Findings published in yStats.com’s recent report, “Mexico B2C E-Commerce and Payment Market 2022,” reveal that Mexico has one of the highest online retail sales growth rates, globally. The secondary market research firm from Hamburg, Germany, cites market statistics to demonstrate continuing growth in Mexico’s B2C E-Commerce, after the COVID-19 pandemic. Mexico’s B2C E-Commerce market continues to thrive with the widespread adoption of online shopping and on-going digitalization of payments in the country.
Mexico’s B2C E-Commerce market has been gradually expanding
After the start of the pandemic, the Mexican B2C E-Commerce market underwent significant growth, increasing by a double-digit share from 2020 to 2021, outpacing overall retail sales. As a result, more than 10% of the country’s retail sales were generated online last year. A forecast cited in the yStats.com report suggests B2C E-Commerce will continue to expand, accounting for over one-half of total retail sales growth value through 2025.
Online payment methods have evolved
Debit and credit card are the top payment methods used in B2C E-Commerce transactions, as spelled out in the yStats.com report. Digital wallets offered by banks have also gained popularity, whereas third-party services like PayPal are especially popular when shopping from foreign websites. Cross-border E-Commerce remains a strong trend in Mexico, with around two in three digital buyers shopping from overseas. Fashion was the top product category bought on foreign websites and the second most popular in domestic B2C E-Commerce, behind meals delivery.
MercadoLibre and Amazon dominate B2C E-Commerce market in Mexico
MercadoLibre and Amazon are the top B2C E-Commerce players in terms of the market share, as reported by yStats.com. MercadoLibre, the most popular online shopping platform in the country, saw its revenues in Mexico double last year and is planning to increase its investment in the local market during 2022.