Internet Retail Industry in Puerto Rico

Posted in Blog. Written by admin on April 28th, 2009

With an increasing number of people exploring the web these days, financial analysts confirm that the Internet is the driving force of today’s world economy. Unfortunately for Puerto Rico, only 5% of the small to medium businesses are leveraging the Internet and from that list, 99% of their websites are not compatible with the most used search engines. Weepii.com opens a window of opportunity for financial growth and international recognition.

A study by the Small and Medium Enterprises Organization of Puerto Rico (SMEPR) with Yahoo show that last year, Puerto Ricans spent $19,000,000 in online shopping, averaging an annual spending of $399 per buyer. Most importantly, according to a new report from Forrester Research, Inc, the online retail sales will have a steady 19% growth rate year-over-year. However, as of today, 98% of online sales in Puerto Rico come from US based online stores, leaving behind the Puerto Rico retail and wholesale industry with merely a fraction of the remaining 2%. According to the 2002 Economic Census of Puerto Rico, the Island has over 13,700 retail establishments that reported $37 billion in sales that year alone. This information makes it clear that Puerto Rico lacks of an Internet retail industry and its ready for it.