“Smartphones are one of the key internet access points for consumers throughout Latin America,” Ceurvels said. “This increased accessibility has also become a determining factor for mcommerce to take off within the region, making it one of the main drivers of further retail ecommerce growth in the years to come.”
MEXICO
Representing 19.8% of Mercado Libre’s regional ecommerce revenues, Mexico is the smallest market of those we break out, but it will be the fastest-growing market for the company in 2021. Ecommerce sales in the country will total $4.06 billion in 2020, jumping 24.0% in 2021 to $5.04 billion.
“In a country where making quick and on-time deliveries was quite complex, Amazon's ability to improve its logistics in Mexico initially captivated consumers,” Ceurvels said. “However, Mercado Libre's recent investment of MXN1 billion [$51.9 million] to create its own logistics network will now allow products to reach their final destination within 24 hours across the entire Mexican territory. By continuing to innovate and anticipate its customers' needs, Mercado Libre will undoubtedly be primed for future success.”
Again, Mexico is the smallest market for Mercado Libre in terms of total retail ecommerce sales, but it actually beats Argentina when it comes to mcommerce. In 2020, Mercado Libre’s retail mcommerce sales in Mexico will total $3.31 billion, up 81.0% over 2019. In 2021, Mexico will once again be the fastest-growing country for Mercado Libre’s mcommerce business, increasing by 42.0%.