Latin American e-commerce sales are expected to grow by 25.6% in 2021, the highest growth rate in the world

Recently, eMarketer, a well-known market research institution, released a report saying that this year Latin America will continue to maintain its top position in the world's fastest-growing regional retail e-commerce market, with an expected growth rate of 25.6%.

Recently, eMarketer, a well-known market research institution, released a report saying that this year Latin America will continue to maintain its top position in the world's fastest-growing regional retail e-commerce market, with an expected growth rate of 25.6%.

In 2019, online retail sales in Latin America accounted for less than 5% of total retail sales, but the e-commerce market in the region is growing rapidly. According to data from eMarketer, last year, retail e-commerce sales in Latin America increased by 63.3%, and exceeded the $100 billion mark for the first time, reaching $104.6 billion.

2020 is also a record year for the growth of digital buyers in the region. According to eMarketer, in 2020, 38 million consumers in Latin America will purchase digital products for the first time. This year, the total number of buyers of digital products will increase to 248.7 million, close to half of the population of 14 years and older in the region.

The e-commerce market in Latin America will see explosive growth in 2020, partly due to the lockdown policy during the epidemic. Among them, Sao Paulo, Brazil and Buenos Aires, Argentina, have been locked down since March 2020. The longest time in the world.

 

In addition to the impact of the epidemic, Latin America's industrial development is relatively backward, so goods are scarce and prices are high. Therefore, more and more consumers are willing to purchase the goods they need from abroad through online channels.

In the eMarketer report, in 2021, among the five countries with the fastest growth in e-commerce sales in the world, there are only three in Latin America, namely Brazil (26.8%), Argentina (26%) and Mexico (21.1%). ).

 

Brazil is not only the fastest growing market for e-commerce in Latin America, but also the largest e-commerce market in the region, accounting for 25% of the region's e-commerce market sales. But it is worth noting that Brazil is also the only country in Latin America that uses Portuguese as its official language. Therefore, in Latin America, Brazil is an exception and exception in many aspects, as well as in the e-commerce industry. For example, many e-commerce platforms in Latin America are almost exclusively targeted at Brazil.

Another trend in the development of e-commerce in Latin America is that the proportion of mobile transactions will continue to increase. From 2016 to 2019, the share of mobile transactions in Latin American retail e-commerce sales has almost doubled, increasing from 20.9% to 40.2%. eMarketer predicts that nearly half (48.8%) of retail e-commerce sales this year will occur on mobile devices.