discusses the company's expansion strategy into new markets, and Viktor Rosenqvist, Head of Parcel Lockers at PostNord, who offers insights on improving delivery efficiency and customer convenience through innovative solutions.

The Nordic e-commerce market remains resilient

The Nordic e-commerce market remains resilient despite external economic pressures. With continued growth in online shopping, evolving consumer expectations, and technological innovations in delivery methods, the region offers ample opportunities for e-commerce businesses. As the economies recover, there is potential for new trends to emerge, particularly in sustainability, circular commerce, and cross-border shopping. Retailers and e-tailers are encouraged to adapt to these changing dynamics to stay competitive in the rapidly evolving Nordic market.