Latin America’s ecommerce market has experienced unstoppable growth. It has achieved impressive milestones. Statista Digital Market Insights believes that retail sales in the Latin American region’s ecommerce industry will reach US$125billion by 2022. Projections indicate that by 2027 the figure will have nearly doubled, exceeding US$243billion. These figures show that the sector is growing and contributing to national economies.
Due to the COVID-19 pandemic, and strict emergency measures, online purchases surged in an unprecedented manner. Latin American online commerce experienced a pivotal moment during this time. In the period between 2020-2021, there was a 30% increase in online purchases. But in 2022 it was a much more modest growth, with only a 0.3% difference in sales from the previous year.
Few countries will likely dominate the regional ecommerce market in future. Brazil and Mexico is expected to continue their dominance. Brazil, Argentina, Mexico and others are expected to triple their retail sales between now and 2027. Peru is expected to surpass Chile and Colombia’s $8 billion in sales with a 78% increase.
Colombia, currently the world’s third largest market based on sales value, is predicted to grow at a rate of only 60 percent. E-commerce remains a promising prospect for the whole region with a predicted growth rate no lower than 84 percent. Latin American nations are expected to have one of the best growth rates in ecommerce globally.
Latin America has continued to thrive and grow in the e-commerce market, despite the current economic conditions. Brazil, Mexico Argentina Peru Colombia and all of Latin America are expected to see tremendous growth in this sector. These forecasts are encouraging, and the region will certainly be worth watching for impressive achievements in ecommerce.
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