Mexico's e-commerce expected to grow 25% per year by 2027, Nuvei study predicts

The e-commerce market in Mexico is the second largest in Latin America, behind Brazil, and is expected to grow at an average rate of 25% per year (higher than the Brazilian one, of 21%) until 2027, reaching US$ 184.2 billion "Global expansion guide for high growth markets”, produced by Nuvei, Canadian fintech payment solutions.

The global expansion guide for high-growth markets looks at e-commerce in eight high-growth markets mapped by Nuvei: Brazil, South Africa, Mexico, Hong Kong, Chile, India, Colombia and the United Arab Emirates.

Mexico

E-commerce growth in Mexico is expected to be led by greater integration with other countries: a cross-border e-commerce advance is expected from 21% in 2024 to 26% by 2027, a pace higher than that observed in Brazil or the average of the countries surveyed.

Another driver of the growth of Mexican e-commerce will be the advancement of electronic payment methods. The 6% of cash purchases recorded by the Nuvei study are a reflection of a market still lacking in financial inclusion. Despite initiatives such as the Interbank Electronic Payment System (PEI-CoDi) and the Movil Dinero (DiMo), Mexico is behind Brazil in this regard. In early May, Finance Minister Fernando Haddad was welcomed by Mexican president Claudia Sheinbaum. 

“The e-commerce market in Mexico is in full expansion and modernization, and this has attracted large Brazilian companies”, says Daniel Moretto, senior vice president of Cloud Latin America.“The GDP per capita is 30% higher than ours, and we are a few steps ahead in financial inclusion”.

Hong Kong

Hong Kong stands out among the countries surveyed by Global expansion guide for high growth markets, having the highest percentage of international e-commerce: 56%, with a forecast of reaching 59% in 2027. Mexico and Brazil, despite having the highest growth potential for the coming years, start from a lower penetration: 21% and 8%, respectively.

The predominance of cross-border e-commerce, observed in the study of Nuvei, does not happen by chance: Hong Kong is a small market (with 7.8 million inhabitants, well less than the 137 million of Mexico or the 216 million of Brazil) and neighbor of China, the largest exporter in the world. With 92% of its GDP in the services sector, Hong Kong is dependent on foreign trade. Therefore, it is always at the top of the lists of most open economies on the planet.

With the 24th highest GDP per capita in the world (mexico is the 96th and Brazil, the 104th), Hong Kong allows multinational groups in Brazil and the world to access a consumer willing to pay for quality and diversity. It is also an open window for the future of our retail. There, the internet reaches 95.6% of the population and the rate of mobile phone subscriptions per inhabitant is the highest in the world: 292 for every 100 people.

 “Hong Kong is a strategic market as a gateway for companies that want to expand in the” region, says Moretto, senior vice president of Cloud Latin America.“In addition, it has a diverse and high-income population, a major consumer of international premium brands”.