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The logo of the web service Amazon is pictured - Photo: Carlos Jasso/REUTERS

Amazon becomes Mexico's top online retailer

23/12/2017
16:29
Mexico City
Diana Beth Solomon
-A +A
However, online sales still account for slightly over 3% of all retail sales in the country, where shoppers fear credit card fraud and are often paid in cash

Amazon.com Inc likely doubled its sales to become the biggest internet retailer in Mexico this year, helping to grow the country’s nascent e-commerce market by a third, according to a report by market research firm Euromonitor International.

In 2017, the world’s largest online retailer will generate USD$502.2 million in Mexico sales compared with USD$243.9 million last year, the Euromonitor report said. Its findings were based on trade surveys, market studies, and data research, but excluded consumer-to-consumer sales sites, such as eBay, in its analysis.

Online sales still account for slightly over 3% of all retail sales in Mexico, where shoppers fear credit card fraud and are often paid in cash.

Argentina’s MercadoLibre Inc registered an increase of nearly 90% from 2016, Euromonitor said but it was still seen slipping to second place with some USD$489.2 million in sales. MercadoLibre did not comment on the Euromonitor figures but said its Mexican sales rose 82% in the third quarter.

In third place was Wal-Mart de México with USD$258.9 million in projected online sales, or growth of about a third.

Amazon, which formally launched in Mexico two years ago, made a push to expand its customer base in October by introducing a cash payments system.

Euromonitor forecast the Mexican online market would be worth USD$7.1 billion next year, rising to USD$14 billion by 2022.

sg

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