Colombia is among the first ten markets in terms of number of active companies with about 4.219.250 companies.
The number of active companies is equivalent to around the 10% of the country’s population and it is composed for the majority by small and medium enterprises.
From the data reported in this graphic, we can assume that the Retail Trade is in the first position, representing 34,41% of the market.
In the second place, we can find the Accommodation and Food Services sector with 11,80% of the market, while in the third place, there is the Manufacturing sector with a percentage of 11,20%.
The Retail Trade sector comprises establishments engaged in retailing merchandise, generally without transformation, and rendering services incidental to the sale of merchandise. The retailing process is the final step in the distribution of merchandise; retailers are, therefore, organized to sell merchandise in small quantities to the general public. This sector comprises two main types of retailers: store and non-store retailers.
The Accommodation and Food Services sector comprises establishments providing customers with lodging and/or preparing meals, snacks, and beverages for immediate consumption. The sector includes both accommodation and food services establishments because the two activities are often combined at the same establishment.
The Manufacturing sector comprises establishments engaged in the mechanical, physical, or chemical transformation of materials, substances, or components into new products. Establishments in the Manufacturing sector are often described as plants, factories, or mills and characteristically use power-driven machines and materials-handling equipment. However, establishments that transform materials or substances into new products by hand or in the worker’s home and those engaged in selling to the general public products made on the same premises from which they are sold, such as bakeries, candy stores, and custom tailors, may also be included in this sector. Manufacturing establishments may process materials or may contract with other establishments to process their materials for them. Both types of establishments are included in manufacturing.
In view of the above, finding new business opportunities in this market may be very interesting taking into consideration the fast growth of the local companies: by using the right strategies, your company can create a valuable business relation and expand its brand awarness.