Findings published in yStats.com’s recent report, “Argentina B2C E-Commerce and Payment Market 2022,” provide insights into recent developments in Argentina’s online retail. The secondary market research firm from Hamburg, Germany, cites market statistics to portray relevant growth in the country’s B2C E-Commerce market since the outbreak of the COVID-19 pandemic, which aided in the adoption of online shopping and digital payment methods.
Argentina’s number of online shoppers and sales continue to increase
Argentina’s B2C E-Commerce market continues to benefit from the new normal that is online shopping. After the outbreak of the COVID-19 pandemic, in 2020, online retail sales more than doubled and maintained a strong double-digit growth rate last year. The number of new online shoppers had increased by over half a million. A forecast cited in the yStats.com report suggests that by the year 2025, B2C E-Commerce in Argentina will account for a notable portion of the country’s total retail sales growth.
Credit cards were the most used online payment method
In 2021, the most used payment methods in Argentina’s B2C E-Commerce were credit cards, followed by digital wallets and debit cards, as spelled out in the yStats.com report. Despite the prevalence of bank cards, alternative payment methods account for an increasing share of total E-Commerce volume. In-store payment habits have also changed since the onset of the pandemic. QR payments experienced strong growth in the number of transactions, driven by a higher acceptance rate.
MercadoLibre dominates Argentina’s E-Commerce space
Argentina-based MercadoLibre was by far the largest E-Commerce player in the country, with a high double-digit market share as of 2021. The company’s GMV grew strongly over the past two years, spurring the rise of net sales. The total payments value processed by MercadoLibre’s solution MercadoPago had an explosive growth in 2020-2021, with the majority of the volume now coming from outside of the company’s own marketplace.