E-commerce has accelerated its growth since 2019 and has had a tremendous impact on the Latin American economy. PayU’s report looks at the evolution of key e-commerce trends and developments across the region.
Amidst lockdown measures, economic disruption and technological transformation, e-commerce has been a source of significant resilience for businesses across the Latin American economy over the past year-and-a-half – particularly in the retail sector.
Drawing on our data from our payments platform, PayU’s ‘E-Commerce in Latin America: The USD 8 Billion Business’ report maps out the evolution of the regional e-commerce market, relevant industry trends driven by the COVID-19 pandemic and other factors, as well as the sales performance of the relevant economic sectors of key Latin American countries. The report places a particular focus on online shoppers’ behaviour and preferred payment methods per country, as indicated by our platform.
So far in 2021, we have seen an increase of 54% in transaction rate and a 32% increase in sales, as compared to activity on our platform in 2020. Based on exclusive PayU data, our report deep dives into the overall results we have captured so far in the year, highlighting over 300 million transactions processed by our company alone, adding up to an estimated $8 billion USD in sales.
Our data-driven analysis breaks down the reasoning behind these developments, highlighting how we can continue to expect further growth in the e-commerce industry in Latin America, both regionally but also at a local level.
Among the main insights of our report:
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