LatAm e-commerce giant to invest 275 mln USD in Mexico

Source: Xinhua| 2018-04-27 11:11:24|Editor: Yurou
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MEXICO CITY, April 26 (Xinhua) -- Mercado Libre (Free Market), Latin America's leading e-commerce provider, will invest 275 million U.S. dollars this year in Mexico, the company said on Thursday.

Marcos Galperin, co-founder and CEO of the Argentine company, told reporters at a press conference in Mexico City that he sees "a huge opportunity in Mexico," the regional country with the fastest growth in e-commerce, where he expects business to double.

The bulk of the investment, 175 million dollars, is earmarked for two new distribution centers in Mexico, Cuautitlan Izcalli and Tepotzotlan.

The remainder will be spent on improving services, such as shipping and free returns.

"We see with enthusiasm that shoppers increasingly buy more in Mexico," said the top executive, adding "there is a very powerful ecosystem" in the Latin American economy.

According to company figures, Mexico's e-commerce market currently sees some 7.5 billion dollars in transactions annually, and that number is forecast to reach 13.2 billion dollars by 2020.

Mercado Libre, founded in 1999, said Mexico is its third-largest source of profits in Latin America, after Brazil and Argentina, but is growing at a faster pace.

Mexico's market, home to 75 million internet users, "has maintained constant growth, and in approximately two years could even become our second-largest market," said Galperin.

Mercado Libre saw a record 60-percent growth in 2017, with total sales of 1.4 billion dollars.

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