Digital renaissance in Latin America: a deep dive into the region’s ecommerce industry in 2022
Karina Mata Farina , Head of Marketing at BoaCompra by PagSeguro , elaborates on the main trends, opportunities, and challenges in the 2022 Latin American ecommerce and payments landscape.
As the local economies recover from the pandemic and online shopping becomes a daily habit for more and more Latin American consumers, the region presents huge opportunities for merchants that know how to make the most of LATAM’s markets.
If it was already true that Latin America is a fast-paced market when it comes to technology, the ‘new normal’ made it even more clear: after the pandemic, LATAM highly accelerated the digitisation process it was going through, turning ecommerce and consumption of digital goods into region-wide preferences. On the heels of that comes payments innovation: from e-wallets to digital payments, Latin American consumers are becoming more and more mobile-first.
What does this mean for companies? How permanent are the changes that the pandemic accelerated? What is the role each local payment method plays in this context? After all, they range from the decaying, but still very popular cash-based methods to disruptive instant payments. And how can foreign merchants better understand this market and its opportunities?
Fifty million Latin Americans shopped online for the very first time in 2020. Another 51 million did it in 2021, thus bringing ecommerce penetration to 67% of the population. Latin America’s ecommerce market reached USD 268 billion in 2021 – and it is expected to be worth USD 646 billion by 2025. This and other exclusive data have been shared in BoaCompra by PagSeguro’s recently released white paper Digital renaissance in Latin America: a deep dive into trends, opportunities, and challenges in the Latin American e-commerce industry , conducted in partnership with Americas Market Intelligence (AMI). In the study, we provide exclusive insights and up-to-date information about this […]
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