The participation of electronic commerce in retail sales in Latin America has grown steadily since the mid-2010s, boosted by mobile commerce and the expansion of local payment solutions (wallets, immediate payments, account-to-account transfers). Sector projections point to relevant increases in regional GMV in the medium term, with greater incorporation of SMEs into the digital channel.[12]​[13]​.

At the same time, mobile internet adoption and improved “consumer preparedness” are key enablers of growth.[14]​ Evidence suggests growing financial digitalization in Latin America and the Caribbean, with greater use of digital accounts and payments, favoring conversion to online channels.[15]​.

El ecosistema regional está compuesto por plataformas de distinta escala y especialización. Mercado Libre opera un modelo integrado que combina marketplace, pagos y logística, con inversiones crecientes en centros de fulfillment y capacidades de distribución regionales.[16]​[17]​ En Brasil también participan Amazon Brasil, Shopee, Magazine Luiza") y Americanas/B2W"), entre otros, en un mercado altamente competitivo y con inversiones relevantes en logística y tecnología.[18]​[19]​.

En el ámbito de servicios bajo demanda (on-demand) destacan Rappi y PedidosYa, presentes en múltiples países y con modelos que integran entregas, supermercados y servicios financieros, en entornos de alta competencia y ajustes de rentabilidad.[20]​[21]​.

Main players by vertical

Various studies by the Inter-American Development Bank, ECLAC and private market intelligence firms identify a set of leading companies by segment in the Latin American marketplace ecosystem. The verticals differ in degree of maturity, margins, frequency of use and type of logistical or financial integration.[22][23]​.

Note: The verticals and players partially overlap, as several regional business groups operate in multiple segments (for example, Mercado Libre combines retail, financial services and logistics).

The Latin American ecosystem combines B2C (retail), C2C" (classified and recommerce) and B2B (supplies and services for companies) models. The progressive integration fintech (payments, credit, buy now pay later) and logistics professionalization have allowed specialized verticals to scale —such as automotive, real estate, fashion and home services— with differentiated strategies of take rate, seller experience and control of the supply chain compliance.[10]​[31]​.

Regional traffic to marketplaces is concentrated in a small set of countries, which conditions expansion strategies and localization of operations.[32]​.

In Chile, information from the National Economic Prosecutor's Office released by the press has described Real Estate Portal") as an actor with a majority participation in property searches in the mid-2020s.[33]​.

The digitalization of payments has advanced significantly in Latin America and the Caribbean, favoring the conversion to online channels and financial inclusion. World Bank indicators show an increase in the use of digital accounts and payments by adults in middle-income economies, with relevant improvements in the region.[15]​ Policy and industry initiatives (immediate transfers, wallets and interoperable payments) have contributed to reducing the use of cash and formalizing transactions.[34]​[35]​.

Even so, consumer trust and user protection continue to be determining factors for repeat purchases and retention in marketplaces, especially in less formalized segments.[36]​.

El ecosistema de marketplaces en América Latina enfrenta una serie de desafíos estructurales que limitan su eficiencia y expansión plena. Las brechas en infraestructura logística, conectividad digital, formalización y marcos normativos generan costos adicionales y restringen la productividad del sector. Distintos organismos multilaterales coinciden en que una agenda coordinada entre el sector público y privado es esencial para consolidar un entorno competitivo, inclusivo y sostenible.[37]​[38]​.

Logistical and digital gaps

Logistics efficiency is one of the main bottlenecks of regional e-commerce. According to the Inter-American Development Bank, logistics costs in Latin America are equivalent on average to 15% of the value of the product—almost double that of developed economies—due to deficiencies in land transportation, storage, and last-mile traceability.[22]​

Digital infrastructure") presents disparities: while Chile and Uruguay exceed 80% broadband penetration, countries in the Caribbean and Central America maintain lags of more than 40%. The GSMA warns that nearly 230 million people still do not have access to mobile internet, and that closing the coverage gap will require more than USD 18 billion in investments by 2030.[39]​.

Regulation, competition and digital taxation

The regulation of marketplaces and digital platforms evolves heterogeneously between countries. Some – such as Brazil, Mexico and Chile – have made progress in defining digital taxes, consumer rights and responsibilities of intermediary platforms. Others still lack comprehensive frameworks on personal data, competition or cross-border trade.[40]​[41]​.

In terms of competition, the OECD and ECLAC point out the need to adapt antitrust and consumer protection tools to digital markets. Platforms tend towards concentration due to network effects, which requires vigilance of practices such as self-marketing, algorithmic discrimination or dependence on external sellers. Pro-competition regulation seeks to balance innovation and equity without discouraging investment in technological infrastructure.

