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As of April 2023, Mercado Libre was the most visited online marketplace in Latin America. Combining the traffic of all its domains in the region, the Uruguay-based e-commerce company totaled almost *** million visits per month. Second place was held by AliExpress, with approximately *** million site accesses.

The hegemonic Argentinian

Since its foundation in Buenos Aires, Argentina in 1999, Mercado Libre has been gradually conquering Latin America. Brazil stands as the company's main market, accounting for more than **** of its revenues. However, other countries, such as Mexico and Argentina, have been gaining ground in recent years. While Mercado Libre has the largest market share among online retailers in Mexico - overtaking U.S.-based Amazon and Walmart - in Argentina, the site mercadolibre.com.ar tops the list of leading online stores in terms of net sales.

Brazilian retailers go (more) digital

Given the success of Mercado Libre in Brazil, various retailers in the country are increasingly investing in their digital channels. One notable example is Magazine Luiza, whose e-commerce sales went from accounting for almost **** of its revenue in 2016 to more than ** percent in 2021. Meanwhile, to compete head-to-head with these two e-commerce giants, Lojas Americanas S.A., and online marketplace B2W Digital merged to form Americanas S.A. in 2021. That year, the company recorded more than ** billion Brazilian reals in online revenues, an increase of almost ** percent compared to the previous year, before combining its operations.