E-commerce market share in Latin America and the Caribbean 2022, by country

Brazil concentrated nearly 30 percent of the e-commerce market in Latin America and the Caribbean in 2022. It was followed by Mexico and Colombia with approximately 28 percent and seven percent, respectively. In 2023, various economies in the region were forecast to increase their participation in the market, with Argentina and Brazil experiencing the most notable growth in online sales.

The largest market has a foreign leader

In 2021, Latin America saw its largest e-commerce economy thrive. That year, online shopping in Brazil generated some 161 billion Brazilian reals in revenue, a figure set to rise by eight percent in 2022. Competition amongst online retailers for Brazilian shoppers is tight, but Argentina-based Mercado Libre is on the top of its game. In January 2022 alone, this marketplace welcomed over 110 million shoppers to its platform, nearly twice as much as its closest rival, Americanas.com.

Mobile commerce: a game-changer

Mobile devices have been instrumental in the democratization of the internet and online purchasing in Latin America. Estimates suggest that, by the end of 2022, the region's mobile retail e-commerce sales would be about 75.7 billion U.S. dollars, nearly three times more than in 2019, before the COVID-19 pandemic hit. Although Brazil was the Latin American leader in m-commerce sales revenue, generating some 52 billion dollars in 2021, Mexico was ahead in terms of participation in the mobile segment over total online retail sales.