Surprisingly enough, Amazon is not the biggest online retailer in Latin America – it’s actually a company called MercadoLibre.
Ok, we know what you’re thinking, who and what is MercadoLibre?
In this article we will get into who MercadoLibre is and why they are so important in LATAM’s e-commerce.
Understanding MercadoLibre
MercadoLibre is the largest e-commerce and payment ecosystem in Latin America.
MercadoLibre came to life in Argentina in 1999. They are now present in 18 countries, including Argentina, Brazil, Mexico, Colombia, Chile, Venezuela, and Peru.
Their services are currently a marketplace, logistics service, credit solution, an online store solution, a fintech platform, and an advertising service.
Money wise things are going very well for them!
Their stock price grew from $28.5 in October of 2007, currently, their stock quote price is $1,536.54. In addition MercadoLibre’s revenue increased from $85 million in 2007 to $1,15 billion in 2020.
Recently, MercadoLibre got approval from the Brazilian central bank for credit expansion in Brazil. This means they will be able to operate as a financial institution in Brazil.
They have also recently have dedicated themselves to have a faster shipping pace because online sales have expanded in the region. The company has hired an aircraft in Brazil and Mexico to shorten delivery time.
Because of the surge of online purchases, MercadoLibre’s market capitalization jumped $69 billion.
This makes MercadoLibre one of Latin America’s most valuable companies!
Importance of MercadoLibre in LATAM E-Commerce
Now that MercadoLibre has become one of LATAM’s biggest companies it has become one of the biggest rivals of Amazon.
The LATAM giant benefited from the e-commerce sales that were boosted by the pandemic-induced online purchases over the past year.
Now more than 1 million items are sold daily and it’s the 7th most visited e-commerce website in the world.
Now MercadoLibre registers more than 1 million item sales daily, and comes in 7th on the list of most visited commercial sites on Earth.
Currently, MercadoLibre is remaining strong, consistently keeping Amazon at bay in Latin American e-commerce.
This Latin American company is the perfect opportunity for businesses, international or local, looking to expand to not only online but Latin America.
The number of MercadoLibre shoppers is rapidly increasing, which means it’s great for new businesses, as well for the Latin American economy.
This company covers the whole Latin American, wide range of categories, no language barrier, simple payment exchange, and now fast shipping.
Being that Latin America is now the 2nd fastest growing e-commerce marketplace in the world, Latin America is the golden opportunity for businesses to expand.
Breaking into the LATAM E-Commerce Market
Need more info on who to look out for when breaking into LATAM E-commerce?
Contact us at [hola@colibricontent.com]
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