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One of Latin America鈥檚 most successful fintechs is Mercado Libre-owned digital wallet provider Mercado Pago, which boasts 61.2 million monthly active users. The rollout of instant payment systems is poised to drive even greater digital wallet adoption across Latin America.

Over two-thirds (68.1%) of global digital shoppers bought from a marketplace like Amazon, Walmart, or Mercado Libre in the past year, according to our 鈥淕lobal Shopper Survey 2025鈥� report. "Marketplaces are doing really well because they offer convenience, competitive pricing, and a vast selection of products," said our analyst Carina Perkins.

Its share is much lower in Latin America, where Mercado Libre has emerged as a dominant force. The retail media market is starting to fragment outside of Amazon鈥檚 footprint. This is partly due to large domestic retailers investing in media networks. This includes Loblaw Advance and Canadian Tire鈥檚 Triangle Media, which provide a range of advertising options by tapping into loyalty programs.

Mercado Libre, which combines data from its digital marketplace and fintech arm, Mercado Pago, to build richer audience profiles and enable more precise ad targeting across its ecosystem. Rappi and DiDi go even further, operating across retail, banking, and travel.

Mercado Libre will invest a record-breaking $2.45 billion (MXN 43.45 billion) in Mexico this year to grow its logistics network, strengthen Mercado Pago (its payment app), and expand technology capabilities. Between 2017 and 2024, Mercado Libre will have invested $7.72 billion (MXN 136.90 billion) into its operations in Mexico鈥攖he largest amount by far among its peers.

Those likely include retailers that performed well on TikTok Shop's US platform, as well as on Amazon and Mercado Libre. The move, which is expected to be the first stage of a broader rollout across Latin America, comes on the heels of TikTok Shop starting up in Spain and Ireland.

Alibaba, Amazon, and Mercado Libre dominate retail ecommerce in different parts of the world. Here鈥檚 a look at how these marketplaces stack up, in seven charts and graphics.

Mexico鈥檚 ecommerce market is dominated by players like Mercado Libre, Amazon, Walmart, and Liverpool, offering TikTok Shop plenty of competition in a high-growth growth market. Sources. Associated Press. CNBC. The Economist. The Information. MediaPost. NPR. Politico. South China Morning Post. Wall Street Journal.

That鈥檚 not the case in other markets鈥攍ike Latin America, where Mercado Libre is a homegrown juggernaut. Amazon鈥檚 C$51 billion ($37.78 billion) in gross merchandise value makes up more than 5% of total retail. By that measure, it is the largest mass merchandiser in the country, ahead of Walmart and trailing only Loblaw Companies Ltd.

However, we currently forecast retail media ad revenues only at the company level for Mercado Libre, Amazon, and Walmart Mexico in Latin America. Mercado Libre was an early market mover and will command half of the region鈥檚 retail media market. Mercado Libre will beat Amazon at its own game in Latin America.

Alibaba鈥檚 retail ecommerce sales in China were nearly twice that of Amazon鈥檚 worldwide in 2022, at $1.229 trillion compared with about $657 billion, per our estimates. Latin American competitor Mercado Libre had significantly less ecommerce sales, at nearly $35 billion.

Mercado Libre. Raia Drogasil. Sodimac. Walmart Chile. Walmart de M茅xico y Centroam茅rica (Walmex).

Mercado Libre is beating Amazon at its own game in Latin America: The former is expected to represent more than half of all retail media ad spending in the region, while the latter continues to lose share to local players in Brazil and Mexico.

TikTok and Mercado Libre will set the pace globally, though at vastly different scales. TikTok faces a ban in the lucrative US market, but unless and until that happens, we foresee continued booming growth for the ByteDance subsidiary.

Although no single player rivals Mercado Libre鈥檚 hold on Latin America鈥檚 ecommerce market, nearly 70% of online sales are still fair game for the long tail of retailers.

Brazil鈥檚 digital economy continues to thrive, driven by shifting advertising trends and increased social media usage. This report series explores key media consumption trends in Brazil in 2025.

Latin America鈥檚 digital revolution is marching full steam ahead, with consumers spending more than a third of their day online. As social commerce and retail media propel the region鈥檚 digital economy to new heights, the runway for growth remains long.鈥�

Brazil鈥檚 digital economy is rapidly evolving, fueled in part by ecommerce growth. Our three-report collection explores key trends and opportunities shaping Brazil鈥檚 commerce landscape in 2025.

Retailers looking to capitalize on retail media鈥檚 growth opportunities need to understand the market developments, formats, and challenges shaping ad spending in Latin America.

Peru is Latin America鈥檚 fifth-largest retail ecommerce market by total sales volume. Although social unrest has stymied online sales growth over the past two years, the country has the potential to become a formidable multibillion-dollar ecommerce player in the region.

Understanding the nuances of how and where Latin America鈥檚 293.2 million digital buyers spend their money online is key for brands and retailers to succeed in the world鈥檚 second-fastest-growing region for ecommerce.