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Mexico E Commerce Market E Commerce Payment Methods In
Mexico E Commerce Market E Commerce Payment Methods In
Dublin, Jan. 23, 2023 (GLOBE NEWSWIRE) — The “Mexico E-commerce Market – Growth, Trends, COVID-19 Impact, and Forecast (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The Mexico e-commerce market is expected to register a CAGR of 16.8% during the period 2022-2027. The Latin American e-commerce market has recorded robust growth over the last few years, offering exciting opportunities for online retailers across various sectors.
Companies Mentioned
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Amazon
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Walmart
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Shein
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Zegna
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Coppel
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Liverpool
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Costco
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Sam’s club
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El Palacio de Hierro
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Grainger
Key Market Trends
Adoption of online mode of purchasing
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In Mexico, online marketplaces are popular. With 128 million monthly views, Mercado Libre was the most popular e-commerce site in 2020, followed by Amazon with 64 million monthly visits.
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Furthermore, several brick-and-mortar retailers have had great success growing their e-commerce sales. Walmart Mexico’s internet sales increased by 13% in 2020, whereas Liverpool’s online sales soared by 26%.
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Amazon announced a USD 100 million investment in 2020 to establish two new distribution centers and 12 delivery stations in Mexico as a result of e-commerce expansion. Mexico’s market expansion is likely to continue in the coming years. Product sales in Mexico have increased, particularly in categories such as hardware, cosmetics, and video games.
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Another sign of market saturation is Mexico’s 36 percent online penetration, which means that in 2021, 36 percent of the Mexican population will have purchased at least one product online.
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International companies seek to increase their global footprint and stake a claim in the expanding Mexican e-commerce industry, increasingly targeting Mexico. Alibaba, the Chinese e-commerce powerhouse, is one such example. It is investing in the creation of ‘digital communities’ in each of Mexico’s 32 states in order to increase online spending.
Growing B2C E-commerce segment
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In 2020, food delivery led to online purchases, followed by fashion and beauty items. Online pharmacy and supermarket purchases increased by 41 and 40 percent, respectively. Debit and personal credit cards continue to be the preferred payment methods.
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However, many online retailers offer payment alternatives such as cash payments at convenience stores. According to the Mexican Online Sales Association, impediments to increased e-commerce usage include cybersecurity risks, with 80 percent of e-commerce users noting concerns over electronic fraud and 74% lacking confidence in providing banking information online.
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An estimated 98% of online purchases are conducted through Smartphones, with two out of 10 buyers making purchases on SmartTVs. Products sold online are covered by Mexico’s Federal Copyright and Industrial Property Law.
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Online marketplaces such as Mercado Libre and Amazon Mexico are widely used in Mexico. Mercado Libre …….