The latest figures reveal that the value of e-Commerce within Latin America this year will reach $59.1 billion.
LATAM is now recognised as one of the world’s most dynamic regions in terms of the development of the online e-Commerce market.
The figures come from Euromonitor and show that in terms of individual countries, the biggest players are Brazil and Mexico, which account for 42% and 18% of e-Commerce trade respectively. The next largest countries are Argentina (12%), Chile (9%) and Colombia (5%).
According to experts, what makes LATAM so attractive when compared to more mature e-Commerce economies, is that the region does lag behind in terms of online volume of trades, but does not lag behind so much in terms of connectivity and number of devices. The trade gap might be wide, but the technology gap is not. They conclude that this creates a positive potential for e-Commerce companies.
The SVP & Head of Sales & Solutions Merchant Visa for LATAM and the Caribbean Francisco Rocha Campos was quoted as saying that the “…the rapid growth of online sales positions Latin America as one of the most attractive regions of the world for the development of electronic commerce (retail, travel and tourism). By the end of 2015, within the framework of sales, e-Commerce in Latin America will represent approximately US $59.1 billion.”
However, there are certain factors which will continually need attention for the market to achieve its full potential. This includes enhancing the actual online shopping experience; the introduction of efficient product delivery strategies; improving access to the internet and mobile devices; and, the ability to keep control of fraud.
allpago international is the leading payment provider for the LATAM region. allpago provides the most relevant local payment methods through one API and one single platform. Allpago offers the best conversion rates ensuring state-of-the-art technology and legal advice necessary for a successful e-Commerce operation in Latin America.
allpago enables start-ups to Fortune 500 companies to offer the necessary local payment methods in the Latin American market, which account for around 80% of their revenues. Current clients include Art.com, Getty Images, Intel Security McAfee, Norton Symantec, Paylogic, Sumup, Teamviewer and many other leading payment and digital companies.
Reference: Ecommerce News
Photo: Heraldry, via Wikimedia Commons