LATAM e-commerce market will reach $269.8 billion by 2028 – LATAM Smart CIO

A new report from ResearchAndMarkets.com shows that the e-commerce market in Latin America will grow by 6.55% annually and reach $269.8 billion by 2028.

ResearchAndMarkets.com expects the market to grow steadily over the forecast period, registering a CAGR of 8.50% from 2024 to 2028, and the region’s gross merchandise value to increase from $182.7 billion in 2023 to $269.8 billion .

The report recognizes that e-commerce in the LATAM region is experiencing “strong growth” and is expected to continue in the medium term.

Factors driving the growing interest in online shopping in Latin America include the development of digital infrastructure and supply chain networks.

To tap the growing market, global companies are also increasing investments in regional markets, the report said.

Ago, the second most visited shopping website in the world, launched in Chile in 2023. The e-commerce marketplace offering products at discounted prices is gaining great popularity among buyers around the world. In addition to Chile, Temu also operates in Mexico.

Shein, another Chinese e-commerce marketplace, is looking to expand into the LATAM market. As part of its strategy to gain a bigger foothold in LATAM, Shein plans to expand its warehouse capacity in Mexico.

In the medium term, these companies are expected to increase their investments in the LATAM region, creating a competitive landscape while supporting the development of the regional market over the next three to four years.

The report also identifies companies that are entering into acquisition transactions to increase their presence in the Brazilian e-commerce market.

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