According to the 2019 Latin America eCommerce report, retail eCommerce in Latin America is projected to grow by 21.3% by the end of this year and generate a total of $71.34 billion in revenue. Out of the numerous countries comprised in Latin America, there are three in particular that have garnered the majority of eCommerce sales: Mexico, Brazil, and Argentina.
Although these regions have made some impressive strides towards the expansion of online retail, there is still some room for improvement. For instance, website security is a common concern for both retailers and customers. Online sellers could also benefit from optimizing their sites for mobile devices, customizing their own unique sites, and learning some of the best practices for eCommerce. Taking this into account, Wagento established an office in Mexico to help businesses of all sizes attract customers and boost profits through their online stores.
The Promising Future of Mexico
It’s a common misconception that Mexico’s economy is poor or struggling. For the past several years, Mexico has actually been a frequent destination for investors looking to expand their businesses. The World Bank reports that Mexico as a whole could be defined as an upper-middle-income country due to steady increases in wages, production, and literacy rates.
Despite the decrease in oil exports, enterprises such as General Motors and Samsung have brought advanced technologies into Mexico, creating new jobs and increasing production. In fact, electronic exports tripled within just 6 years, and new vehicle exports from Mexico to the U.S. increased by 93% from 2011 to 2018. Meanwhile, entrepreneurial spirits are high as more people are choosing to launch their own businesses.
Wagento’s decision to build an office in Mexico was encouraged by the promising outlook of the country’s economy. As people become more interested in eCommerce, technology, and coding, we want to be there to assist them and support their business goals.
Expected eCommerce Trends
The Latin America eCommerce report estimates that over 35% of people across Latin America will make at least one online purchase by the end of 2019. The majority of these transactions are expected to take place on mobile devices, so merchants must ensure that their stores are mobile-friendly. A few other trends will likely include creating more trustworthy checkout systems, using social marketing, and becoming omnichannel sellers.
Wagento is excited to be a part of Mexico’s growing digital marketplace and gain new insights from a global team. We can’t wait to see what the future holds!