One of the main drivers of e-commerce growth in Latin America is the growing use of mobile devices. According to a report by the Interactive Advertising Bureau (IAB), mobile commerce accounted for 51% of all e-commerce sales in Latin America in 2018. This is largely due to the fact that mobile devices are becoming more affordable, and more people are using them to access the internet. In addition, mobile commerce is more convenient for consumers, who can make purchases anytime and anywhere.
Another factor contributing to the growth of e-commerce in Latin America is the rise of social media as a marketing tool. Social media platforms like Facebook, Instagram, and Twitter are increasingly being used by businesses to reach consumers in the region. According to a report by eMarketer, social media advertising in Latin America is expected to reach $2.2 billion in 2022, up from $1.3 billion in 2018. By leveraging the reach and influence of these platforms, businesses are able to reach a large and engaged audience, and drive more sales through e-commerce.
Finally, the growing number of young, tech-savvy consumers in Latin America is also contributing to the growth of e-commerce. According to a report by the Inter-American Development Bank (IDB), there are over 200 million millennials in Latin America, and they are more likely to use the internet and make online purchases than older generations. With their strong purchasing power and willingness to embrace new technologies, these consumers are driving the growth of e-commerce in the region.
In conclusion, e-commerce is growing fast in Latin America, driven by the increasing popularity of mobile commerce, the rise of social media as a marketing tool, and the growing number of young, tech-savvy consumers. As internet access and mobile devices become more widespread, and as businesses continue to leverage the reach and influence of social media, it is likely that e-commerce will continue to grow and play an increasingly important role in the region's economy.