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In terms of e-Commerce, Mexico has become a more important market place for eBay than countries such as Russia and China.
Mexico scores highly as a potential market because of the penetration of mobile devices and the internet, and the general expansion of e-Commerce trade. Also of great help are the roughly 40 trade agreements which exist between the countries.
This revelation came from Fernando Trueba who is responsible for growing business within Latin America for eBay. He admitted that when it comes to e-Commerce, Mexico has a greater potential than both Russia and China.
eBay began trading in Mexico just under two years ago and last year, grew it’s user traffic by 60% and now has around 300,000 active users.
As for the size of the Mexican e-Commerce market, in 2014 it was valued at $162 billion, which was up nearly 35%.
Trueba said that eBay’s strategy was to start by tailoring the platform for the Mexican market, launching a Spanish portal and allowing users to buy products from the catalogue (which to date numbers over 400 times). But, domestic sales are still not allowed and much is to do with problems of accounting for the dollar and peso. But, says Trueba, this will change in the future.
Trueba also admitted that eBay is not the only company that will have realised the potential of the country’s e-Commerce business and that competition is likely to increase over the coming years, including a big push from giant Amazon.
But competition, said Trueba, is a good thing, because it is driving the market forward and creating even more potential.
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Reference: El Financiero
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