Latin America is positioned as one of the regions with the most potential to establish itself in the e-commerce segment with strong double-digit growth in total annual consumer spending.
The data comes from the new report “The Next Frontier: The Most Promising Markets for Emerging E-Commerce Leaders in 2021 and Beyond,” produced by PayU, Prosus’s electronic payments and fintech business.
According to the survey, in the year 2020 in Latin America more than 14 billion dollars were spent online just in the Fashion and Accessories sector. On PayU platforms, it evidenced triple-digit growth (191%) in consumer online spending in this sector. Argentina registered 447% year-on-year growth in total spending and the highest average transaction value, $ 108.
In the Beauty and Cosmetics sector, almost 3.8 billion dollars were spent last year. Mexico and Brazil showed the greatest opportunity for online retailers in this sector, in terms of higher total consumer spending online.
At PayU, total online spending in this shopping category increased in these countries by 1,410% and 1,276% respectively between 2019 and 2020, with total annual growth in online spending in the region reaching 133%.
Regarding total online spending on digital goods, Latin America grew 23% in 2020. Analyzed by country, Chile grew 211% year-on-year; Mexico 35% and Argentina 22%.
In Argentina, e-commerce has been growing steadily for some years now. According to data from the Argentine Chamber of Electronic Commerce, it grew 76% during 2019, after growing 64% in 2018.
Looking ahead, by the end of 2021, total e-commerce sales in Fashion and Accessories are expected to exceed $ 1.7 billion, showing the clear potential for any merchant in this sector looking to expand internationally.
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