The e-commerce market in Latin America is rarely covered by the media in comparison to those of North America, Europe, and Asia. However, the Latin American E-Commerce market is not small by any means being the second-fastest-growing e-commerce market in the world.
There is a huge potential in Latin America as its economy expanded by almost $500 billion in 2019. The Latin American region is also seeing massive growth in terms of digitization and hence, it is one of the most promising e-commerce markets today. In 2018, e-commerce sales in Latin America generated more than $100 billion.
Increasing digitization in segments like travel, retail, digital goods, and many others are contributing to the growth of the Latin American e-commerce market, which is forecasted to grow at a rate of 25% until 2021. It is significantly higher than the E-commerce markets of Europe, the United States, and East Asia.
Brazil and Mexico lead the e-commerce market in Latin America as they attract e-commerce entrepreneurs the most. However, Colombia and Argentina are not far behind, as they too, along with other Latin American countries, are seeing an uptick in economic growth and the number of connected customers. This benefits e-commerce entrepreneurs even further because of the low competition in the LATAM region.
Check out latest trends and the key players of Latin America's e-commerce market.
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