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Ewallet mexico12/28/2023 The leading shopping sites are MercadoLibre, Latin America's most visited e-commerce platform, Amazon and Mexico’s own Coppel. 16Ĭonsumer electronics and travel are the most popular online shopping categories, taking a 31.6 percent and 30.2 percent share of the domestic e-commerce market, respectively. The Mexican e-commerce market is projected to expand at a compound annual growth rate of 12.6 percent to 2021. 15įrom this low baseline, however, double-digit growth is expected to continue. 14 That said, e-commerce has a long way to go before it unseats bricks-and-mortar sales as the dominant commerce channel in the country – online shopping accounts for just 1.7 percent of the country’s overall retail market. Again, ensure your checkout offers both e-wallet types to increase your customer conversion rates.Mexico’s e-commerce market trends: Double-digit growth with huge potentialĮnjoying a rapid annual growth rate of 28.3 percent, the Mexican business to consumer e-commerce market is worth $22.6 billion. The easy integration of e-wallets with mobile shopping is likely to see this market share increase. It ranks eighth in world smartphone usage. The reason behind this is likely the popularity of smartphones in Mexico. Total e-wallet use in 2017 accounted for 14% of online sales. Mexicans also use a local e-wallet, MercadoPago. PayPal will be familiar to international readers. The final, and newest payment method gaining popularity in Mexico is the e-wallet. Ensure that you offer a wide variety of these payment methods to broaden your potential customer base. Benavides, Extra, Waldo´s, El Kiosko, El Asturiano and Círculo K also offer this service. Other convenience stores like 7-Eleven, F. It is important to note that Oxxo is not the only cash based payment system in Mexico. As such, it offers access to the large unbanked population of Mexico. Customers who need to pay in cash can simply select Oxxo as a payment method, print off a voucher (identified by a unique serial code) and take it into an Oxxo store to pay for the item. With over 17,000 points of sale, it is Mexico’s largest chain of convenience stores. Oxxo and other cash based payment systemsĪnyone who has visited Mexico will be familiar with Oxxo. In light of this complexity, it is essential you partner with a local aggregator, like BoaCompra, to ensure you offer the best installment plans to your Mexican customers. In this scenario, the merchant then pays the interest. Customers are offered interest free installments once the merchant has come to an agreement with the issuing bank. Mexicans benefit from a unique option – ‘ m eses sin intereses ’ or months without interest. As such, they are an essential part of checkout localization. In the last five years, Banco de Mexico reports a 100% rise in the use of installments. 9 out of every 10 credit card purchases made online, by people between the ages of 26 and 45 in 2017 were made with installments. They allow the price of an item to be split up into a number of smaller payments, spread over a set time frame. Many local cards in Mexico offer payment in installments. When localizing your checkout, it is important to accept local cards and local payments. International e-commerce merchants should be aware that not all Mexican card types allow international transactions. Taken together they showed a 49% increase in usage in 2019. Indeed, 63% of purchases in the first quarter of 2019 were made with a debit card. Accordingly, credit and debit cards are one of the most popular online payment methods. While only 37% of Mexicans may have a bank account, 80% of online customers do. We look at the top three online payment methods, and explain everything international e-commerce merchants need to know about them. But Mexico has developed some unique ways to address this. In theory, this would make paying for things online difficult. Only 37% of Mexicans have a bank account. It has one of the largest unbanked populations in LATAM. However, this market is not without its challenges. It made up 19.6% of all LATAM e-commerce sales in 2017. Its retail e-Commerce revenues are expected to grow from 9 billion USD in 2019 to 12.5 billion USD to 2023. Mexico is a nation with a growing online marketplace.
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