The LATAM ecommerce market expected to grow by 6.55% on annual basis to reach US$269.8 billion by 2028, according to a new ResearchAndMarkets.com report.
ResearchAndMarkets.com expects the market to grow steadily over the forecast period, recording a CAGR of 8.50% during 2024-2028 – with the gross merchandise value in region rising from US$182.7 billion in 2023 to reach that US$269.8 billion figure.
The report recognises e-commerce in LATAM as experiencing ‘strong growth’ with the trend projected to continue further over the medium term.
Among the factors driving the uptake of online shopping in Latin America are the enhancement in digital infrastructure and supply chain networks.
To tap into the growing market, the report says global firms are also increasing their investment in the regional markets.
Temu, the world’s second most visited retail site the launched in Chile in 2023. The e-commerce marketplace, which offers discounted products, has been gaining strong popularity among shoppers globally. Alongside Chile, Temu also has operations in Mexico.
Shein, another Chinese e-commerce marketplace, has been seeking to expand in the LATAM market. As part of its strategy to gain a bigger foothold in LATAM, Shein has been planning to add more warehouse capacity in Mexico.
These firms, over the medium term, are expected to increase their investment in the LATAM region – driving the competitive landscape while supporting regional market growth over the next three to four years.
The report also identifies firms as entering acquisition deals to grow their presence in the Brazilian e-commerce market.
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