Coupled with consumers’ increased interest in digital shopping devices, platforms, and channels, impact how customers purchase and pay for products and services. Combine this with higher security levels throughout the payment process, shorter delivery times, and the availability of more product-related information critical for the buyer decision-making stage, and you have the full image of the constantly evolving e-commerce landscape.
With e-commerce now a key element in every merchant’s business strategy, the Latin American market is more promising than ever. Mexico is the fastest-growing market in Latin America and the second-largest e-commerce economy across the region, preceded by Brazil. Among payment methods, debit and credit cards are still the preferred payment options for most Latin American consumers. However, other payment methods, such as Pix in Brazil, PSE in Colombia, and digital wallets in other Latin American countries, are gaining momentum. The e-commerce potential in Latin America is multiplying due to several key factors. Consumer-facing e-commerce players such as Shopee, AliExpress, and SHEIN have seen opportunities for growth in the region and are becoming increasingly prominent. Moreover, seamless user experience and omnichannel and data-driven personalization strategies are becoming increasingly relevant to secure more online sales, with consumers mixing physical and digital channels to make more informed purchases without losing confidence.
By 2023 and beyond, online merchants will continue to focus on constant business growth by paying attention to the evolving needs of consumers. This is a crucial aspect of the digital agenda now and in the future.
*That’s why PayU brings you this report with a review of the last four years of e-commerce in Latin America and a look at what’s to come in the next three years in the region. We hope it will be enriching for your decision-making.*