Latin America’s e-commerce market is experiencing unstoppable growth, reaching impressive milestones. Statista Digital Market Insights estimates the e-commerce market in the region will reach US$125 billion in retail sales by 2022. According to projections, by 2027, this figure will nearly double, surpassing US$243 billion. These figures underscore the sector’s continuous growth and its increasing contribution to national economies.
As a result of the COVID-19 pandemic and strict contingency measures, online sales surged to an unprecedented degree. Latin American e-commerce experienced a significant turning point during this period. A 30% increase in online sales occurred between 2020 and 2021, but a much slower rate of growth occurred in 2022, with sales barely exceeding a 0.3% increase compared to the previous year.
A few countries are expected to dominate the regional e-commerce market in the future. Brazil and Mexico are expected to maintain their dominance. Furthermore, Brazil, Argentina, and Mexico are expected to double their retail sales by 2027. With an estimated 78% growth rate, Peru will surpass Chile and Colombia in sales last year, which were over $8 billion.
Among the six major countries, Colombia is forecast to grow at the lowest rate of 60 percent, currently the third largest market in terms of sales value. Despite this, e-commerce prospects remain auspicious for the entire region, with an expected growth rate of no less than 84%. Latin American countries are expected to boast some of the most impressive growth rates in e-commerce worldwide.
To sum up, Latin America continues to be a beacon of growth within the e-commerce industry as it expands and perseveres during the current circumstances. Brazil, Mexico, Argentina, Peru, and Colombia are all expected to experience immense development in this field. With such encouraging forecasts, the region is surely one to observe for remarkable achievements in e-commerce.