This article is brought to you by Retail Technology Review: Smartphone adoption to drive ecommerce activities in Latin America to 2023, says GlobalData.
The increasing availability of connected mobile devices such as smartphones and tablets are one of the main growth drivers for ecommerce activities globally.
This trend is stronger in emerging markets, such as Latin America, where smartphones are often the main online tool to access the Internet, according to GlobalData, a leading data and analytics company.
Although the US is by far the largest ecommerce market in the Americas, ecommerce activities in Latin America have been growing strongly over the last several years, despite the challenges that the region presents; for instance, lower Internet penetration levels, modest access to banking and credit facilities, and lower urbanisation levels that make shipping products less reliable for both buyers and seller.
Eulalia Marín-Sorribes, Technology Analyst at GlobalData, comments: “Despite these challenges, in countries such as Brazil, Mexico, Peru and Argentina, currently the largest B2C ecommerce markets in Latin America with a combined revenue of 52 billion for 2018, a number of local ecommerce initiatives have managed to adapt to this context successfully, offering creative solutions to facilitate payments and product delivery.”
In the US, for example, m-commerce transactions accounted for 25.3% of the total B2C ecommerce revenue in 2018, while in Brazil and Mexico this share reached 32.9% and 44.4%, respectively. Smartphone penetration of the population in North America and Latin America stood at 82% and 73%, as of year-end 2018, increasing to 87% and 92%, respectively, in 2023, thus supporting this trend in the coming years.
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