Monday, June 17, 2024

eBay has plans for Mexico, its biggest Latin American market

E-commerce giant eBay says Mexico is a priority for the business and that its growth will create employment opportunities in the country, its largest market in the region.

Buying online boomed in 2020, when Mexico became the fourth fastest growing e-commerce market in the world, at 62%, despite an otherwise tumultuous year for the retail industry.

At the regional level, Latin America became the fastest growing region for e-commerce in the world in 2020, with growth of 63%, breaching the US $100 billion mark for the first time. Mexico is likely to account for about 27% of the Latin American market this year at around $35 billion, second only to Brazil.

eBay’s director general of emerging markets, Ilya Kretov, said Mexico was central to the company’s plans.

“The figures represent a great opportunity for us … Having Mexico as the largest market for eBay in Latin America makes it a priority for our business,” he said.

He added that improving user experience and logistics processes and widening the company’s inventory were all key steps to make eBay the region’s most popular e-commerce platform.

Ease of trade with the United States, Kretov explained, was a major point of strength for the country. “Mexico represents a positive growth opportunity as part of a group of our global emerging markets … this large market is in a very good position to continue taking advantage of its proximity to the United States and access to global markets through e-commerce,” he said.

However, the emerging markets expert admitted logistics infrastructure was still lacking, for which eBay would try to establish business relationships with public and private couriers.

Kretov added that employment benefits would accompany eBay’s growth in Mexico. “eBay plays a very important role in creating economic opportunities for buyers and sellers … thousands of sellers can do business more easily and connect with buyers and thrive,” he said, before conceding that the company had a part to play to make sure work opportunities are realized at the regional level.

“We need to work and collaborate with local players in the e-commerce industry to strengthen the infrastructure and make the most of this global environment. The contribution of all players involved in the market, such as logistics providers and authorities, can make e-commerce more accessible to Latin American sellers and buyers,” he said.

With reports from Forbes México

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