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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.

Amazon, Mercado Libre) is their primary source for beauty inspiration, per VML’s The Future Shopper report. 35% say marketplaces are the leading search destination for beauty products, and 25% say it’s their preferred spot to purchase beauty products. Marketplaces are also a go-to for clothing and fashion shoppers, with 42% using them for inspiration, 37% for search, and 24% for purchases.

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.

While marketplaces like Amazon or Mercado Libre remain the most popular search channels for shoppers worldwide, their share is decreasing, per Wunderman Thompson. Meanwhile, the number of people worldwide who browse in-store is rising. In the US, Amazon is also losing search share as consumers increasingly turn to social media platforms like YouTube, Facebook, Instagram, and TikTok, per Jungle Scout.

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.

Mercado Libre. Similarweb. Walmart de México y Centroamérica (Walmex).

So in Brazil, Mercado Libre leads retail media sales by a significant margin. I think it's about two thirds of retail media, of the retail media industry versus Amazon, it's this year about 12%. But in Mexico this year, so 2024 is the first year that Mercado Libre is going to overtake Amazon in Mexico.

Companies like Mercado Libre in Latin America and Alibaba, JC.com, and Meituan in China will account for a lot of retail media business internationally. Use this chart:. Demonstrate the growth of retail media advertising. Assess retail media’s role in digital advertising. More like this:. 5 recent charts forecasting how ad spend is changing, from retail media to programmatic.

Amazon dominates in the US, but Mercado Libre is a major player in Latin America, and in China, Alibaba, JD.com, and Meituan contribute to ad inventory, our Worldwide Retail Media Ad Spending Forecast 2024 report noted. 5. Retail media will make up more than half of US search ad spend growth. Retail media will drive US search ad spend growth in the US in 2024 and beyond.

So between 2017 to through this year, we expect Mercado Libre will have invested over $5 billion into its e-commerce business in Mexico alone.

Now given the size of the region, we have a mix of regional players, à la Mercado Libre, for instance, the region's largest e-commerce player. We have other regional players like Cinco Sud, Falabella, and Rappi within that space. Now there are other market-specific ones, in Brazil, Magazine Luiza, Americanas, Via Varejo, Carrefour, and then iFood in Brazil, Uber in Mexico as well.

Prominent players like Amazon, Mercado Libre, Rappi, and Walmart de México y Centroamérica (Walmex) already offer brands the ability to programmatically buy ads on and off their websites. Others will likely follow suit as competition for ad dollars heats up. Brick-and-mortar will be retail media’s next frontier. 

Smaller regional players like Shopee, Mercado Libre, and Flipkart are nowhere close to leading positions. What are the implications? Partnering options are plentiful in China, and retailers need to select platforms and channels carefully.