State of E-Commerce in Latin America Report 2023
Latin America (LATAM) – a region traditionally associated with 'old economy' industries – has witnessed a transformative shift in its e-commerce landscape over the past few years. Driven by changing consumer behavior, coupled with expanding digital infrastructure, and growing internet penetration, LATAM was the fastest-growing regional market globally back in 2020, with sales reaching a remarkable $85 billion.
Moreover, RetailX identifies Argentina, Brazil, Chile, Colombia, Costa Rica, Mexico, Panama, and Peru as the leading e-commerce markets within the LATAM region. These eight countries collectively have an internet access rate of 79%, with approximately 50% of the population having participated in online shopping in 2021, which marks a significant increase from the 33% recorded in 2017.
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1) E-Commerce Landscape in Latin America
It's no secret that the growing internet penetration rates in Latin America have played a pivotal role in driving the rise of e-commerce. As more individuals gain access to the
internet, barriers to entry for online shopping are gradually diminishing. Based on Statista's projections, the number of e-commerce users in LATAM is expected to exceed 258 million by 2027, accompanied by a remarkable user penetration rate of 61.4% in the same year.
2) The Rise of Social Commerce in LATAM
Just like many other regions around the world, social commerce is beginning to gain ground in Latin America today. This emerging trend combines the power of social media platforms with e-commerce, creating a seamless shopping experience for consumers worldwide.
3) Delivery Performance Breakdown by Country
This section of the report delves into essential delivery performance metrics, breaking down aspects like parcel transit times and delivery success rates. This analysis empowers e-commerce brands to refine their logistics strategies, ensuring they align with the varied expectations of consumers within the key Latin American markets.
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