Room for growth
Brazil and Mexico poised to dominate Latin American e-commerce market with projected 77.2% and 68.2% Compound Annual Growth by 2027
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PayU GPO shares a report that consolidates the e-commerce trends in Latin America for the last three years and a look at what is expected in 2023.
The potential of e-commerce in Latin America is promising and expanding due to several key factors.
Many global e-commerce players have expanded into Latin America and have seen growth opportunities in the region.
The dynamic Latin American market seamlessly caters to consumer demands, positioning itself as a highly attractive and with great potential. As the region’s leader merchant payment processor, PayU GPO gathered interesting data and insights from its platform.
Keep reading for a snapshot of key findings, and scroll to the bottom to download your copy of the full report.
Brazil and Mexico poised to dominate Latin American e-commerce market with projected 77.2% and 68.2% Compound Annual Growth by 2027
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Online purchases from abroad accounted for approximately 25% of all purchases in Colombia in 2022
Download full reportCredit cards and bank transfers have emerged as preferred regional payment methods
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In 2019, online sales volumes across the country reached $286 million USD. By the end of 2022, this number had increased by 98%, and it is expected to maintain a positive trend in the coming years, reaching $1.4 billion USD by 2026.
Download full reportThe LatAm market currently boasts over 300 million digital buyers, and this figure is poised to surge by over 20% by 2027.
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Despite being one of the sectors most affected by the COVID-19 pandemic, the travel industry has accumulated a growth rate of 76% compared to 2021.
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The majority of online shoppers in Chile are attracted to large retailers and supermarkets, followed by international online stores and specialized online shops.
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Apart from Black Friday, the most important commercial date in Mexico is “El Buen Fin.” In 2022, online sales increased by 45% compared to the previous year. The main categories were food delivery, beauty care, fashion, and electronics.
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Each country has its particularities in terms of payment methods depending on their adoption and adaptation to new trends. Learn about the preferred payment methods in each country, through PayU GPO platform.
PayU GPO is processing payments for 30,000 companies (local and global). Explore the growth of the platform.
It is estimated that the business-to-consumer (B2C) e-commerce market will surpass $7.5 trillion by 2030. Learn more about the potential of cross-border payments in these markets.
Inflation rates and prices have increased and could translate into a recession in the economies of Latam and the rest of the world. Explore more industry trends in those markets.
Learn more about PayU’s award-winning global platform for local and cross-border e-commerce.
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