E-commerce seems to have weathered the recent economic storm in Latin America just fine, if recent studies from organizations that track it are any indicator.
On the big picture side, BI Intelligence estimates CAGR of 17% through 2019.
And when we drill down to look at specific e-commerce markets in Latin America, we see the following:
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- Argentina: 60% growth in e-commerce in first six months of 2016 versus first six months of 2015, with overall projected growth of 50% for all of 2016 by the Cámara Argentina de Comercio Electrónico
- Brazil: 5% growth in e-commerce during the first half of 2016 and overall e-Bit projects 8% growth in Brazilian e-commerce in 2016
- Chile: 42% e-commerce growth between 2013 and 2016, with sales for 2016 projected to reach US$2.8 billion
- Colombia: 50% growth in e-commerce over the past 3 years (2013-2016)
- Ecuador: 166% growth between 2012 and 2015 according to the Estrategia Nacional de Comercio Electrónico and Mintel
- Guatemala: 22.8% increase in e-commerce between 2013 and 2015
- Mexico: E-commerce grew by 59% between 2014 and 2015, according to Asociación Mexicana del Internet (AMIPCI)
- Paraguay: 31% increase in e-commerce between 2014 and 2015, according to Bancard
- Peru: 8% year on year growth in e-commerce, according to Visanet
- Uruguay: 192% growth in e-commerce between 2010 and 2015
Interestingly, in many cases e-commerce growth in Latin America is actually lower than projected mobile commerce (m-commerce) growth for Latin America, based on market research estimates from Americas Market Intelligence and found in this Slideshare presentation on slide 5:
As indicated, in major markets, m-commerce in Latin America is actually projected to grow by 2-3 times each year than e-commerce over the next few years.
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This growth is impressive considering challenges within the Latin American payments industry, such as the large amount of unbanked Latin Americans, relatively low percentage of credit card holders in the region and difficulties with both cross-border transactions and delivery of products. That’s why Americas Market Intelligence has been developing e-commerce market research, analysis and guidance, including a free whitepaper delving into digital payment shifts in the Latin American payments industry and an extensive 72-page e-commerce market report for Brazil that shows e-commerce companies how to maximize their revenues from this $23 billion market.
Contact Americas Market Intelligence to obtain strategic insights into the payments market in Latin America that will drive your business decisions successfully in areas such as e-commerce, affluent business or consumer cards, mobile money, digital wallets, POS systems and more.