Online shopping has become an almost natural part of most people’s lives. It is possible to fit online shopping in almost any busy schedule. This is thanks to the various touchpoints that retailers have integrated into consumers’ daily routines. The occasions on which retailers engage with (potential) customers are diverse. In order to use the various online shopping channels, consumers have switched to mobile devices in a great deal of cases.
The popularity of mobile commerce in Latin America
66% of US online shoppers used their smartphones for online shopping in 2020. As opposed to only 55% who shopped on their laptops. The smartphone is also the most popular online shopping device in many Latin American countries. In Mexico, for example, the usage of smartphones to make online purchases is even higher than in the US. 70% of Mexican online shoppers used their smartphones for online shopping in 2020. The popularity of mobile commerce in Latin America also reflects in the revenue development.
Chile is the frontrunner
There are six important Latin American markets to illustrate the potential of mobile commerce in the region in the upcoming years. Chile is the frontrunner when it comes to mobile commerce growth in Latin America. Between 2020 and 2024, revenues from mobile online purchases are forecast to grow by 200%. However, the top two and three – Argentina and Mexico – are forecast to more than double their mobile commerce sales as well within the said four years. Furthermore, Colombia and Peru expect to increase their revenues from mobile online purchases by 100%.
Brazil expected to grow the least
Brazil is the only country with a growth of less than 100% in this comparison. Mobile commerce revenues are expected to increase by 89% between 2020 and 2024.
In terms of total revenue in e-commerce, the mobile commerce growth champion in this comparison, Chile, is at the lower end. Chile generated total e-commerce revenues of US$5.3 billion in 2020. Brazil is on the other hand currently the biggest e-commerce market revenue-wise out of the six countries. The country generated total e-commerce revenues of US$21.2 billion. Even though the mobile commerce in Brazil is expected to increase the least. Revenues from mobile purchases are likely to rise also on a longer-term basis and increase their share in total online revenues.