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Latin America has long been labeled a “high-growth” e-commerce region. According to leaders from AMVO and Endeavor Mexico, however, the industry has now crossed into something far more consequential: a structural transformation reshaping retail, entrepreneurship, and the broader digital economy.
That was the central conclusion shared by Pierre-Claude Blaise, CEO, AMVO, and Vincent Speranza, managing director, Endeavor Mexico, during the presentation of new research developed in collaboration with Mercado Libre and Endeavor. The data and discussion pointed to a Latin America—and especially Mexico—that is no longer catching up, but accelerating into a new phase of scale, sophistication, and economic relevance.
“Latin America is now the fastest-growing e-commerce region in the world,” one presenter noted, highlighting that the sector is expanding 1.5 times faster than the global average. By 2026, the region is expected to surpass US$215 billion (MX$3.7 trillion) in annual e-commerce revenue—roughly US$600 million every day.
Mexico sits at the center of this momentum. Between 2018 and 2024, e-commerce penetration in the country rose sharply, and projections indicate that by 2026 online sales will represent 17.7% of total retail, approaching US levels. “What is most interesting is that Mexico’s growth curve today closely resembles China’s trajectory from ten years ago,” Blaise said. “China now has nearly 50% e-commerce penetration. That shows how much growth still lies ahead.”
This acceleration has been driven by a distinctly Latin American consumer profile. The regional shopper is mobile-first, with 85% of purchases made via smartphone, and highly immediate, as nearly two-thirds of purchases occur within 24 hours of discovering a product online. Yet this maturity comes with fragility. “Consumer loyalty is extremely fragile,” the study found. “Fifty percent of users are willing to abandon a platform after just one bad experience.”
According to the research, consumers value flawless execution of fundamentals over sophisticated personalization. Clear pricing and policies, secure and simple payments, and transparent order tracking rank far above recommendation engines or advanced customization. “This tells us something critical,” Blaise explained. “The consumer expects the basics—platform stability, payments, logistics—to work perfectly. If they do not, you lose the customer.”
Logistics and payments remain the most persistent friction points. Delayed deliveries affect more than half of consumers, and nearly 60% abandon their carts if their preferred payment method is unavailable. Speranza, however, reframed these challenges as drivers of innovation. “In Latin America, structural challenges have never stopped progress,” he said. “They have consistently acted as catalysts.”
That dynamic is reflected in investment flows. While marketplaces attract the most attention, the bulk of venture capital has gone into the ecosystem’s enabling layers. Payments, credit, and logistics startups have attracted significantly higher average investment per company than marketplaces themselves. “This tells us where value is really being created,” Speranza said. “Marketplaces are just the tip of the iceberg.”
Mercado Libre exemplifies this model. Nearly half of its 2025 revenue is generated by Mercado Pago, underscoring how platforms that build integrated ecosystems—combining commerce, payments, credit, and logistics—capture exponential value across the customer lifecycle.
For Blaise, this evolution reflects a deeper truth about e-commerce. “It is fundamentally a logistics business,” he said. “Digital commerce depends on physical infrastructure, including warehousing, transportation, and last-mile delivery. Customer satisfaction is driven by speed, reliability, and execution.”
A decade ago, Mexico ranked poorly in global logistics performance, constrained by infrastructure gaps, security concerns, and high operating costs. Today, delivery networks reach more than 25 cities with same-day or next-day service—an unthinkable reality just ten years ago. “We started late,” Blaise said, “but that allowed us to adopt the best technology faster.”
Payments and financial inclusion represent the next frontier. Despite progress, a large share of the population still lacks access to credit cards or formal banking. “Too many Mexicans still cannot buy online because they do not meet traditional financial requirements,” Blaise said. “That is why fintech innovation—microcredit, buy-now-pay-later (BNPL), and alternative credit scoring—is so critical.”
Speranza added that public policy alone will not close this gap quickly enough. “Structural reforms take time,” he said. “What will move the needle in the short and medium term is innovation.”
Beyond infrastructure, the discussion turned to underpenetrated growth opportunities. While 85% of internet users in Mexico have purchased online at least once, adoption varies widely by category. Fashion, in particular, remains underdeveloped. “Only about half of consumers buy fashion online,” Blaise noted. “That gap represents enormous potential.”
Purchase frequency is another challenge. Mexican consumers buy online far less often than shoppers in more mature markets—sometimes at only half the frequency. “Penetration alone is not enough,” Blaise said. “Growth now depends on increasing frequency and expanding categories.”
This is where experience, trust, and emerging technologies converge. While easy returns have lowered barriers to trial, Blaise argued that the next phase will be defined by intelligent personalization and frictionless journeys across discovery, purchase, delivery, and post-sale service. Artificial intelligence, he said, will play a decisive role. “AI will allow entrepreneurs to operate at levels of efficiency and intelligence that were unimaginable just a few years ago.”
Speranza framed the moment as a generational opportunity for founders and investors alike. “What we are seeing is not just the growth of e-commerce,” he said. “We are witnessing the construction of a digital economy that multiplies opportunity.”
From logistics specialists and fintech innovators to AI-driven experience platforms, the ecosystem continues to fragment and specialize, with each player addressing a specific friction point. “Every layer is becoming more sophisticated,” Speranza added. “And that sophistication compounds.”
As Mexico edges closer to US levels of e-commerce penetration—something Blaise said could happen as early as this year in proportional terms—the stakes are rising. The next decade will not be about proving that e-commerce works, but about defining who captures the value it generates.
“We are still only seeing the first half of the story,” Blaise concluded. “What comes next will be even more complex, more integrated, and far more impactful for retail and the economy as a whole.”