Mexico’s Ecommerce Matures

While I last addressed Mexican ecommerce, in 2014, taxpayers distrusted online buying, relied on easy payment procedures, and did not purchase from foreign sites. In 2020, much is unchanged. A huge percentage of Mexicans still don’t have bank accounts or credit cards.

But more people are embracing ecommerce, earnings are climbing, and cross-border earnings have gained traction, particularly from U.S. merchants, whose Spanish variations comprise the majority of the top 10 ecommerce websites in Mexico.

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The 2020 Mexican population is 128.9 million. More than 58 percent is between the ages of 15 and 54. The over-65 cohort is about 7%, much smaller than many developed nations. According to research company Statista, Mexico has 88 million net users, close to 70 percent of the populace.

Data from the Instituto Nacional de Estadística e Geografia do México shows that 81 million Mexicans have access to a mobile phone — 80 percent are smartphones. Younger consumers are comfortable shopping on mobile devices.

Statista forecasts the country will create US$16.9 billion in retail ecommerce earnings this year. By comparison, China and the U.S. will record only over US$1 trillion and $389 billion, respectively.

Ecommerce earnings in Mexico is expected to grow at a compound annual rate of 6.5 percent during the next four decades, leading to a market volume of US$21.8 billion by 2024. The average annual revenue per user now amounts to US$334.

Only over two-thirds of Mexico’s online consumers have shopped in an international website, based on Statista.

In its”Mexico 2020 Ecommerce Country Report,” RetailX stocks that Mexican consumers purchase more services on the web than physical products. Event tickets, bus and plane tickets, hotel reservations, and ride services include the majority of the net sales in Mexico.

In terms of physical products, the largest segment is apparel, with an estimated market quantity of US$1.1 billion in 2020 based on Statista. Mexicans are most likely to purchase apparel goods cross-border.

Like other countries, Mexico has ecommerce vacations. During the”Spa,” online merchants offer considerable discounts across three days in late May to early June. Another occasion,”El Buen Fin,” happens over a mid-November weekend. It’s the Mexican equivalent of Black Friday.

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Debit cards are the most popular type of payment in Mexico for online purchases. However, with over a third of the people not using a bank account, money remains popular for shopping. Using e-wallets, such as Mercado Pago (see below) and PayPal, is on the upswing, according to the RetailX report.

Still, accepting money is essential to attain ecommerce success. This method is particularly popular with lower-income customers, wherein the purchaser selects the convenience-store-payment method online, fills out the checkout page, and prints a coupon containing a barcode. She then goes to the store, presents the voucher, and pays cash. The industry leader for money payments is Oxxo, a convenience store chain with over 16,000 payment places throughout the nation.

Payment on delivery with money also remains popular for many Mexicans. Middle-class shoppers are more likely to use debit cards. Bank cards allow payment by installments, common for big ticket items.

Top 5 Websites

While they purchase from cross-border merchants, Mexican buyers prefer websites with a Mexican domainname. Amazon, for example, fulfills requests from Mexico on both its and websites. Walmart, Sam’s Club, Home Depot, and Best Buy all have Spanish language sites which accommodate Mexican payment tastes. All are top 10 ecommerce websites in the nation concerning revenue.

Mexico streamlined procedures for imports and customs-clearing for items valued under US$50, which assists many American merchants.

Mercado Libre Mexico. Argentina-based Mercado Libre is a market for individuals and companies to market products across a variety of categories, such as automobiles, technology, home and appliance, style, beauty, personal care, and markets.

It works in 18 Latin American countries and reaches approximately 170 million customers. Its electronic wallet, Mercado Pago, is increasingly common in Mexico.

The website holds the greatest share of the ecommerce marketplace in Mexico and receives about 127 million monthly visitors. Mexico represents about 12 percent of the business’s overall revenue.

Amazon Mexico. Amazon established its Mexican site in 2015 and holds the second place in earnings. Amazon Mexico customers shop mostly for consumer technology and electronics products, followed by applications and games. Amazon also provides digital products like Prime Video, Amazon Music, and e-books. The website receives about 63 million monthly visitors.

Walmart Mexico has worked tirelessly shops in Mexico since 1993, with a large assortment of products and low prices. Walmart’s online shop is a favorite because products can be purchased online and picked up in-store. The website garners roughly 28 million monthly visitors.

Coppel is a native department store chain established in 1941. It operates approximately 20 brick-and-mortar shops and an ecommerce website, which competes with Amazon. Coppel offers a wide assortment of products from international brands across categories such as electronics, furniture and home, fashion, automotive, and sports. Coppel receives about 23 million monthly online traffic.

Liverpool. El Puerto de Liverpool’s series of 123 mid- to luxury department stores sell apparel, consumer electronics, white goods, and home furnishings. All items can also be sold online. About 22 million Mexicans see its site each month. Liverpool is the leading online fashion retailer in Mexico.

Other top U.S. companies are Sam’s Club, Home Depot Mexico, and Best Buy Mexico. All have both brick-and-mortar shops in Mexico and ecommerce websites

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