Findings published in yStats.com’s recent report, “Latin America B2C E-Commerce and Payment Market 2022,” provides insight into the B2C E-Commerce market in Latin America. The secondary market research firm from Hamburg, Germany, yStats.com, cites market statistics to demonstrate continuing growth in the region’s B2C E-Commerce market after the COVID-19 pandemic and the accelerated adoption of online shopping and payment habits in Latin America.
Latin American B2C E-Commerce market size continues to grow
The growth rate of B2C E-Commerce in the Latin American region accelerated after the outbreak of the COVID-19 pandemic. In 2021, B2C E-Commerce penetration in the region was highest in Brazil, Argentina, and Costa Rica, where well over half of the adult population were online shoppers. By the end of 2022, Argentina, Mexico, and Brazil are forecast to be among the top 10 fastest growing countries in terms of online retail sales. A forecast cited in the yStats.com report suggests that in 2025, the digital commerce sales value in Latin America is projected to be three times what it was at the beginning of 2020, before the COVID-19 pandemic.
MercadoLibre is the region’s leading online seller
Although shoppers in Latin America often make online purchases from international online merchants, the region continues to have its own leading B2C E-Commerce business. Argentina-based MercadoLibre is the number one most visited B2C E-Commerce website in Brazil, Mexico, Argentina, and Chile, and is among the top five most visited online shopping websites in most other countries of the region. With the onset of the health crisis, the online platform saw a significant increase in its gross merchandise volume (GMV). This increase in the popularity of this platform has continued, with notable growth recorded in 2021, as reported in the yStats.com report.
Credit cards prevail, regardless of growth of alternative payment methods
Developments in payment methods as well as payment trends in the Latin American region are similar to those occurring globally: an increase in the use of mobile payment applications and digital wallets. Nevertheless, in 2021, credit cards maintained their position as the most used payment method when conducting B2C E-Commerce purchases, as indicated in the yStats.com report.