Online retail users in Latin America 2017-2029

According to the Statista Digital Market Outlook, e-commerce users in Latin America were forecast to reach 290 million in 2024. By 2029, this figure would grow by 52 percent, resulting in approximately 419 million users across the region.

The digitalization of retail

The term "e-commerce" refers to those activities that involve the purchase and sale of products and services over the internet. The growing popularity of digital commerce has led to a profound transformation of the retail sector worldwide. From 2020 to 2021, Latin America's e-commerce market grew an estimated 37 percent. Capitalizing on that growth, Mexico and Brazil each recorded more than 40 billion U.S. dollars in e-commerce sales revenue in 2021.

COVID-19, an opportunity for sellers

Economies across the globe were quickly put in jeopardy by the coronavirus outbreak, and Latin American countries were no exception. However, not all businesses suffered from the abrupt crisis. Argentina-born online marketplace Mercado Libre was one of the clear winners from the high demand for distance shopping options, breaking sales revenue records during the peak of the pandemic in the region. According to a survey, the e-commerce momentum is here to stay. Almost nine out of ten digital shoppers surveyed in Latin America said they were willing to continue shopping online after the sanitary emergency.