The eCommerce industry in Latin America is currently undergoing rapid transformation and growth, presenting new opportunities for businesses to expand their reach and maximise their revenue in the region. To illustrate this, the estimated value of retail eCommerce sales in LATAM will reach US$138 billion in 2024, making it one of the fastest growing eCommerce markets worldwide.
In our latest whitepaper, the Global Payments Outlook 2024, we unveil fascinating trends covering consumer behaviour and payment preferences in the region. Specifically, it was found that LATAM customers have a strong preference for purchasing electronic items online, which accounts for 36.46% of all eCommerce revenue. Next up is fashion (18.53%), food (10.88%), beauty and personal care (7.36%) and furniture (6.87%), as reported by Statista.
According to our research, credit cards accounted for 58% of all online purchases in the LATAM region in 2023, followed by debit cards (15%), cash vouchers (10%), digital wallets (10%) and bank transfers (4%). Alongside this, mobile and in-app commerce is expected to continue growing, which is expected to lead to greater adoption rates of eWallets. Furthermore, to take advantage of the region’s eCommerce wave, merchants must adapt their payment mix by offering customers their preferred local payment methods.
Our infographic delves into the latest market and payment trends in LATAM, meticulously crafted to empower businesses to expand their global reach and maximise their revenue. Download our infographic now to uncover crucial insights into the dynamic and quickly-growing Latin American eCommerce market.