Find out more about how the projected growth of eCommerce in Latin America can benefit the import/export business, and how Export Portal can help
According to Worldpay’s Global Payments Report, Latin America is leading the world in terms of eCommerce growth. Over the next five years, the eCommerce market in Latin America is expected to grow 19 percent, as opposed to the global average of 11 percent.
In 2019, 155.5 million people are expected to purchase goods and services online. And while Brazil is still the leader in terms of market size, there are three fast-growing markets to keep an eye on: Argentina, Colombia, and Mexico.
The leading factor for the boom in eCommerce in this region is mCommerce – in 2018, 27.5 percent of all purchases made online were completed on mobile devices. In Brazil alone, mCommerce revenue is expected to double from 2017’s 5 billion to 10 billion in 2021.
This is due in part to the fact that this region has a younger consumer base – the average age in Latin America is 30, as opposed to the United States’ 37.9 and Europe’s 32.6. Younger consumers are more receptive to new technologies and have embraced eCommerce as a whole, which has driven the general growth we have seen in this market.
Another huge factor for e- and mCommerce growth is the rate of internet penetration in Latin America. Two out of every three Latin Americans have an internet connection, representing 10.4 percent of users all over the world. Not only that, but the three countries with the highest rates of internet penetration are Chile (71 percent), Argentina (68 percent), and Colombia (66 percent).
Now, what exactly does this mean for the B2B import/export world?
It means that Latin America is a very attractive market for e- and mCommerce – buyers and sellers all over the world should be taking advantage of the growing need for goods being bought and sold online in countries like Brazil, which has the largest market in this region.
Export Portal gives import/export businesses all over the world the opportunity to break into the growing market in Latin America. Connect with other verified eCommerce businesses in our international marketplace and know your information will stay safe due to our proprietary blockchain technology. Our list of certified shipping companies and other logistic services also simplifies the import/export process. No matter your needs as an import/export company, we have a solution that will work for you.
Export Portal is here for you from start to finish – register to be a part of our international B2B marketplace today!