eCommerce market in Mexico

Mexico is the 15th largest market for eCommerce with a predicted revenue of US$42,238.8 million by 2024, placing it ahead of Brazil. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 20.7%, resulting in a projected market volume of US$89,527.1 million by 2028. With an expected increase of 26.9% in 2024, the Mexican eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Mexico, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Mexican eCommerce market. Electronics is the largest market and accounts for 23.4% of the Mexican eCommerce revenue. It is followed by Hobby & Leisure with 21.1%, Fashion with 21.0%, Furniture & Homeware with 11.2%, DIY with 8.8%, Care Products with 8.5%, and Grocery with the remaining 6.0%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Mexican retail market, the online share is 10.3% and will increase by an average of 7.0% to 13.4% by 2028.

The biggest player in the Mexican eCommerce market is amazon.com.mx. The store had a revenue of US$3,544.3 million in 2023. Store rankings include every store that generates revenue in Mexico. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Mexico was considered.

With 86.1% VISA the most commonly offered payment method of all online stores in the Mexican eCommerce market in 2023. Like VISA Mastercard with a share of 85.6% and American Express with a share of 73.9% the payment type Cards is the most common used by online retailers in in the Mexican eCommerce market in 2023. Other commonly used payment methods in that market are PayPal (E-wallets) with 80.0% and Bank transfer/cash in advance (Bank transfer) with 52.8% of stores offering that payment method to the clients.

Despite Estafeta's dominant position with 48.8% of online stores opting for its services, the Mexican eCommerce market in 2023 remains diverse and competitive. Several other shipping service providers, including FedEx, DHL, Own delivery service, and UPS (United Parcel Service), hold smaller but significant shares, contributing to a dynamic and fragmented market.

Although Shopify holds a commanding lead with 25.4% of online stores using the shop software solution, the Mexican eCommerce market in 2023 remains vibrant and competitive. This is due to the presence of several other shop software solutions, including VTEX, Magento, WooCommerce, and Salesforce Commerce Cloud, which collectively hold a significant share of the market.