Latin America’s online market has been experiencing rapid growth and is reaching new milestones. Statista Digital Market Insights projects that by 2022, the region’s ecommerce market will have retail sales worth US$125 Billion. According to projections by 2027 this figure is expected to nearly double and exceed US$243 Billion. These figures demonstrate the sector’s constant growth and its growing contribution to national economies.
Due to the COVID-19 epidemic and strict contingency procedures, online sales increased in an unprecedented way. Latin American ecommerce saw a dramatic change during this period. Between 2020 and the year 2021, online sales grew by 30%, but in 2022 sales grew at a slower rate, barely surpassing a 0.3% growth compared with the previous year.
Few countries are predicted to dominate the ecommerce market of the region in the future. Brazil and Mexico should continue to be dominant. Brazil, Argentina, Mexico, and other countries are also expected to double retail sales by the year 2027. Peru, with a growth rate estimated at 78%, will surpass Chile, Colombia and their $8 billion sales in 2018.
Colombia is currently the third biggest market in terms sales value. Even so, the ecommerce prospects for the entire region remain positive with an estimated growth rate of 84%. Latin American countries should have some of the fastest ecommerce growth rates worldwide.
Latin America, with its expansion and persistence in the current environment, continues to be the beacon of growth for the ecommerce sector. Brazil, Mexico Argentina Peru and Colombia should all see a huge development in the e-commerce industry. This region should be watched for its remarkable achievements when it comes to ecommerce.
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