Contxto – Next month, digital entrepreneurs and startups in Paraguay will participate in the local eCommerce startup competition. To showcase the country’s talent, the goal is to attract development and investment into the country’s various projects.
Although this is part of eCommerce Day in the capital city of Asunción taking place on June 13, it’s also part of a larger regional competition, the eCommerce Startup Competition of Latin America. This means that whoever succeeds in Paraguay will move on to the regional finals with fellow winners.
Applications will remain open until June 6, according to the eCommerce Institute statement from May 13. Soon after, the chosen participants will present their projects and defend their cases in front of a panel of industry experts.
In the previous Paraguay edition, mobile app Truekepar took first prize. The platform allows users to exchange products without having to handle cash. It has since proven itself as the strong e-commerce contender in Paraguay.
Another winning firm from 2018 was Rapdsodia that specializes in clothing and fashion for electronic commercial audiences.
The eCommerce Institute collaborated with the Paraguayan Chamber of Electronic Commerce (Capace) to put on the 2019 event. Sponsors expect leading local and international leaders to convene and analyze new trends or challenges in the industry.
eCommerce is a very promising sector in Latin America. In terms of global revenue, some expect e-commerce sales to go up to US$94 billion by 2022. There are plenty of young tech-literate consumers accustomed to purchasing goods or services on their mobile phones.
Other sources like Worldpay’s annual Global Payments Report said that online sales would grow by 19 percent over the next five years with 155.5 estimated Latin Americans using e-commerce by 2019.
Brazil continues to be the biggest e-commerce market in Latin America, followed by Mexico and emerging ones in Argentina, Colombia, and even Paraguay.