Mexico and Brazil are Latin America’s two largest e-commerce markets as homegrown online retailer MercadoLibre outshines global giant Amazon, according to a new report.
In total, the region generates $71.2 billion annually in e-commerce sales, the Latin America Ecommerce Report 2018 reveals. Of this, Mexico accounts for $21 billion and Brazil $18.9 billion, while the smaller markets of Argentina, Colombia, Chile and Peru provide $18.5 billion combined.
Amazon may be among the Internet’s greatest success stories, but it faces stiff competition in Latin America, where it had 22.4 million unique visitors in May. Meanwhile local e-commerce hero MercadoLibre more than doubled Amazon’s traffic with 56.3 million unique visitors.
In Chile, yapo.cl is the country’s most popular e-commerce site, the only country in which MercadoLibre is not number one. Elsewhere, MercadoLibre reigns supreme, followed by Amazon or Olx.
High internet penetration is accelerating the growth of e-commerce. In Argentina, 71% of people regularly use the Internet, while Chile, Costa Rica and Uruguay are joint second with 66%.