Trust, security and consumer protection

Trust continues to be a determining factor in the adoption of e-commerce. Information asymmetries, the lack of quality standards and difficulties in resolving disputes reduce the frequency of online purchases. Studies by the World Economic Forum and the CAF highlight that the strengthening of digital identity, transparency in reputations and the interoperability of payment methods are essential conditions to consolidate user trust.[42]​[43]​.

Several countries have implemented online consumer protection laws, but regulatory fragmentation makes regional application difficult. Cooperation between agencies and regulatory harmonization—for example, in returns, refunds or data processing—are recommended by UNCTAD as a key step towards Latin American digital integration.[44]​.

Formalization, sustainability and work on platforms

Another structural challenge is the labor informality associated with the platform economy.

Likewise, the transition towards sustainable electronic commerce models includes the reduction of the logistics footprint, recyclable packaging and energy efficiency in distribution centers, topics that are increasingly relevant on the business and regulatory agenda in the region.[46]​.

Regional coordination and regulatory convergence

Organizations such as the Pacific Alliance and Mercosur have begun to discuss common standards in electronic commerce, data protection and digital taxation. Although still incipient, these initiatives aim to reduce regulatory costs and promote cross-border interoperability of platforms. ECLAC maintains that the region requires shared digital governance, which balances technological innovation with fair competition, consumer protection and economic inclusion.[47]​.

Marketplaces have facilitated the incorporation of SMEs and independent workers into the digital economy, creating service ecosystems (payments, credit, fulfillment, reputation) and new income opportunities; at the same time, they face debates about competition, consumer protection and working conditions in the platform economy").[48]​[49]​.

Los marketplaces que operan en América Latina miden su desempeño mediante indicadores clave de la economía unitaria (o unit economics) que permiten evaluar no sólo el volumen de operaciones, sino también la rentabilidad, sostenibilidad y eficiencia de sus modelos de plataforma. Estas métricas, aunque comparten definiciones internacionales, adquieren matices particulares en la región por factores como la informalidad, los costos logísticos, la penetración de pagos digitales y el ticket medio comparativamente menor.[50]​.

General definition and relevance

The concept of unit economics refers to the analysis of each operating unit—a transaction, a customer, or an order—in terms of revenue, variable direct costs, retention, marginal contribution, and expected value over time. In marketplaces, these metrics are essential because:.

• - Scalability depends on the marginal contribution per unit being positive or improving with volume.

• - The platform coordinates multiple agents (sellers, buyers, logistics services, payment systems), so unitary analysis allows bottlenecks to be isolated.

• - In Latin America, operational and structural challenges (logistics, informality, consumer confidence) make the unit margin narrower than in developed markets, requiring detailed monitoring of these metrics.

Main indicators and their application in the region

The indicators most used by Latin American marketplaces, their definitions and the particularities they present in the region are described below:

Structural factors that affect unit economics in Latin America

1. Logistics and geography: territorial dispersion, uneven infrastructure and last mile costs make order delivery more expensive, reducing the marginal contribution per order.[54]​

2. Payment methods and trust: the adoption of digital payments continues to grow, but the lack of trust and full banking limits the frequency of purchases.[42]​

3. Average ticket and purchasing power: in markets with lower purchasing power, tickets are lower, which requires more volume or higher repetition rates to cover fixed costs.

4. Regulatory and fiscal diversity: differences between countries generate compliance costs and exchange volatility, which makes standardization of metrics difficult.

5. Fast but subsidized growth: many regional platforms prioritize growth over profitability, subsidizing orders or deliveries, which delays the equilibrium point of unit economics.[55]​.

Strategic implications

Marketplaces in Latin America adjust their operational indicators to adapt to this context. Common strategies include:

• - Optimize the take rate: maintain balance between income and seller retention.

• - Control the CAC/LTV relationship: increase frequency and loyalty to compensate for lower tickets.

• - Reduce logistics costs: integrate fulfillment solutions or alliances with local operators.

• - Build trust and reputation: improve seller ratings and price transparency.

• - Diversify verticals: prioritize high-margin categories (home services, automotive, durable goods).

• - Monitor regulatory and exchange risks: adapt pricing and collection strategies according to country.

Summary

The unit economics of Latin American marketplaces follow universal principles —GMV, take rate, CAC, LTV, AOV, retention—, but require deep adaptations to the regional context. Platforms that balance growth and operational efficiency tend to be the most sustainable. Analyzing these metrics with regional sensitivity allows us to understand why profitability and formalization advance at different rates within the Latin American digital ecosystem.

• - Online market.

• - Last mile logistics.

• - Electronic commerce.

