Latin America: key markets e-retail growth 2024

Unlike the boom experienced during the COVID-19 pandemic in 2020, the e-commerce sector in Latin America suffered from global economic instability in 2022. Following an 8.5 percent decline that year, Brazil is forecast to emerge as the region's fastest-growing market in online revenue for 2024, surpassing Mexico. Peru and Argentina are projected to grow by over 13 percent each, Chile by nearly 12 percent, and Colombia by slightly over nine percent during the same period.

Year-over-year change in retail e-commerce revenue in selected Latin American countries from 2020 to 2024

Characteristic	2020	2021	2022	2023	2024
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Supplementary notes

eCommerce, short for electronic commerce, refers to the sale of physical goods via a digital channel to a private end consumer (B2C). This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets) through a website or mobile application. The eCommerce market includes businesses that operate solely online, as well as those that have a physical presence but also sell products or services online. Revenues include VAT.

Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.

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