Latin America Ecommerce Business Report 2024: GMV will Increase from $182.7 Billion in 2023 to Reach $269.8 Billion by 2028

Dublin, June 19, 2024 (GLOBE NEWSWIRE) — The “Latin America Ecommerce Market Opportunities Databook – 100+ KPIs on Ecommerce Verticals (Shopping, Travel, Food Service, Media & Entertainment, Technology), Market Share by Key Players, Sales Channel Analysis, Payment Instrument, Consumer Demographics – Q1 2024 Update” report has been added to’s offering.

Ecommerce market in Latin America is expected to grow by 6.55% on annual basis to reach US$194.7 billion in 2024.

Medium to long term growth story of Ecommerce industry in Latin America promises to be attractive. The Ecommerce is expected to grow steadily over the forecast period, recording a CAGR of 8.50% during 2024-2028. The Ecommerce gross merchandise value in this region will increase from US$182.7 billion in 2023 to reach US$269.8 billion by 2028.

The e-commerce sector is experiencing strong growth in the Latin American market and the trend is projected to continue further over the medium term. The enhancement in digital infrastructure and supply chain networks are among the factors driving the uptake of online shopping in Latin America. To tap into the growing market, global firms are also increasing their investment in the regional markets.

Shein, for instance, is planning to develop and build more warehouses in Mexico over the medium term. Temu and TikTok are other Chinese e-commerce firms that are eyeing market share in Latin America. Consequently, the publisher expects a further increase in investment in the regional e-commerce market in 2024. Overall, the publisher maintains a positive growth outlook for the Latin American B2C e-commerce industry over the next three to four years.

Latin American e-commerce marketplaces continue to diversify to accelerate revenue growth

MercadoLibre, one of the leading e-commerce platforms having a yearly revenue of US$10 billion, experienced notable growth in its cryptocurrency segment. In their latest quarterly earnings report, the firm revealed they held US$21 million in crypto assets for their customers, as of September 2023. This is a significant increase from the US$15 million reported in December 2022.

Despite the impressive growth in the crypto sector, it remains a small part of MercadoLibre’s overall business, which includes credit cards and loans. However, the firm exceeded expectations by announcing US$3.8 billion in revenue and US$685 million in profits for Q3, with the growth attributed to its expanding presence in Brazil and Mexico.

MercadoLibre introduced Mercado Coin last year, a cryptocurrency tradable on their own wallet called Mercado Pago, with an initial price of just 10 cents. In December 2021, they also began offering Bitcoin and Ethereum to their customers.

Firms are entering into acquisition deals to grow their presence in the Brazilian e-commerce market

The e-commerce industry is poised for strong growth over the next three to four years in Brazil. Consequently, firms are entering into acquisition deals to grow their presence in the market.

Nuvemshop, in December 2023, acquired Perfit to enhance its sales and efficiency in marketing campaigns. Perfit is a standout choice for those seeking marketing automation solutions. Their tools make it easy to efficiently manage, segment, and send personalized communications to contact lists or email databases. Furthermore, Perfit also makes use of artificial intelligence to optimize marketing campaigns. The addition of Perfit is, therefore, expected to help Nuvemshop further strengthen its position in the Brazilian market over the next three to four years.

Shopee, the e-commerce arm operated by Singapore-based firm Sea, also entered into an acquisition deal with Brazilian fintech firm Blu in December 2023. The deal is part of the firm’s strategy to accelerate growth in Brazil. The acquisition will enable Shopee to end its partnership with a local firm through which it currently offers credit to consumers. In Brazil, Shopee has more than 3 million merchants and the firm also gained approval from the central bank to operate as a payment institution in 2022. With a low-cost marketplace strategy, Shopee has been gaining strong popularity among online shoppers in Brazil.

These collaborations are expected to further strengthen the position of Nuvemshop and Shopee in the Brazilian market over the medium term. As the competitive landscape continues to grow, the publisher expects more such acquisition deals to take place in the Brazilian e-commerce industry.

Chinese e-commerce marketplaces continue to expand their footprint in the Latin American market

Consumer consumption continues to remain sluggish amid the real estate crisis and sinking exports in China. Consequently, Chinese e-commerce firms are looking for growth in foreign markets, where inflation is driving consumers towards low-cost products.

Temu, which is owned by China-based Pinduoduo Holdings, announced the launch in Chile in 2023. The e-commerce marketplace, which offers discounted products, has been gaining strong popularity among shoppers globally. Alongside Chile, Temu also has operations in Mexico.

Shein, another Chinese e-commerce marketplace, has been seeking to expand in the Latin American market. As part of its strategy to gain a bigger foothold in the Latin American e-commerce industry, Shein has been planning to add more warehouse capacity in Mexico.

