The e-commerce industry in Latin America is growing at an impressive rate, with many consumers turning to online shopping as a convenient and cost-effective alternative to traditional brick-and-mortar stores. Here are some key facts and figures about e-commerce in Latin America:
- In 2020, the e-commerce market in Latin America was worth an estimated $98.9 billion, and it is expected to reach $147.2 billion by 2024, according to a report by Statista.
- Brazil is the largest e-commerce market in Latin America, with a market value of $35.8 billion in 2020. It is followed by Mexico ($18.5 billion) and Argentina ($9.3 billion).
- The most popular categories for e-commerce in Latin America are fashion, electronics, and home and garden products.
- In 2020, the majority of e-commerce sales in Latin America were made through desktop computers, with mobile devices accounting for just under half of sales. However, the use of mobile devices for e-commerce is expected to increase significantly in the coming years.
- The use of social media for e-commerce is also on the rise in Latin America, with platforms such as Facebook, Instagram, and WhatsApp playing a major role in connecting consumers with merchants.
- Despite the rapid growth of e-commerce in Latin America, there are still several challenges that need to be addressed, including low levels of trust in online payment systems, high delivery costs, and limited payment options.
As the e-commerce industry continues to evolve in Latin America, it is important for businesses to stay up-to-date with the latest trends and best practices. InstaLeap can help you navigate the world of e-commerce and take your business to the next level. Click here to book a demo and learn more about how we can help you succeed in the e-commerce market.
References:
- Statista. (2021). E-commerce market in Latin America from 2015 to 2024 (in billion U.S. dollars). Retrieved from https://www.statista.com/statistics/1107390/ecommerce-market-value-latin-america/
