This year, Latin America held its number one spot as the world’s fastest-growing e-commerce retail region. Brazil, Argentina, and Mexico each maintain a spot in this year’s top five fastest-growing retail e-commerce markets. Prior to the outbreak of the virus, e-commerce penetration was comparatively low across Latin America. However, with many stores forced to suspend physical operations, Covid-19 has helped drive significant growth in this area. According to data from Insider Intelligence and eMarketer, during the course of 2021, 3 Latin American countries have entered the ranking of the fastest-growing markets worldwide. Ranking within the first 5 places on the list, this is how Brazil (2nd place), Argentina (4th place), and Mexico (5th place) are part of this top 10, with the growth of 26.8%, 26%, and 21.1% respectively.
According to eBay, the number of Latin American eBay sellers has increased since the start of the pandemic. This reflects and verifies the growth trends. The company indicates that each country has different categories and articles that stand out. This paints a clear picture of the type of niche that people are more interested in. For example, they mentioned that Mexico, Chile, Brazil, and Bolivia are leaders in the sale of video games.
Brazil, Argentina, and Mexico stand as key markets to observe and invest in. However, interesting prospects are being noted in up-and-coming Chile, Colombia, and Peru. All have experienced some of the greatest e-commerce growth in the last months.
Many companies had to implement quick solutions. The COVID-19 crisis took those without an e-commerce presence by surprise. 2021 has required e-commerce companies to maintain an accelerated rate of full development in issues such as the digital component, setting up their e-commerce, and entering marketplaces. However, companies also had to increase consumer confidence and the consolidation of omnichannel strategies, seeking to face the growth that has been registered, which was not expected to be achieved for another 5 or 10 years.
The digital revolution has been rewiring retail for years. The COVID-19 pandemic accelerated this transition as e-commerce became the default setting for many homebound consumers. The crisis-inspired surge in e-commerce is leading to a permanent shift in retail, creating both new challenges as well as new opportunities for retailers and consumer brands alike.
Read further: News, Covid-19, e-commerce, LATAM, pandemic
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