Demographics

Finland lies in Northern Europe bordering Russia, Sweden, and Norway. It is the 8th largest country in Europe and thinly populated. The literacy rate of Finland is 99%. It has been named the safest country in the world for tourism. The two official languages of Finland include Finnish and Swedish.

From January 2020 to January 2021, the population of Finland increased by 8,100, the current population of Finland is 5.54 Million. 1.6 Million people are over the age of 60 and 2.77 Million lie between the age group of 20-60.

Average Salary

A working person’s average salary in Finland is typically around 4,690 EUR per month based on the highest average salary of 20,900 EUR while the lowest average salary is 1,190 EUR. This average salary includes transport, housing, and others.

Economy

Finland’s economy is highly based on its industries. Finland is very competitive in manufacturing, especially in the electronics, metals, woods, telecommunications, and engineering industries. In the past few years, exports are accounting for around one-third of the GDP. Helsinki (the capital of Finland) is the largest metropolitan area producing one-third of the country’s GDP. In 2018 Finland ranked 13th in the “Forbes list of Best Countries for Business”. Dropshipping to Finland is also expected to add to the sales.

E-commerce in Finland

In 2017, Finland’s e-commerce market broke all previous records. The E-commerce market in Finland is growing rapidly and is all set to make double digit growth rate by the end of 2020. 5.27 million people are internet users, and 3.30 million are highly active social media users.

In Finland, m-commerce isn’t much popular because 90% of the web traffic of online buyers are desktop users (either computers or laptops). The number of people using smartphones or tablets for online shopping is still below 10%.

Payment Gateways

In Finland, online bank transfers are the most common payment mode, with 57% of the total payments. Verkkopankki is the most popular and preferred bank transfer system among Finns, and almost half of the purchases are being paid by this system. According to 75% Finns, the direct payment method via bank is very convenient. The second common payment method is by cards, with only 26% of all the payments because the consumers are afraid of providing their data.

Fig. Payment Gateways in Finland

Future of e-commerce in Finland

In Finland, 3.32 million people shop online. This fraction is increasing with each passing day and is predicted to reach 73.5% by the end of 2025. The covid-19 pandemic has caused up to a 60% rise in e-commerce shopping in Finland. Finnish e-commerce generated almost US$5.6 million in 2020. Moreover, it is forecasted to reach US$6.08 million by the end of 2021 and US$6.9 million by 2025.

Dropshipping to Finland

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