Mexico, the fastest growing e-commerce market in Latin America

Mexico is the second largest ecommerce market in LatAm, following Brazil, and has the fastest growth rates. So, it is time to learn more about it!

EBANX
December 04, 2020
2 min read

Mexico is the second largest e-commerce market in Latin America, following Brazil.

In fact,  Research study shows that the Mexican e-commerce market is expected to grow at a compound annual rate of 6.5 percent over the next two years, resulting in a market volume of US$21.8 billion by 2024. The average annual revenue per user currently amounts to US$334

This immense growth is largely a result of the increased rate of internet use and penetration in Mexico.

According to AMIPCI e IAB Mexico, on average, Mexicans spend 7 hours and 14 minutes a day using the internet–that’s 1 hour and 3 minutes longer than last year. Not only are Mexican internet users increasingly exposed to international goods but ownership of multiple internet accessible devices such as laptops, tablets and smartphones is becoming the norm. This rate of exposure and usage will continue to support the growth of e-commerce throughout Mexico.

In other words, the near future of the Mexican e-market is prosperous. But undoubtedly the current Mexican e-commerce market is thriving and worth expanding toward. Early investment will assure a more dominant place in the market and create a seasoned experience in dealing with the payment systems existing in the country. Data from 2020 shows that just over two-thirds of Mexico’s online consumers have shopped at an international site, according to Statista. Also, accepting cash (like OXXO payment method) is necessary to achieve e-commerce success in the region.

Walmart and Amazon arrive in Mexico

International forerunners, like Walmart and Amazon, have already targeted the market south of the border and successfully opened their doors online. Amazon now offers Kindle devices, ebooks, and a variety of other physical goods to Mexican buyers. Walmart is a dominant player in international online sales in Mexico. Unlike in the US.

Walmart appeals to a wealthier clientele in Mexico than the working class due to services like same day delivery. However, if online shoppers in Mexico follow the shopping trends of the millions of online buyers in Brazil, Mexicans of varying socioeconomic status will grow eager to find the best online deals for the products that fit their needs–from anywhere in the world.

To learn about how to successfully sell online to the Mexican e-market, please download our white paper: Doing Business in Mexico.

EBANX
EBANX

Mexico - Payments & Market

It is never too late to learn about the online Mexican market and its payment trends. Check it out!

Unlocking new markets in Mexico with EBANX

You may also like

Africa

EBANX Launches Its High Ticket Solution in Africa

Embark on Africa’s digital transformation with EBANX’s solution for high value orders. Explore how this innovative offering simplifies operations, reduces costs, and opens new avenues for businesses in South Africa and Nigeria. Join us on the journey of redefining high ticket sales in Africa’s dynamic digital landscape, where growth meets accessibility.

Africa

Boosting Your E-Commerce in South Africa: The Power of Local Payments

Discover how to unlock South Africa’s e-commerce potential by tailoring payments to local preferences. Explore digital commerce dynamics, online retail dominance, and access relevant numbers and insights.

Africa

Nigeria’s Digital Payment Methods and Market Opportunities

Nigeria, home to over 164 innovation hubs and four of Africa’s seven unicorns, is a digital force to reckon with. Discover key statistics, mobile money trends, and emerging fintech alternatives in this blogpost.