These firms, over the medium term, are expected to increase their investment in the Latin American region. This will drive the competitive landscape, while also supporting the regional market growth over the next three to four years.

This report provides a detailed data-centric analysis of Ecommerce market dynamics, covering over 50+ KPIs in Latin America. It details market opportunities across key Ecommerce verticals – Retail Shopping, Travel & Hospitality, Online Food Service, Media and Entertainment, Healthcare and Wellness, and Technology Products and Services. It provides market share by key players across key verticals along with sales channels (Platform to Consumer, Direct to Consumer, Consumer to Consumer).

The report also covers niche trends such as market size by live streaming engagement model and cross-border purchases. It also covers ecommerce spend share by operating systems, devices (mobile vs. desktop) and cities.

In addition to detailed data-centric analysis, this report provides analyst commentary on key trends, drivers, strategies, and innovations in the B2C ecommerce industry in Latin America.

Scope of the Report

Ecommerce Market Size and Future Growth Dynamics

  • Gross Merchandise Value Trend Analysis
  • Average Value Per Transaction Trend Analysis
  • Gross Merchandise Volume Trend Analysis

Ecommerce Market Share by Key Players

  • Retail Shopping Ecommerce Market Share by Key Players (20+ Players)
  • Travel Ecommerce Market Share by Key Players (20+ Players)
  • Food Service Ecommerce Market Share by Key Players (20+ Players)

Ecommerce Market Size and Forecast by Ecommerce Segments (Gross Merchandise Value Trend Analysis, 2019-2028)

  • Retail Shopping (breakdown by clothing, footwear & accessories, health, beauty and personal care, food & beverage, appliances and electronics, home improvement, books, music & video, toys & hobby, auto)
  • Travel and Hospitality (breakdown by air travel, train & bus, taxi service, hotels & resorts)
  • Online Food Service (breakdown by aggregators, direct to consumer)
  • Media and Entertainment (breakdown by streaming services, movies & events, theme parks & gaming)
  • Healthcare and Wellness
  • Technology Products and Services
  • Other segments

Ecommerce Market Size and Forecast by Retail Shopping Sales Channel

  • Platform to Consumer
  • Direct to Consumer
  • Consumer to Consumer

Ecommerce Market Share by Travel and Hospitality Sales Channel

  • Market Share by Travel and Hospitality Sales Channel
  • Aggregator App – Gross Merchandise Value Trend Analysis
  • Direct to Consumer – Gross Merchandise Value Trend Analysis

Ecommerce Market Size and Forecast by Online Food Service Sales Channel

  • Aggregator App
  • Direct to Consumer

Ecommerce Market Size and Forecast by Engagement Model (Gross Merchandise Value Trend Analysis, 2019-2028)

  • Website Based
  • Live Streaming

Ecommerce Market Size and Forecast by Location (Gross Merchandise Value Trend Analysis, 2019-2028)

  • Cross Border
  • Domestic

Ecommerce Market Size and Forecast by Device (Gross Merchandise Value Trend Analysis, 2019-2028)

  • Mobile
  • Desktop

Ecommerce Market Size and Forecast by Operating System

  • iOS/macOS
  • Android
  • Other Operating Systems

Ecommerce Market Size and Forecast by City

  • Tier 1
  • Tier 2
  • Tier 3

Ecommerce Market Size and Forecast by Payment Instrument (Gross Merchandise Value Trend Analysis, 2019-2028)

  • Credit Card
  • Debit Card
  • Bank Transfer
  • Prepaid Card
  • Digital & Mobile Wallet
  • Cash
  • Other Digital Payment

Companies Featured

  • 99Food
  • AJ Mobilidade
  • Almundo
  • Amazon
  • Americanas
  • Aviatur
  • Beat
  • Best Day Travel
  • BlaBlaCar
  • Cabify
  • Casas Bahia
  • Coppel
  • CVC Brasil
  • Decolar Brasil
  • Despegar
  • DiDi Food
  • DiDi Taxi
  • Etiner
  • Falabella
  • Fravega
  • Garbarino
  • Grupo Exito
  • Home Center
  • Hot Sale
  • iFood
  • James Delivery
  • Lider
  • Magazine Luiza
  • McDonald’s
  • Mercado Libre
  • Musimundo
  • Papa John’s
  • PedidosYa
  • Rappi
  • RecorridoAmazon
  • Ripley
  • SinDelantal
  • TaDa Delivery
  • Uber
  • Uber Eats
  • Viva Aerobus
  • Volaris
  • Walmart

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