Everything you need to know about the development of e-commerce in Mexico in 2021
The latest statistics released by the EcommerceDB show that in 2021, Mexico's e-commerce turnover reached 23 billion US dollars, ranking 16th in the world's largest e-commerce market, ahead of the Netherlands in Europe, but ranked after Brazil, the largest economy in Latin America.
Mexico ranks at the top list on Amazon with $1.7 billion
Statistics released by EcommerceDB show that in the past year, the Mexican e-commerce market has grown by 18% and contributed 29% to the growth of the world e-commerce market. The biggest winner in the Mexican e-commerce market is Amazon.com (amazon.com.mx), which tops the list with a turnover of $1.7 billion.
Next is Walmart Mexico (walmart.com.mx) with a turnover of $1.1 billion.
Followed by SHEIN Mexico (shein.com.mx).
The combined turnover of the above three companies accounts for 15% of Mexico’s online turnover.
In addition, in the Mexican e-commerce market, the fastest growing apparel and accessories brand is Zegna (zegna.com). In 2021, Zegna achieved a turnover of 7.6 million US dollars, an increase of 170% compared to the same period last year.
There is still room for growth in the next 4 years, but the growth rate may slow down
According to the Statista Digital Market Outlook report, the e-commerce market share in Mexico is expected to continue to grow in the next few years.
In the next 4 years, compound annual growth rate (CAGR for short) refers to the calculation method of the annual growth rate of an investment in a specific period, mainly used to predict the potential of industry or product growth or change and expected) will reach 4%.
However, compared with the annual growth rate of 18% in 2021, the reason why the growth rate of e-commerce in Mexico may decline in the next few years is mainly due to the increase in the saturation of the e-commerce market to a certain extent. This can also be seen in Mexico's current 36% Internet penetration rate. In other words, in the past 2021, 36% of Mexicans have ordered at least one item online.
Electronic and media products accounted for the highest proportion of revenue
According to statistics released by EcommerceDB, in 2021, sales of electronic and media products in Mexico will account for the largest proportion of e-commerce revenue, accounting for 30%.
Secondly, fashion, accounting for 25%, toys, hobbies and DIY , accounting for 18%, furniture and appliances ccounting for 16%, food and Personal care accounts for 10%.
Outlook of Latin America B2C E-Commerce and Payments Market 2022
According to the "Latin America 2022 B2C E-commerce and Payment Market" report recently released by ResearchAndMarkets.com, in 2022, although compared with Europe and North America, Latin American B2C e-commerce has a slower start, but in most countries in Latin America, Thanks to the penetration rate of B2C e-commerce has exceeded 50%, the development of B2C e-commerce in Latin America has made great progress.
Brazil, Mexico and Argentina, the top three economies in Latin America, may all have greater gains in e-commerce development in 2022. The continuous spread of the COVID-19 has accelerated the change of people's consumption habits. The report predicts that the compound annual growth rate of e-commerce in many countries in Latin America and the Caribbean is expected to increase significantly from 2020 to 2025.
Among them, MercadoLibre, which started in Argentina, dominates the e-commerce market sales in Latin America, and leads the market in leading countries such as Argentina, Mexico and Chile.
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