Strategic Insights into Mexico’s E-Commerce Market

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Article E-commerce Data Portrait Mexico Blog post

Latest update: January 2024

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In this article, PCMI shares an overview of the Mexican e-commerce market, with the latest insights from our Latin America E-commerce Data Library, along with curated info from external sources.

For a visual summary, you can download the infographic PDF below. Also, you can check out our other country reports of LatAm by accessing our gallery.

Cover PCMI Report E-commerce Data Portrait Mexico 2024

Current State of E-commerce in Mexico

With a 2023 volume of US$74 billion, Mexico is clearly the second-largest e-commerce market in Latin America (Brazil is #1), according to PCMI proprietary data. E-commerce has seamlessly been integrated into daily life in Mexico, reaching a 70% penetration among adults.

There is, however, a modest 58% penetration of banks and fintech services in Mexico, but this only highlights a huge potential for growth. In fact, we forecast a CAGR of 33% between 2023 and 2026, when e-commerce volume in Mexico is projected to reach US$176.8 billion.

Profiling the Mexican Online Buyer

Profiling the Mexican Online Buyer

While the previous overall picture is important, focusing on the consumer behavior delivers a deeper understanding of the market drivers:

Spending. As per PCMI, the average annual expenditure of Mexican e-commerce consumers amounts to US$580 per person. Moreover, Tandem Up (2023) indicates that the average ticket for a purchase in Mexico stands at MX$1,774, equivalent to US$89.

Frequency. 25% of Mexican online consumers make purchases once a month, according to Tandem Up.

Age range. The age range of typical online buyers, as per the Mexican Association of Online Sales (AMVO), falls between 25 to 44 years old, constituting 57% of e-shoppers in Mexico.

Mexico E-Commerce Payment Methods and Devices

Mexico E-Commerce Payment Methods and Devices

According to PCMI’s E-commerce Data Library, the primary payment methods for e-commerce in Mexico, by share of volume, are:

  1. Internationally-enabled credit card — 38%
  2. Debit card — 25%
  3. Cash vouchers — 10%
  4. Other* — 9%
  5. Digital wallet — 8%
  6. Domestic-only credit card — 3%
  7. Bank transfers — 3%
  8. Buy Now Pay Later — 3%

*Includes gift cards, pay-on-delivery, and other miscellaneous payment methods.

The total may not sum up to 100% due to rounding.

It is also important to track the device usage for e-commerce shopping:

  • 79% of e-commerce volume in Mexico comes from purchases made with mobile devices
  • 21% of e-commerce volume in Mexico comes from purchases made with desktops
Top-Selling Categories and Leading Online Stores in Mexico

Top-Selling Categories in Mexico and Top Online Stores

This is the ranking of the best-selling products online in Mexico, data from Tandem Up (2023):

  1. Clothing and footwear
  2. Electronics
  3. Computers: technology
  4. Beauty and health / Pharmacy
  5. Home and furniture

That data is based on the share of consumers that are used to buy these products online.

As for the top e-commerce sites in Mexico, data from ECDB (2023) places Amazon at the forefront, followed by Mercado Libre México, Walmart México, Coppel, and Liverpool. This ranking is based on net sales through the digital channel in 2022.

Key Insights Ecommerce into Mexican E-commerce Market

Key Insights into the Mexican E-commerce Market

Lastly, there are some key insights about e-commerce and payments in Mexico, according to PCMI data:

Mexico is the country with the highest penetration of mobile commerce in Latin America, with 79% of share.

In Mexico, domestic e-commerce sites play a leading role, accounting for 78% of total e-commerce sales. Nevertheless, there is promising potential for cross-border e-commerce, as PCMI’s team projects that in 2024, cross-border e-commerce in Mexico will grow by 45%.

E-commerce accounts for a substantial 4% of Mexico’s GDP.

Next Step:

The PCMI E-Commerce Data Library

The data provided in this report is part of PCMI’s Latin America E-commerce Data Library. The Library covers not only Mexico but also 14 other countries in Latin America, featuring e-commerce market data such as:

  • Historical volume of Mexico’s e-commerce market for 2022, 2021 and further back

  • Projections of Mexico’s e-commerce market volume for 2023-2026

  • Breakdowns by merchant vertical for e-commerce in Mexico: retail, travel, ride-hailing, digital goods and services like streaming

  • Data on both cross-border and domestic e-commerce purchases in Mexico for 2022 and projections for 2023 and beyond

  • Breakdowns and projections of payment methods used in Mexico e-commerce (international/domestic credit cards, Buy Now Pay Later, digital wallets, Pix and others

But other key advantages make the PCMI E-commerce Data Library for Latin America a uniquely powerful tool for companies that seek a fuller understanding of e-commerce in the region:

  • It’s customizable to client needs: you can obtain additional data you need for your company’s specific business concerns, beyond what the Library offers

  • It’s budget-friendly: while detailed reports are available for 15 Latin American countries, you can just buy data on just 1 or save money by purchasing a country bundle

  • It includes personalized guidance: every purchase of the Library entitles you to a free 1-hour consultation about the data with one of PCMI’s industry experts

  • It offers unlimited sharing: there is no single-user license with the PCMI E-commerce Data Library for Latin America, so you can share it freely with your organization

Keep up to date with our e-commerce, payments and crypto insights:

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Payments and Commerce Market Intelligence (PCMI) is a strategy consultancy specializing in the global payments industry.

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