Businesses are continuously seeking out new and undervalued markets to spread their reach. In the past few years the world has been targeting Latin America, and more specifically Brazil due to the territory’s thirst for Western brands and products. Because of this, the value of the region has exploded. Latin America is now the second fastest growing e-commerce market, not surprisingly only trailing China. According to Internet Retailer and Shopify, online retail for the top 500 merchants in the region grew 23% in 2013 to a whopping $17.94 billion.
One online entity that has managed to stake a claim to the area is none other than Amazon.com who saw its sales increase in Latin America by 142% in 2013. Moreover, their boosts in transactions are easily faster than what they experienced in Europe (8.3 times faster), China (3.7 times) and in the U.S. (7 times). Several other companies from the United States have also managed to crack the top fastest growing businesses in the region.
The potential to increase sales is there for e-commerce establishments if they truly understand the consumers of Brazil and Latin America. This is a period where having knowledge about product categories and how to communicate globally is of vital importance. This market is here for the taking; it’s just a matter of who is equipped enough to capitalize.