The ‘e-commerce’ Boom in LatAm: How to Reach a Market of 307 Billion Dollars
Latin America continues to see exponential growth in its e-commerce sector. PayRetailers manages payments in these vastly different economies. Latin America’s e-commerce growth has amounted to tens of billions of dollars annually. The region generated $139 billion in e-commerce retail business in 2022, according to Statista’s analysis as reported by PayRetailers. By 2027, the sector is forecasted to move no less than $307 billion annually, more than double the current figure in just five years.
“consolidate its position in the market and increase its ability to offer innovative and efficient payment solutions.”
The Spanish company that processes cross-border payments
Therefore, international companies looking to operate their ecommerce business in Latin America must consider the challenges presented by these markets and adapt their payment process accordingly. That is why PayRetailers was founded in 2017, a payment solution that simplifies operations for each of the region’s emerging markets.
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The company offers more than 250 local payment options with high performance in approval and conversion rates. These options combine the most common and alternative payment methods, ranging from cash payments to credit card transactions, bank transfers, e-wallets, and even QR codes. In fact, in Latin American countries, they work with payment solutions preferred by consumers, such as PIX and Boleto Bancario in Brazil, PSE in Colombia, SPEI in Mexico, and Kiphu in Chile. With this, each ecommerce company can offer their customers the option to pay in the way they are accustomed to when shopping online, without necessarily operating with a local entity.
For Philippe Laranjeiro, chief commercial officer of PayRetailers, the key to the company’s expansion lies in its “ability to adapt to the particularities of each market and offer a personalized solution to the needs of each client”. In addition, the company has managed to establish strategic alliances with important local players in the industry, which has helped “consolidate its position in the market and increase its ability to offer innovative and efficient payment solutions.”
With its presence in Latin America, many international companies have been able to expand their business in the region, taking advantage of the growth opportunities offered by the Latin American market. The company has managed to expand online businesses to more than 13 Latin American countries with an all-in-one API solution, integrating multiple payment methods preferred for each market and business model, he adds.
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