Mexican E-commerce Will Have a Growth of 59.3% in 2023

As an effect of the pandemic, the population discovered the comfort of purchasing from home. The swift embrace of online purchases has made e-commerce a vital strategy for companies in today’s business landscape. Mexico has been the country which lately has shown the highest growth in electronic commerce in Latin America. Studies estimate that by 2023, digital commerce in Mexico will grow to encompass 59.3% of Internet users.

Moreover, e-commerce grew so fast that Mexico reached 63 million consumers, almost half the Mexican population. Consequently, it places México at the top of the five countries with the highest growth in e-commerce in the world, after Indonesia, the Philippines, and India, and above Malaysia, Brazil, the United States, and Japan. In addition, México has also surpassed countries like Spain, Japan, and Germany regarding digital sales within the retail sector.

According the Online Sales Study 2023, made by AMVO, in collaboration of Netquest, Netrica, Similarweb and GfK, more than 63 million people in Mexico bought products or services via internet in 2022, which means that 9 out of 10 Internet users, older than 18 years old made a purchase on-line. As a reference, in 2018 there were only 37 million digital shoppers, a number that has increased more than 170% in the last five years.

The top 5 largest e-commerce companies in Mexico

The top five largest e-commerce companies in Mexico concentrate 52% of the market by the value of their sales, according to the analysis by Euromonitor International. The e-commerce sales in Mexico in 2021 reached 19,292.5 million dollars (about 385,000 million pesos), and it is estimated that in five years the figure will rise to 27,598.5 million dollars, which would mean an advance of 43%.

In Summary

The e-commerce market in Mexico is experiencing remarkable growth and presents a wealth of opportunities for vendors. The pandemic has accelerated the shift towards online shopping, and Mexico has emerged as a key player in the Latin American e-commerce landscape. With an estimated 59.3% of internet users engaging in digital commerce by 2023, vendors can expect a substantial consumer base eager to embrace online purchasing.