Dominican Republic registers six million banking users until November last year, according to the Central Bank.
The purchase of goods and services by digital means in the Dominican Republic grew by 7.7% between 2021 and 2022, going from RD$28.6 million for 81,492 operations to RD$32.5 million for 87,785 e-commerce transactions in local establishments. This means a difference of RD$3.9 million between both periods.
According to the Asociación de Bancos Múltiples de República Dominicana (ABA), this trade grew by 42.3% between 2019 and 2020, going from RD$13 million (40,893) to RD$18.5 million (53,098).
When comparing 2019 with last year, an increase of 150% is evidenced for a difference of RD$19.5 million, when it went from RD$13 million to RD$32.5 million. This situation also corresponds to the increase of internet banking users during the period analyzed.
Likewise, with the arrival of the covid-19 pandemic, electronic commerce increased due to the restrictions of mobility and closeness between people. According to experts, the internet was the medium through which Dominican companies continued to generate revenue. Between 2019 and 2021, these internet users present a 19.1% growth in the digital ecosystem of formal banking, going from 4,670,471 to 5,567,039 between both periods.
According to statistics, as of November last year, these clients totaled 6,015,372 million, which means 54.1% of the Dominican population which stands at 11,117,873 according to the World Bank.
Digital platforms such as Instagram, WhatsApp and Facebook impact Dominican commerce and provide consumers with the opportunity to purchase goods and services through a smart device.
In addition, entrepreneurs are using the web to create a presence, especially in social networks that serve as immediate communication channels.
According to Statista Digital Market Outlook, cell phones are the most used platform for commercial purposes among small and medium-sized enterprises (SMEs) in the country with 45%, followed by the Internet (11%), email (7%) and websites with 4%.
The study “Analysis on e-commerce in Latin America and the Caribbean” prepared by MasterCard in 2019 establishes that 5% of Dominican buyers purchase products online every three days, 9% do so once every week and 7% buy once a week. Meanwhile, 23% of respondents indicated that they buy items online once a month, 26% do so once every 60 days and only 10% less than once a year.
The report details that 72% of online users purchase electronic products online, followed by 63% for clothing, shoes and jewelry and 55% for entertainment products.
According to data from Ecommerce Shopity, in 2021, e-commerce sales will reach US$4,280 million, an increase of 12.1% compared to 2020, which totaled US$4,800 million. Likewise, the Canadian company indicates that 2022 closed with US$5,400 million. However, it estimates that e-commerce will mobilize US$11 billion in 2025.
Learn More: COMMERCE