When Latin American cities began locking down in March 2020, it seemed like an existential crisis for MercadoLibre Inc., the region’s dominant e-commerce platform. Sales slowed to a trickle—for about a week. Then they bounced back, and soon they were above where they’d been a year earlier.
MercadoLibre’s e-commerce revenue increased 90% in 2020 as Covid accelerated the shift toward online shopping, according to Bloomberg Intelligence. The number of buyers on its marketplace grew 40%, to 65 million, in the 12 months ended on March 31. “We moved forward three to five years, depending on the country,” says Marcos Galperin, the company’s co-founder and chief executive officer. “There’s no going back.”
If MercadoLibre is changing the way Latin Americans shop, investors seem even more excited about how it’s changing the way they pay. Payment volume at MercadoPago, the company’s financial tech arm, increased 75% last year, to $50 billion, as merchants incorporated the ability to pay through smartphone apps or QR codes. The company also more than doubled the portfolio of its lending business. In 2018, Goldman Sachs Group Inc. estimated that 40% of MercadoLibre’s value came from its financial- services arm; today it’s 60%.
Bu hikaye Bloomberg Businessweek dergisinin June 28, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Bloomberg Businessweek dergisinin June 28, 2021 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers