Looking to expand into one of the fastest growing ecommerce markets in the world? Here is some advice from industry experts.
In recent years Latin America has witnessed a great ecommerce boom, presenting incredible opportunities for cross-border businesses to reach a large and eager consumer base. In this virtual event, CEO and co-founder of Mayan, Ernesto Reza-Garduño, is joined by Yoni Mazor from Getida and Diego Ventura from NocNoc. Together they discuss key challenges and market differences to watch out for when navigating this new vast market.
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With more than 456 million consumers in a market worth $49 billion (and rising) dollars, it’s no wonder that Latin America has become one of the fastest growing ecommerce industries in the world. In fact, in 2021 the region witnessed more than 20% growth. Popular platforms such as Amazon receive more than 80 million visitors monthly in just Mexico alone. Because of this, there is no small shortage of businesses — and competitors — looking to expand into this opportunity.
There are many unique challenges that inexperienced retailers can face in Latin America. This includes logistical issues such as cargo theft, inconsistent postal codes, and poor infrastructure. It’s therefore important to constantly monitor your damaged or missing inventory fees to ensure your business is consistently profiting. With each country there are also important differences such as payment methods and language support that are essential to understanding and utilizing. Having a separate organized strategy that keeps these challenges in mind will greatly maximize your success in Latin America.