Ten years ago people in Mexico did not rely on basic payments and did not buy from international websites online purchases. Mexican Ecommerce was in its infancy. The growth of Mexico ecommerce has been slow than some other countries. A significant proportion of Mexicans still lack banking or credit card accounts.
However, there are more people accepting e-commerce and increased cross-border transactions, especially from US traders whose Spanish versions form the majority of the top ten e-commerce sites in Mexico.
The population of Mexico is 128.9 million in 2020 and more than 58 percent of 15 and 54 aged years. It is around 7% of the over-65 cohort less than most developing nations. Mexico has 88 million internet users, according to research company Statista, equivalent to 70% of the population.
Data from the Mexican Institute of Statistics and Geography indicates that 81 million Mexicans are mobile users, 80% are smartphones. A lot young consumer using their mobile devices for shopping is happy, Statista estimates that this year's online e-commerce sales would produce US$16.9 billion. By contrast, China and the US are set to record a little over 1 trillion dollars and a total of 389 billion dollars.
In the next four years, Mexico's e-Commerce sales are projected to rise at an annual compound rate of 6.5% with a market value of US$21.8 billion by 2024. Currently the real annual per customer income is US$334. According to Statista, just over two-thirds of online Mexico customers shopped on a foreign platform.
RetailX shares in its 'Mexico 2020 Country Ecommerce Report,' that customers purchase more online services than physical products. Most internet purchases in Mexico include event fares, bus tickets, aircraft tickets, hotel reservations, and ride services. The biggest sector is clothing, which according to Statista is estimated to be worth $1.1 billion by 2020. Cross-border clothing is most likely to buy from Mexicans.
Mexico has eCommerce vacations, as in other countries. Online shops give significant discounts in the hot-selling period between three days from the end of May and the beginning of June. Over a weekend in mid-November, there is another festival called 'El Buen Fin.' It's Black Friday's Mexican counterpart.h3>Mexican Ecommerce Payments
Debit cards are Mexico's most common online shopping payment method. But cash is still common to shop with over a third of the population who do not have a bank account. The RetailX study states that e-wallets are increasing, including Mercado Pago and PayPal.
However, to achieve effective eCommerce, the acceptance of cash is important. This is particularly important for lower-income shoppers, who prefer an online payment system for convenience stores, fill out the checkout form and print a coupon with a bar code. Then she'll go to the shop, show the voucher and pay for cash. Oxxo, a retail shop chain of over 16,000 paid places in the world, is the industry leader for cash payments.
For many Mexicans, payment in cash on delivery is also common. Shoppers in the middle class tend to use debit cards. Bank card payment allows, for big-ticket items, payment by installments.
Mexican users choose a Mexican domain when buying from cross-border traders. For example, on both the Amazon.mx and Amazon.com platforms, Amazon fulfills orders from Mexico. Everyone has Spanish sites that fit Mexican payment habits, including Walmart, Sam's Club, Home Depot, and Best Buy. They are All of the country's top 10 eCommerce sites for revenue.
Mexico has simplified import and customs clearance processes for items worth less than US$50, helping many American traders.
Based in Argentina Mercado Libre is an individual and company marketplace that sells goods across various categories, including cars, electronics, home and appliances, clothes, cosmetics, personal care, and food. It operates in 18 countries in Latin America and serves about 170 million users. Mexico is becoming increasingly popular through its digital wallet, the Mercado Pago.
In Mexico, the site has the highest share and almost 127 million users per month. Mexico accounts for about 12% of the total sales of the firm.
In 2015, Amazon produced the Mexican website and holds the second-highest level of sales. Amazon shoppers mostly shop for software and gaming, and also electronics and technological products. Amazon also has digital products, including Prime Video, Amazon Music, and e-books. The website has about 63 million users per month.
Since 1993, Walmart Mexico has been running a wide variety of brick and mortar stores and cheap prices in Mexico. The online shop of Walmart is famous since items can be bought online and stored pick up. The platform attracts about 28 million visitors monthly.
Coppel was founded in 1941 as a local department store chain. It runs about 20 brick-and-mortar stores and an e-commerce portal competing with Amazon. In all areas of electronics, furniture, and home, lifestyle, car, and leisure, Coppel provide a broad variety of products from multinational brands. Coppel attracts about 23 million visitors a month online.
The 123 mid to high-end retail stores of the El Puerto de Liverpool chain sell clothes, consumer electronics, white goods, and home furniture. Any item is sold online as well. Every month, approximately 22 million people visit their blog. Liverpool is Mexico's leading online trend dealer.
Sam's Club, Home Depot Mexico, and Best Buy Mexico are all leading American companies. Both brick and mortar shops in Mexico and e-commerce facilities are available.
Scroll down to read our indepth Ecommerce Platforms guide. What you should know, Ecommerce Platforms features, price plans and support. Pros and Cons of Ecommerce Platforms as a ecommerce, everything is explained below.
Mexico Ecommerce Table of Contents
Mexico Ecommerce Shopify is a software company that specialises in ecommerce software for small to enterprise level businesses.
Mexico Ecommerce Shopify is listed as the best ecommerce software. Shopify was founded in 2006 in Ottawa, Canada and currently has over 6,124 employees registered on Linkedin.