Insights into the growth of Mexican eCommerce with payment methods, target audiences, shopping events, social media, and the economy all profiled
Mexico is home to 127.5 million people with a total GDP of US$1.05 trillion and is ranked as the 11th richest country, according to the World Bank GDP per capita rankings. Mexico’s GDP per capita is currently US$8,902 and expected to reach US$10,765 by 2021.
Digital User Insights
There are currently 64.6 million eCommerce users in Mexico, with an additional 14.1 million users expected to be shopping online by 2023.
Dividing internet usage into age groups gives a better picture of the Mexican eCommerce market – 24% are 18-24 year-olds, 33% are 25-34 year-olds, and 26% of 35-44 year-olds, 14% are 45-54 year-olds, and 3% are between 55-64 years old.
Total Mexican eCommerce revenue across all product categories is US$9.04 Billion and is expected to grow to US$12.47 Billion by 2023. Fashion is currently the leading product category in Mexico, after taking over from Electronics & Media, which was formally the biggest revenue generator.
By 2022, Toys, Hobbies & DIY will still be the most purchased online category, with a value of US$2.9 billion, and second favourite, Electronics & Media will have an expected worth of US$2.8 billion.
In 2018, Mexico was ranked 51st in the World Bank Logistics ranking.
Preferred Online Payments
Cards are the most popular payment method in Mexico currently, however, the use of debit and credit cards has decreased since 2017 and looks to continue on that path over the next three years. In 2017, cards were the preferred payment option by around 69%, but in just two years that figure has dropped to around 60%. E-wallets are set to becoming a more popular option, with growth predicted every year til 2023, while cash on delivery is set to decrease in popularity.
What are the big shopping events in Mexico?
The main event is still Christmas, however, El Buen Fin takes slight precedence over Black Friday.
Internet and Device Usage
Mobile Commerce sales are set to increase this year, with the amount of revenue generated from purchases via mobile devices set to double that of 2018. Desktop purchases are also set to increase but at a slower rate.
Mexico currently has 76 million social network users. Facebook leads the way, almost tripling the popularity of Instagram.