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Amazon and TikTok also feature on the list for fastest growth, but Mercado Libre will steal the show this year. Our debut forecast for Mercado Libre projects the Argentine company will lead the world in ad revenue growth in 2024.

Mercado Libre. MIT Technology Review. Morning Consult. NTT Data. Opinion Box. Wunderman Thompson. Zuban Córdoba y Asociados.

Brazil is Latin America’s largest retail ecommerce market by total sales volume and will be this year’s third-fastest-growing digital economy worldwide. Understanding the nuances of how and where Brazil’s diverse consumer base spends its money online is key for brands and retailers to thrive in this highly competitive ecommerce market.

The exceptions are countries with a strong local competitor, like Mercado Libre in Mexico and Brazil. Domestic retailers in smaller markets, like Canada, have been slow to develop ecommerce channels, resulting in Amazon's dominance. Canada’s lag was acute in the past decade, especially versus the US.

As Latin America’s digital revolution marches on, advertisers and retailers must keep pace with how and where consumers are spending their time—and money—if they wish to maintain a competitive edge in today’s rapidly evolving business environment.

Mercado Libre. Opinion Box. Pluto TV. Portada. Salesforce. Shutterstock. Teads.

Mercado Libre will dominate retail ecommerce in Latin America. The company’s multibillion-dollar investments have delivered significant returns. Mercado Libre now has an edge over the competition in strategic growth markets like Brazil and Mexico—and has solidified itself as Latin America’s No. 1 retail ecommerce player. What’s Inside.

Mercado Libre and Amazon are fueling retail media’s fire. In our survey, Amazon had the greatest brand recognition, but Mercado Libre was favored most by ad buyers. Local players like Magazine Luiza and Americanas S.A. are gaining ground in Brazil, while Rappi competes with Mercado Libre and Amazon in Colombia.