Latin America Ecommerce Forecast 2021
July 14, 2021Executive Summary
While 2020 will go down in history as one of the most tumultuous years for Latin America’s retail industry, it will also be remembered as the year when the region became the world’s fastest-growing retail ecommerce market.
How did the coronavirus pandemic impact total retail sales in Latin America?
Physical store closures, coupled with government-mandated lockdowns, hurt retailers’ bottom lines last year. This year, retail sales will return to growth in each of the countries we forecast.
Why was 2020 a watershed year for retail ecommerce in Latin America?
Until the pandemic, retail ecommerce was still in the early stages of consumer adoption. But in 2020, as retailers and consumers quickly pivoted toward ecommerce, sales soared 63.3% and surpassed the $100 billion mark for the first time.
How much are consumers in Latin America prioritizing mcommerce?
From 2016 to 2019, mobile’s share of retail ecommerce sales in Latin America nearly doubled from 20.9% to 40.2%. This year, we forecast that nearly half (48.8%) of retail ecommerce sales will take place on mobile devices.
How did the pandemic accelerate digital buyer growth in Latin America?
2020 was a record-setting year for digital buyer growth in the region. We forecast that 38.0 million consumers in Latin America were first-time digital buyers in 2020. This year, total digital buyers will rise to 248.7 million, or nearly half the region’s population ages 14 and older.
WHAT’S IN THIS REPORT? This report features our latest forecasts for total retail, ecommerce, and mcommerce sales in Latin America, with breakouts for Argentina, Brazil, and Mexico. It also examines key drivers fueling regional market movements in 2021 and beyond.
KEY STAT: Retail ecommerce sales in Latin America grew 63.3% in 2020 to $104.60 billion. This was five times greater than the 12.5% growth we estimated in our pre-pandemic November 2019 forecast and more than triple the 19.4% estimated growth in our May 2020 forecast.
Table of Contents
- Executive Summary
- Total Retail, Ecommerce, and Mcommerce Sales
- Digital, Social, and Cross-Border Buyers in Latin America
- Key Takeaways
- Read Next
- Listen Next
- Sources
- Media Gallery
Charts in This Report
- How Has the Forecast for Retail Ecommerce Sales Growth in Latin America Changed? 2018-2022 (% change)
- Total Retail Sales in Latin America, 2019-2025 (trillions and % change)
- Total Retail Sales Growth in Latin America, by Country, 2020 & 2021 (% change)Magazine Luiza Retail Ecommerce Sales* in Brazil, 2015-2020 (billions, % change, and % of total retail sales)
- Total Retail Sales in Latin America, by Country, 2019-2025 (billions)Retail Ecommerce Sales in Latin America, 2019-2025 (billions, % change, and % of total retail sales)
- Retail Ecommerce Sales in Latin America, by Country, 2019-2025 (billions)Total Retail Ecommerce Sales in Latin America, by Country, 2019-2025 (% of total retail sales)
- Top 10 Countries, Ranked by Retail Ecommerce Sales Growth, 2020 (% change)Top 10 Countries, Ranked by Retail Ecommerce Sales Growth, 2021 (% change)
- Retail Ecommerce Sales in the State of São Paulo, Brazil, 2013-2020 (billions of Brazilian reals, % change, and % of total retail ecommerce sales)Expected Change in Their Shopping Habits After the Coronavirus Pandemic According to Internet Users in Brazil, by Age, Oct 2020 (% of respondents in each group)
- Ecommerce Sales in the Autonomous City of Buenos Aires (CABA), Argentina, 2015-2020 (billions of Argentine pesos, % change, and % of total ecommerce sales)Retail Mcommerce Sales in Latin America, 2019-2025 (billions, % change, and % of retail ecommerce sales)
- Retail Mcommerce Sales in Latin America, by Country, 2019-2025 (billions)Top 10 Countries, Ranked by Retail Mcommerce Sales Growth, 2021 (% change)
- Mcommerce Share of Retail Ecommerce Sales in Latin America, by Country, 2019, 2020, & 2025Mercado Libre Retail Ecommerce Sales in Latin America, 2017-2022 (billions, % change, and % of LATAM retail ecommerce sales)
- Mercado Libre Retail Mcommerce Sales in Latin America, 2017-2022 (billions, % change, and % of MELI retail ecommerce sales)Mercado Libre Retail Ecommerce Sales Growth in Latin America, by Country, 2020 & 2021 (% change)
- Mercado Libre Retail Ecommerce Sales Share in Latin America, by Country, 2017-2022 (% of total and billions)Mercado Libre Retail Ecommerce Sales Share in Select Countries in Latin America, 2019-2022 (% of total retail sales in each country)
- Comparative Estimates: Retail Ecommerce Sales* Share in Brazil, by Company, 2017-2020 (billions and % of total)Reasons that Digital Buyers in Mexico Have Digitally Purchased Products/Services During the Coronavirus Pandemic, April, June & Oct 2020 (% of respondents)
- Digital Buyers and Penetration in Latin America, 2019-2026 (millions, % change, and % of population)Digital Buyer Penetration in Latin America, by Country, 2019-2025 (% of population)
- Digital Buyer Penetration in Argentina, Brazil, and Mexico, 2019-2025 (% of internet users)How Has the Forecast for Digital Buyer Penetration in Mexico Changed? 2019-2025 (% of internet users)
- Digital Buyers in Brazil, by Socioeconomic Class, March 2019 & July 2020 (% of internet users in each group)Coronavirus Impact: Urban* Internet Users in Colombia Who Have Made a Digital Purchase, by Socioeconomic Class, May 2019 & Sep 2020 (% of respondents in each group)
- Demographic Profile of Digital Buyers in Mexico, Jan 2019-Jan 2021 (% of total)Social Buyers in Brazil and Mexico, 2019-2024 (millions)
- Social Buyer Penetration in Brazil and Mexico, 2019-2024 (% of internet users)Social Buyer Penetration in Select Countries, 2021 (% of digital buyers)
- Sales Channels Used by Their Company According to SMB Retail Professionals in Brazil, June 2020 (% of respondents)Cross-Border Retail Ecommerce Buyer Growth in Argentina, Brazil, and Mexico, 2018-2022 (% change)
- Exchange Rate Devaluation Against the US Dollar Since the Start* of the Coronavirus Pandemic in Select Countries in Latin America, Week of June 7, 2021 vs. Week of Feb 24, 2020 (% change)Cross-Border Retail Ecommerce Buyers and Penetration in Argentina, 2018-2022 (millions, % change, and % of population)
- Top 10 Countries, Ranked by Cross-Border Retail Ecommerce Buyer Growth, 2020 (% change)Cross-Border Retail Ecommerce Buyers and Penetration in Brazil, 2018-2022 (millions, % change, and % of population)
- Cross-Border Retail Ecommerce Buyers and Penetration in Mexico, 2018-2022 (millions, % change, and % of population)