The e commerce market is vigorous and growing quickly with revenue estimated to reach US$21 billion by the end of 2021 at an annual growth rate of 3.8%, and projected market volume to reach US$24 billion by 2024.
Internet penetration is currently at 64% and is expected to reach 70% by 2025. Over 80% of Mexican online shoppers are under 44 years old and the gender split is almost equal at 51.4% male to 48.6% female.
Like many other LatAm countries, Mexico relies heavily on cash payments. The OXXO payment system has the best coverage with over 18,000 stores where customers are able to pay their bills.
Access to banking
Only 36% of the population uses banking services and 20 million people use e-banking, so alternative online payment systems are essential to ensure that the population can access e-commerce.