Consumers around the world keep adapting their purchasing to ongoing macroeconomic challenges. Payments are integral to an organisation’s resilience to change. Therefore, it’s important for businesses to ensure their payment processes are optimised for lasting success and brand trust.
Our latest whitepaper, ‘Global Payments Outlook 2023’, unveils the eCommerce and payments scene of five sought after markets, delving into ways local customers choose to shop and pay. The LATAM region is primed to grow exponentially in the years to come, with its eCommerce industry expected to record 61% in user penetration by 2027.
According to our research, Brazil and Mexico register over a third (29%) of the region’s market share of B2C eCommerce, while Chile (73%) was the country with the strongest affinity to cross-border shopping in 2022. In terms of payment preferences, while credit cards represent more than two quarters (58%) of transactions in LATAM, bank transfer payment solutions such as Pix in Brazil cash vouchers like OXXO in Mexico are widely adopted. Integrating these options to your payment mix is a must-have if you want to engage local consumers.
This infographic sheds light on LATAM’s market and payments trends, equipping online retailers with the insights needed to grow their business substantially in the region. Download the infographic today and learn how you can maximise your profitability and conversions overseas.