Report: Brazil Dominates Latin American E-Commerce, Argentina Shows Most Growth
July 20, 2015
For e-commerce merchants looking beyond the U.S. and Europe, Latin America has become an attractive market. Brazil rules in the region at the moment, with nearly $20 billion in retail e-commerce sales expected by Brazilian consumers this year, according to a new report from eMarketer. Mexico and Argentina trail Brazil with $5.7 and $5 billion in sales respectively.
Argentina, however, looks poised to overtake Mexico as the second largest retail e-commerce market in Latin America, according to the report, with growth rates topping 40 percent this year, 38 percent in 2016 and 29 percent in 2017. Mexico’s e-commerce growth will reach 30 percent this year, 27 percent in 2016 and 25 percent in 2017. While Brazil can’t match the growth of its neighbors, as a more mature market it will still sustain double-digit growth for at least the next three years.
Overall, the Latin American e-commerce market will grow nearly 24 percent this year to more than $47 billion, the report said.
While topline e-commerce sales data is useful, deeper dives are necessary to fully understand the challenges and opportunities present in cross-border e-commerce. CardNotPresent.com is in the midst of a research effort to identify and quantify the challenges and opportunities inherent in cross-border e-commerce. Merchants and service providers around the world are encouraged to take the survey to add to the cumulative knowledge base on the subject. Results will be available later this year.