Retail Outlook in Latin America: Peru

Nov 30, 2022 | Blog

Perspectives for the Andean Country

In this  outlook series of Retail in Latin America, we provide a vision of the challenges and perspectives of the retail sector that changed so much during the pandemic, and that forces us to change priorities to take advantage of the new opportunities offered by the sector, and overcome the new challenges.

To do this, we address some of the most relevant aspects for retail in Latam or retail trade in Latin America, current status, potential, comparison with other countries in the region, which allow us to look at what they face as challenges and what possible opportunities retailers have. in each of the countries.

In this article we address Peru, one of the most important Andean countries.

Peru’s General Data

By January 2022, the Peruvian population was 33.52 million. 78.7 percent of Peru’s population lived in urban centres, while 21.3 percent lived in rural areas, according to data reportal.

Peru has a gross domestic product (GDP) of approximately $223 billion, according to World Bank data, being position 47 in the world economies.

Peru´s economy is mainly based on exports, mining being one of the most important pillars, representing 12,2% of GDP, according to BBBC World.

Use of the Internet and Social Networks

By January 2022, Peru had 21.89 million internet users, 28.10 million social media users, as well as 38.40 million cellular mobile connections, according to the We Are Social Agency report.

It is worthy to note that 11.63 million people in Peru did not use the internet at the start of 2022, meaning that 34.7 percent of the population remained offline at the beginning of the year, according to data reportal.

Data published on the advertising resources of these Social Networks indicates these number of users / members in Peru at the beginning of 2022: 

  • Facebook had 24.80 million 
  • YouTube had 17.50 million 
  • Instagram had 8.90 million million
  • TikTok had 12.17 million 
  • LinkedIn had 6.80 million 
  • Twitter had 2.20 million 

(With information from We Are Social)

Fashion industry

Peru is well known for fine fabrics. The textile and clothing industry uses cotton ([Pima] and Tang), fine fibers from vicuña and alpacas, and synthetic fibers for creating threads. It is further manufactured, assembled, processed, or prepared for distribution through various steps. All kinds of clothing are part of this sector.

Textiles and apparel in Peru have been showing significant growth recently, quite possibly due to Peruvian fibers being known for their high quality, and a highly innovative production process. As a result, Peruvian products are some of the least expensive in their categories all over the world.

According to data from the International Trade Administration, the apparel sector includes more than 46,000 companies, supports around 400,000 direct jobs, and generates nearly $2.1 million in imports and $1.4 million in exports annually.

According to Statista Revenue in the Apparel segment for e-commerce is projected to reach US$586.20 million in 2022.

The Peruvian E-Commerce

According to Americas Market Intelligence the Peruvian Chamber for Electronic Commerce  “Cámara Peruana de Comercio Electrónico” (CAPECE) indicates that e-commerce sales in Peru reached US$9,3 billion in 2021, a 55% increase over 2020. According to the report, “since the new normal, e-commerce [in Peru] has evolved. Before the pandemic, e-commerce represented 12.5% share of card transactions, and today it represents 45%.”

According to a study by Euromonitor International for Google, eCommerce development outlook in Latam is dominated by Peru with 87% growth. It is closely followed by Brazil with 61% and Colombia and Mexico with 53% and 50% respectively.

In the analysis made by Americas Market Intelligence (AMI), E-commerce and digitization is advancing at a safe pace in Peru. “Solutions like Yape are currently stimulating digital banking. Americas Market Intelligence (AMI) analyses estimate that each person in Peru spends, on average, US$594 per year on electronic commerce, vs. the LatAm average of US$473. E-commerce spending in Peru actually represents 13% of personal private consumption. In contrast, other LatAm economies have a lower share of e-commerce spending per capita, such as: Colombia with 10%, Chile (9%), Argentina (7%), and Mexico (7%).”

The Peruvian eCommerce market grew at an average annual rate of 28% from 2012 to 2021. In addition to Peru, the global market was expected to reach higher than 15% by 2021. As new market opportunities arise, global market growth is predicted to continue, according to ecommerce db.

Retail Growth in Peru

According to Statista, In 2019, retail sales in Peru grew four percent in relation to the previous year. In 2020, the retail sales for this South American country are estimated to grow the same amount, four percent. From the data shown, 2013 was the year with the largest annual growth rate, reaching 16 percent in relation to a year earlier.

Retail Trends in Latin America

A KPMG study notes the following general trends for the region:

  • The new ecosystems and business environments 

One of the main secondary effects of a pandemic has been the collapse of the previously established consumption paradigm. The new purchasing model, including new business models and strategies for retail growth, has been instrumental in driving the industry’s value chain in a new and different direction.

  • The reconsideration of the costs of doing business

This new way of doing retail has posed great challenges for the sector, especially in an environment that was an element in which many elements of the costs of doing business before (for the most part, the payroll expenses and those related to the spatial locations needed to sell products) factored.

  • Purpose Driven Positioning 

The staggering number of consumers who gravitate toward brands and companies that lead their business based on a purpose or goal above them has only added more selection bias to these specific vendors. Sustainability, work ethic, fairness, inclusion in the community, diversity, human rights, animal protection, good governance and fair compensation are just some of those factors that attract consumers.

  • The power of the consumer

It can be said that the importance of the customer being part of the corporate objective cannot be overstated. Join actions whose pillars are well-being, respect or respect for diversity, among many others; the corporate goal can be reduced to putting the customer’s needs and preferences at the center.

Ready to harness the Potential of Retail in Peru?

Approach the experts in Retail technologies, to be part of the Peruvian Retail potential.

Teamwork Commerce is a flexible tech stack for retailers that includes POS, OMS, Clienteling, Inventory Control and Reporting – a cloud-based system that is constantly evolving to provide cutting-edge technology to meet the needs of the ever-changing retail landscape.

With Teamwork’s omnichannel solution, retailers gain a deeper understanding of their customers to provide personalized experiences through invisible technology.

Trusted by top retailers globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, and Catbird. 

Schedule an appointment with our representatives to go to your next level of retail.

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