The data is presented in light of the significant growth of Mercado Libre’s stocks in the region. When looking at the context of Latin America, the author mentions:

Despite Latin America already boasting a base of over 300 million digital buyers, this figure is expected to increase by 20% through 2027. An increase in the number of buyers combined with higher expected spending per buyer suggests a flourishing e-commerce landscape for the continent. PCMI, a subsidiary of Americas Market Intelligence (AMI), expects that the e-commerce market in Latin America will grow at a CAGR of 23% from 2023’s end to 2026.

Read the full analysis in Microsoft’s blog here.