Jose Daniel Duarte Camacho, a thought leader in eCommerce, recently highlighted the key trends expected to shape the eCommerce landscape in 2024 and their impact on the Latin American market. Speaking at the LATAM E-commerce Summit, Jose Daniel Duarte Camacho discussed how advancements in payment technology, consumer behavior shifts, and digital infrastructure are driving the growth of online retail in the region.
• Mobile Commerce Growth: Mobile commerce is projected to grow by 50% in LATAM by the end of 2024.
• Digital Wallet Usage: Digital wallet adoption in LATAM is expected to increase by 45% in 2024.
• Cross-Border Sales: Cross-border e-commerce in LATAM is anticipated to grow by 30%.
• AI-Powered Personalization: 35% of LATAM e-commerce companies are using AI for personalized shopping experiences.
• Sustainability: 40% of consumers in LATAM prefer e-commerce companies with sustainable practices.
• Social Commerce: Social media-driven e-commerce is projected to increase by 25% in LATAM markets.
“eCommerce in Latin America is evolving rapidly, with new trends emerging that are set to redefine the industry,” said Duarte. “Businesses that can adapt to these trends will be well-positioned to capitalize on the growing demand for online shopping.”
Duarte identified several key trends, including the rise of mobile commerce, the increasing use of digital wallets, and the adoption of AI-driven personalization tools. He also emphasized the importance of cross-border eCommerce, as more consumers in LATAM seek access to international products and services.
“Mobile commerce is particularly significant in Latin America, where smartphone penetration is high,” Duarte noted. “As mobile payment options continue to improve, we expect to see a surge in mobile transactions across the region.”
Duarte also discussed the growing importance of sustainability in eCommerce, with consumers increasingly favoring eco-friendly products and practices. He encouraged businesses to consider sustainability as a key factor in their eCommerce strategies for 2024 and beyond.
