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Rich, colorful and vibrant, Mexico is home to some of the world’s best food, beaches and historic sites. It’s also one of the hottest eCommerce markets with exciting growth potential for local and international retail brands.
With a GDP of more than $1.2 trillion (US), Mexico ranks among the world’s top 15 largest economies. And it’s growing fast. With its rising middle class, booming manufacturing base, and technological investment, it’s well poised to reach the top five by 2030.
A dynamic high-growth e-market
The Mexican retail eCommerce market has grown by 300% over the last five years, pushing it into 16th place globally – ahead of its neighbor Brazil. As well as fueling domestic digital retailing, Mexican shoppers’ desire for international brands and products is also powering a healthy cross border market More than two thirds (67%) of Mexican online consumers now shop cross border, and 6% of all online sales come from foreign merchants.
As in other countries, the eCommerce market in Mexico received a boost during the pandemic, creating a million new Mexican online shoppers, and pushing user penetration to 74%.
Mexicans are moving online for convenience, time saving, and the ability to comparison shop and find promotions and discounts that they can’t get offline. As a result, eCommerce now represents 36% of all Mexico’s retail sales, and is forecast to reach $53 billion (US) by 2024.
Riding the Mexican digital wave
Analysts predict there will be 78 million online shoppers by 2025 – more than both the UK and Germany. Growth is being fueled by large public and private investments in the country’s internet infrastructure; increasing smartphone adoption; streamlined customs procedures; and the rising adoption of electronic payment methods, such as digital wallets.
Importantly for eCommerce brands, Mexico also has a large base of young, increasingly affluent online shoppers. 69% of…
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