![Mexico’s E-Commerce Data [Update: 2023]](https://americasmi.com/wp-content/uploads/bfi_thumb/dummy-transparent-oh5potpxhck6dtycr4qjxa0gxulg097algahuhzzxa.png "Mexico’s E-Commerce Data [Update: 2023]")
During 2022, Mexico showed positive growth in product sales, including sectors such as hardware, cosmetics and videogames. E-commerce is also growing strongly; in fact, Mexico is projected to grow at a compound annual growth rate (CAGR) of 33% between 2023 and 2026 in online product sales, the highest rate in Latin America after Peru, according to Payments and Commerce Market Intelligence (PCMI).
Below we share some market data for Mexico that comes from a variety of sources, including PCMI, AMI’s affiliate that specializes in payments/ecommerce market data, studies, and research.
E-commerce in Mexico is expected to grow at a compound annual growth rate (CAGR) of 33% between 2023 and 2026.
Payments and Commerce Market Intelligence
In addition, as a complement to this article, you may also want to explore, Infographic: How Mexicans Shop Online.
Mexican E-commerce Market Overview
According to Asociación Mexicana de Venta Online (AMVO), 2022 retail e-commerce sales in Mexico were MX$528 billion (US$30.9 billion), an 23% increase from 2021.
Payments and Commerce Market Intelligence (PCMI) uses a different methodology than AMVO to calculate market size, working in all merchant verticals, PC, mobile and in-app purchases, cross-border e-commerce transactions using a locally issued card and all card-not-present transactions, such as recurring payments.
As such, PCMI analysis indicates that in 2022, the e-commerce market in Mexico produced more than US$55.7 billion in sales, 28% growth compared to 2021.
Mexico E-commerce Projections for 2023
No substantiated figures appear to have been yet reported by AMVO for Mexico e-commerce sales in 2023, including Q1 or Q2 figures or projections for the whole year.
By the end of 2023, the volume of the Mexican e-commerce market will be US$74.5 billion, 34% growth vs. 2022, according to PCMI projections.
E-Commerce Projections for Mexico 2023-2026
According to PCMI analysis, the e-commerce market in Mexico will grow with a CAGR of 33% between 2023 and 2026 to reach US$176.8 billion.
How Latin American Central Banks Crushed Inflation, Tamed Populists and Saved the Economy
Examining the bold money moves that are driving growth in several of the region’s major markets.
The Top-Selling Products in Mexico’s E-Commerce Market
According to AMVO, these are the products that Mexican consumers prefer to buy online the most (as opposed to physical sales):
- Home-delivered food
- Clothes
- Beauty and personal care products
- Toys
- Electronics
- Books, magazines, music, artwork
- Home cleaning products
- Sporting goods and sportswear
- Cell phones and accessories
- Appliances
It is important to note that all of these results are survey-based, rather than transactional data.
Most popular products during Hot Sale, Mexico
Regarding Mexico’s 2023 Hot Sale edition, the following are the products that people bought the most during the event (May 26 to June 6, 2023), according to AMVO:
- Fashion (40 % of people bought in this category)
- Beauty and personal care (24 %)
- Computers, tablets and cell phones (23 %)
- Audio, television and video (20 %)
- Smaill appliances (17 %)
- Consoles and video games (16%)
- Major appliances (14 %)
- Furniture and decoration (14 %)
Main Payment Methods Used in E-Commerce in Mexico
The Global Payment Report by FIS indicates the most common payment methods used for e-commerce shopping in Mexico during 2022 as follows:
- Credit card (33%)
- Digital wallet (27%)
- Debit card (22%)
- Account to account (6%)
- Postpay (5%)
- Cash on delivery (3%)
- Buy Now Pay Later (1%)
- Other (1%)
PCMI uses a different methodology. As per PCMI the most common payment methods used for e-commerce shopping in Mexico in 2022 were:
- Internationally-enabled credit cards (39%)
- Debit cards (24%)
- Cash-based payment methods (11%)
- Others* (10%)
- Wallets (8%)
- Domestic-only credit cards (3%)
- Bank transfers (3%)
- Buy Now Pay Later (2%)
*Includes gift cards, cash-on-delivery, direct carrier billing, and other miscellaneous payment methods
Main Devices Used for E-Commerce Purchases in Mexico [2022]
AMVO data from 2022 did not touch on devices used for e-commerce purchases. However, data from Capterra indicates that in 2022:
- 79% of Mexican online shoppers used cell phones
- 19% of Mexican online shoppers used desktops
- 1% of Mexican online shoppers used tablets
PCMI transactional data indicates that:
- 79% of e-commerce purchases in Mexico in 2023 will be made with a mobile device
- 21% of e-commerce purchases in Mexico in 2023 will be made from a desktop
Mexico E-Commerce Consumer Insights
For greater details on the e-commerce process in Mexico, please review our most recent article: The E-Commerce Customer Journey in Mexico. That said, recent data has also uncovered a number of behaviors among Mexican e-commerce shoppers, such as:
- 7 out of 10 Mexican online consumers make purchases or payments online at least once a month (PayPal)
- 97% of consumers in Mexico involve the Internet at some point in the shopping process, even for offline purchases (AMVO)
- 40% of Mexican online buyers are inspired by social networks before making a purchase (Statista)
- Mercado Libre is the preferred marketplace to buy online in Mexico, with 44% of traffic share among competitors (SEMrush)
Top motivator to shop online:
- Free delivery
- Coupons and discounts
- Interest-free installments
Also, at least 25% of Mexican online buyers have returned a product purchased online. (AMVO).
These are the top reasons for returning e-commerce products in Mexico:
- Product did not fit/work
- Product arrived damaged
- Product was not what was ordered
- The product was not of expected quality
- Did not like/had a different idea of the product
- The real product doesn’t look like the advertised product
- Final delivery date does not fit my needs
- The regret purchasing it
- No longer needed product
- The purchased product arrived used
Additional Resources
#1 PCMI’s E-commerce Data Library contains extensive data on Mexico. Click here to find out how to order reports, which can be customized to your needs.
#2 For more specific data, PCMI specializes in research and market intelligence for the Mexican and LatAm e-commerce markets in a number of key areas:
- Identifying the major payment methods used in Mexico’s e-commerce market to help merchants with strategic planning, market entry and market expansion
- Helping merchants understand the cross-border e-commerce potential in Mexico and the practices that can increase cross-border sales
- Using artificial intelligence and machine learning to help e-commerce merchants focused on Mexico to analyze their customer data for a deeper understanding of e-commerce shopper behavior and tendencies so as to refine their marketing tactics, messaging and consumer outreach
Going further
Contact PCMI for deeper insights about e-commerce market in Mexico. PCMI is an a solution for companies that have specific data, market research or market intelligence needs regarding the e-commerce market in Mexico, or in specific LatAm markets such as Argentina, Brazil, Colombia, Chile and Peru.