The participation of electronic commerce in retail sales in Latin America has grown steadily since the mid-2010s, boosted by mobile commerce and the expansion of local payment solutions (wallets, immediate payments, account-to-account transfers). Sector projections point to relevant increases in regional GMV in the medium term, with greater incorporation of SMEs into the digital channel.[12]​[13]​.

At the same time, mobile internet adoption and improved “consumer preparedness” are key enablers of growth.[14]​ Evidence suggests growing financial digitalization in Latin America and the Caribbean, with greater use of digital accounts and payments, favoring conversion to online channels.[15]​.

El ecosistema regional está compuesto por plataformas de distinta escala y especialización. Mercado Libre opera un modelo integrado que combina marketplace, pagos y logística, con inversiones crecientes en centros de fulfillment y capacidades de distribución regionales.[16]​[17]​ En Brasil también participan Amazon Brasil, Shopee, Magazine Luiza") y Americanas/B2W"), entre otros, en un mercado altamente competitivo y con inversiones relevantes en logística y tecnología.[18]​[19]​.

En el ámbito de servicios bajo demanda (on-demand) destacan Rappi y PedidosYa, presentes en múltiples países y con modelos que integran entregas, supermercados y servicios financieros, en entornos de alta competencia y ajustes de rentabilidad.[20]​[21]​.

Main players by vertical

Various studies by the Inter-American Development Bank, ECLAC and private market intelligence firms identify a set of leading companies by segment in the Latin American marketplace ecosystem. The verticals differ in degree of maturity, margins, frequency of use and type of logistical or financial integration.[22][23]​.

Note: The verticals and players partially overlap, as several regional business groups operate in multiple segments (for example, Mercado Libre combines retail, financial services and logistics).

The Latin American ecosystem combines B2C (retail), C2C" (classified and recommerce) and B2B (supplies and services for companies) models. The progressive integration fintech (payments, credit, buy now pay later) and logistics professionalization have allowed specialized verticals to scale —such as automotive, real estate, fashion and home services— with differentiated strategies of take rate, seller experience and control of the supply chain compliance.[10]​[31]​.

Regional traffic to marketplaces is concentrated in a small set of countries, which conditions expansion strategies and localization of operations.[32]​.

In Chile, information from the National Economic Prosecutor's Office released by the press has described Real Estate Portal") as an actor with a majority participation in property searches in the mid-2020s.[33]​.

The digitalization of payments has advanced significantly in Latin America and the Caribbean, favoring the conversion to online channels and financial inclusion. World Bank indicators show an increase in the use of digital accounts and payments by adults in middle-income economies, with relevant improvements in the region.[15]​ Policy and industry initiatives (immediate transfers, wallets and interoperable payments) have contributed to reducing the use of cash and formalizing transactions.[34]​[35]​.

Even so, consumer trust and user protection continue to be determining factors for repeat purchases and retention in marketplaces, especially in less formalized segments.[36]​.

El ecosistema de marketplaces en América Latina enfrenta una serie de desafíos estructurales que limitan su eficiencia y expansión plena. Las brechas en infraestructura logística, conectividad digital, formalización y marcos normativos generan costos adicionales y restringen la productividad del sector. Distintos organismos multilaterales coinciden en que una agenda coordinada entre el sector público y privado es esencial para consolidar un entorno competitivo, inclusivo y sostenible.[37]​[38]​.

Logistical and digital gaps

Logistics efficiency is one of the main bottlenecks of regional e-commerce. According to the Inter-American Development Bank, logistics costs in Latin America are equivalent on average to 15% of the value of the product—almost double that of developed economies—due to deficiencies in land transportation, storage, and last-mile traceability.[22]​

Digital infrastructure") presents disparities: while Chile and Uruguay exceed 80% broadband penetration, countries in the Caribbean and Central America maintain lags of more than 40%. The GSMA warns that nearly 230 million people still do not have access to mobile internet, and that closing the coverage gap will require more than USD 18 billion in investments by 2030.[39]​.

Regulation, competition and digital taxation

The regulation of marketplaces and digital platforms evolves heterogeneously between countries. Some – such as Brazil, Mexico and Chile – have made progress in defining digital taxes, consumer rights and responsibilities of intermediary platforms. Others still lack comprehensive frameworks on personal data, competition or cross-border trade.[40]​[41]​.

In terms of competition, the OECD and ECLAC point out the need to adapt antitrust and consumer protection tools to digital markets. Platforms tend towards concentration due to network effects, which requires vigilance of practices such as self-marketing, algorithmic discrimination or dependence on external sellers. Pro-competition regulation seeks to balance innovation and equity without discouraging investment in technological infrastructure.

