Ecommerce in LATAM reaches USD 200 billion, EBANX study finds

Wednesday 16 December 2020 08:14 CET | News

A study released by EBANX has revealed that ecommerce in Latin America is expected to grow 8.49% and reach USD 200 billion in market value.

Based on data from the main players in the sector in a partnership with AMI (Americas Market Intelligence), in addition to consumer surveys and internal EBANX data, Beyond Borders 2020/2021 was dedicated to understanding the impacts of COVID-19 on online purchases in the region and in four Latin American countries: Brazil, Mexico, Colombia, and Chile.

As stated by the study, 52 million people in Latin America will buy online for the first time during the pandemic, increasing the number of online consumers by up to 30% in some countries – a jump that, under normal conditions, would only be achieved by 2022.

New payment methods such as digital wallets and debit cards in Brazil have advanced in the region's ecommerce, reaching up to a 32% growth rate in some countries, as occurred with e-wallets in Chile, according to AMI data.

Nevertheless, cash vouchers, like boleto bancário in Brazil and OXXO in Mexico, represented up to 20% of online purchases in LATAM during the pandemic. These traditional and widespread local payment methods also grew in international ecommerce. In Brazil, for example, 68% of consumers mentioned boleto as their preferred payment method for cross-border purchases, according to the survey conducted with 3,280 consumers by Beyond Borders 2020/2021.

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Keywords: EBANX, study, report, LATAM, ecommerce, payment methods
Categories: Payments & Commerce
Countries: Latin America
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