The eServices market in Sri Lanka is experiencing significant growth and development, driven by changing customer preferences and the local special circumstances of the country.
Customer preferences: Customers in Sri Lanka are increasingly turning to eServices for their convenience and efficiency. The rise of smartphones and internet penetration has made it easier for people to access eServices on the go. Additionally, the younger generation, who are more tech-savvy, are driving the demand for eServices as they seek quick and hassle-free solutions to their everyday needs.
Trends in the market: One of the key trends in the eServices market in Sri Lanka is the growth of e-commerce. Online shopping platforms have gained popularity among consumers, offering a wide range of products and services at competitive prices. This trend is further fueled by the COVID-19 pandemic, which has accelerated the shift towards online shopping as people prioritize safety and convenience. Another trend in the market is the increasing adoption of digital payment solutions. With the rise of e-commerce, there is a growing need for secure and convenient payment methods. Digital wallets and mobile payment apps are becoming more widely accepted, allowing customers to make transactions without the need for physical cash. This trend is also driven by the government's push for a cashless society, promoting financial inclusion and reducing the reliance on traditional banking services.
Local special circumstances: Sri Lanka's geographical location and infrastructure limitations have contributed to the growth of eServices. As an island nation, transportation and logistics can be challenging, especially in rural areas. EServices provide a solution to these challenges by offering delivery services and online platforms that connect buyers and sellers across the country. This has opened up new opportunities for small businesses and entrepreneurs to reach a wider customer base.
Underlying macroeconomic factors: The growth of the eServices market in Sri Lanka is supported by favorable macroeconomic factors. The country has witnessed steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has created a conducive environment for the development of eServices, as customers have more purchasing power and are willing to spend on convenience and quality services. Furthermore, the government's initiatives to promote digitalization and innovation have played a significant role in the growth of the eServices market. Policies and regulations have been implemented to support the digital economy, including the establishment of digital infrastructure and the introduction of e-governance services. These measures have attracted both local and foreign investments, driving the expansion of the eServices sector in Sri Lanka. In conclusion, the eServices market in Sri Lanka is experiencing robust growth, driven by changing customer preferences, local special circumstances, and favorable macroeconomic factors. The increasing adoption of e-commerce and digital payment solutions, along with the government's support for digitalization, are expected to further accelerate the development of the eServices market in the country.
Data coverage:
The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.Modeling approach / Market size:
Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.
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