While the overall retail industry struggled amidst the global pandemic, eCommerce sales managed to reach unprecedented heights. In 2020, retail eCommerce sales grew by 27.6%, reaching a total of $4.28 trillion worldwide.
In 2020, Latin America’s eCommerce market saw the most growth of any region, surpassing Asia-Pacific’s growth for the first time since 2010.
The pandemic played a big role in Latin America’s growth. The region’s two major economic hubs Buenos Aires, Argentina and São Paulo, Brazil had to endure strict pandemic-induced lockdowns, which ultimately led to significant growth of the eCommerce market.
Restrictions in Buenos Aires were on and off from late March until early November 2020, and after restrictions were lifted, citizens were encouraged to practice “intelligent” social distancing and be more cautious when socializing.
At the country level, Argentina was the fastest growing eCommerce market in 2020, with a 79% increase in online sales compared to 2019—almost double the worldwide country average…read more.