Trust, security and consumer protection

Trust continues to be a determining factor in the adoption of e-commerce. Information asymmetries, the lack of quality standards and difficulties in resolving disputes reduce the frequency of online purchases. Studies by the World Economic Forum and the CAF highlight that the strengthening of digital identity, transparency in reputations and the interoperability of payment methods are essential conditions to consolidate user trust.[42]​[43]​.

Several countries have implemented online consumer protection laws, but regulatory fragmentation makes regional application difficult. Cooperation between agencies and regulatory harmonization—for example, in returns, refunds or data processing—are recommended by UNCTAD as a key step towards Latin American digital integration.[44]​.

Formalization, sustainability and work on platforms

Another structural challenge is the labor informality associated with the platform economy.

Likewise, the transition towards sustainable electronic commerce models includes the reduction of the logistics footprint, recyclable packaging and energy efficiency in distribution centers, topics that are increasingly relevant on the business and regulatory agenda in the region.[46]​.

Regional coordination and regulatory convergence

Organizations such as the Pacific Alliance and Mercosur have begun to discuss common standards in electronic commerce, data protection and digital taxation. Although still incipient, these initiatives aim to reduce regulatory costs and promote cross-border interoperability of platforms. ECLAC maintains that the region requires shared digital governance, which balances technological innovation with fair competition, consumer protection and economic inclusion.[47]​.

Marketplaces have facilitated the incorporation of SMEs and independent workers into the digital economy, creating service ecosystems (payments, credit, fulfillment, reputation) and new income opportunities; at the same time, they face debates about competition, consumer protection and working conditions in the platform economy").[48]​[49]​.

Los marketplaces que operan en América Latina miden su desempeño mediante indicadores clave de la economía unitaria (o unit economics) que permiten evaluar no sólo el volumen de operaciones, sino también la rentabilidad, sostenibilidad y eficiencia de sus modelos de plataforma. Estas métricas, aunque comparten definiciones internacionales, adquieren matices particulares en la región por factores como la informalidad, los costos logísticos, la penetración de pagos digitales y el ticket medio comparativamente menor.[50]​.

General definition and relevance

The concept of unit economics refers to the analysis of each operating unit—a transaction, a customer, or an order—in terms of revenue, variable direct costs, retention, marginal contribution, and expected value over time. In marketplaces, these metrics are essential because:.

• - Scalability depends on the marginal contribution per unit being positive or improving with volume.

• - The platform coordinates multiple agents (sellers, buyers, logistics services, payment systems), so unitary analysis allows bottlenecks to be isolated.

• - In Latin America, operational and structural challenges (logistics, informality, consumer confidence) make the unit margin narrower than in developed markets, requiring detailed monitoring of these metrics.

Main indicators and their application in the region

The indicators most used by Latin American marketplaces, their definitions and the particularities they present in the region are described below:

Structural factors that affect unit economics in Latin America

1. Logistics and geography: territorial dispersion, uneven infrastructure and last mile costs make order delivery more expensive, reducing the marginal contribution per order.[54]​

2. Payment methods and trust: the adoption of digital payments continues to grow, but the lack of trust and full banking limits the frequency of purchases.[42]​

3. Average ticket and purchasing power: in markets with lower purchasing power, tickets are lower, which requires more volume or higher repetition rates to cover fixed costs.

4. Regulatory and fiscal diversity: differences between countries generate compliance costs and exchange volatility, which makes standardization of metrics difficult.

5. Fast but subsidized growth: many regional platforms prioritize growth over profitability, subsidizing orders or deliveries, which delays the equilibrium point of unit economics.[55]​.

Strategic implications

Marketplaces in Latin America adjust their operational indicators to adapt to this context. Common strategies include:

• - Optimize the take rate: maintain balance between income and seller retention.

• - Control the CAC/LTV relationship: increase frequency and loyalty to compensate for lower tickets.

• - Reduce logistics costs: integrate fulfillment solutions or alliances with local operators.

• - Build trust and reputation: improve seller ratings and price transparency.

• - Diversify verticals: prioritize high-margin categories (home services, automotive, durable goods).

• - Monitor regulatory and exchange risks: adapt pricing and collection strategies according to country.

Summary

The unit economics of Latin American marketplaces follow universal principles —GMV, take rate, CAC, LTV, AOV, retention—, but require deep adaptations to the regional context. Platforms that balance growth and operational efficiency tend to be the most sustainable. Analyzing these metrics with regional sensitivity allows us to understand why profitability and formalization advance at different rates within the Latin American digital ecosystem.

• - Online market.

• - Last mile logistics.

• - Electronic commerce.