List of the fastest-growing international marketplaces
When planning for international expansion opportunities, it is crucial to identify the marketplaces experiencing rapid growth, as they offer better sales opportunities. This article aims to shed light on the fastest-growing international marketplaces across Latin America, Europe, and Asia.
International Marketplaces in Latin America
Why begin with Latin America? This region stands out for marketplaces’ pivotal role in e-commerce, constituting over 80% of total online sales in countries like Brazil. Unlike some regions, Latin America has a diverse marketplace landscape, with no single dominant player monopolizing the market. Let’s delve into the marketplaces that witnessed the most substantial growth in 2023.
Mercado Libre, the largest pure-play marketplace in Latin America, continued its unbroken growth trajectory, concluding 2023 with a remarkable 40% GMV increase compared to 2022. The platform also experienced a 29% user growth, surpassing 108 million active users.
Several factors contribute to this success, such as the widespread adoption of its payment solution, Mercado Pago, and extensive investments in digital and physical advertising.
Additionally, the recent introduction of Meli+, a rewarding loyalty program, helps engage consumers with its platform. Lastly, Mercado Libre extended its logistic services to more regions, facilitating same-day deliveries for millions of products across key markets, including Brazil, Mexico, Chile, Argentina, and Colombia.
Magalu is a 100% Brazilian marketplace based in São Paulo. It operates on a multi-channel model, with a presence in over 1300 physical stores and an online marketplace with 1P and 3P operations. Today, Magalu receives over 120 million monthly visits and has 300,000 registered sellers, a substantial increase from 2020 when they had only 32,000 sellers registered.
Over the past four years, Magalu has experienced an annual growth rate of 46%, reaching 10.7 billion reais in revenue in 2023, primarily attributed to online sales in the e-commerce channel. Specifically regarding 3P sales, the marketplace has enjoyed an average annual increase of 64%. In the second quarter of 2023, the marketplace achieved a revenue of 4.2 billion reais. When comparing the second quarter of 2022 to the same period in 2023, there was a 15% growth in sales volume, specifically for 3P sellers.
What has contributed to Magalu’s substantial growth? It can be attributed to its strong efforts to offer a great digital experience to its customers, including new logistic and fintech solutions, enhancing user experiences.
Carrefour Brazil launched its online marketplace in 2016 and, to this date, receives over 20 million monthly users. It has become one of the fastest-growing online marketplaces in Brazil, experiencing a growth rate of 35.2% in H1 2023 compared to the same period in 2022, according to Insider Intelligence. Data from Sociedade Brasileira de Varejo e Consumo also revealed a 101% growth in 3P sales in the marketplace from 2022 to 2021, highlighting the opportunity for sellers to thrive on this platform.
Coppel is an all-round marketplace in Mexico, offering an extensive range of over 2,050 product categories, including home appliances, electronics, clothing, beauty, and toys. Its online marketplace attracts more than 50 million monthly visitors, captivating customers through special promotions, advertisements, and campaigns. After the pandemic, Coppel experienced significant growth in its digital sales, achieving a remarkable 300% increase in sales through the marketplace. One of the main factors explaining Coppel’s growth is its provision of credit for customers to make purchases on the marketplace, with over 65% of customers utilizing this credit. This approach helps increase the purchasing power of consumers.
Amazon Mexico is among the fastest-growing Amazon markets globally. Initially, Mexican shoppers who used to buy directly from amazon.com shifted their preferences to amazon.com.mx. In 2022, Amazon Mexico set a new record, emerging as one of the fastest-growing Amazon markets worldwide. According to SimilarWeb, this marketplace recorded 100 million monthly visitors, marking a staggering 150% increase from 2020.
Similar to the growth of Amazon Mexico, Amazon Brazil is steadily expanding its presence and gaining market share. Visits to the platform have increased by 100% since 2020, with more people shifting their preferences from buying on Amazon.com to purchasing from Amazon Brazil.
International Marketplaces in Europe
In Europe, the e-commerce landscape is predominantly led by Amazon. In contrast to Latin America, where Amazon’s market presence represents less than 10%, it commands a significant share, especially in countries like Germany where it represents 50% of total online sales. Nevertheless, several smaller marketplaces have been steadily expanding, aiming to capture a larger portion of the market. We will highlight some of the platforms that have experienced sales growth in recent years.
Asos is a UK-based fashion marketplace that attracts 80 million monthly visitors across Europe. Its online marketplace was founded in 2010, making it a relatively new and developing platform. Despite its youth, it already boasts more than 900 sellers, and it is expected to continue growing.
Founded in 2008 in Germany, Zalando is one of the most recent and rapidly growing fashion marketplaces in Europe. The platform is dedicated to fashion and the sale of clothing and accessories. Currently, it attracts over 100 million monthly visits across 25 European countries.
Otto stands as the third-largest e-commerce company in Germany, trailing behind Amazon and eBay. In 2023, it recorded a 7% growth in GMV, as reported by ECDB. Otto boasts over 54 million monthly visits, showcasing over 1.8 million items across various categories, including clothing, furniture, kitchenware, toys, household items, and electronics.
International Marketplaces in Asia
Much like the dominance of Amazon and eBay in Europe and the United States, the Asian market is primarily led by Taobao and JD. Nevertheless, several emerging platforms are gaining traction, experiencing growth in both user engagement and sales.
Based in Indonesia, Tokopedia ranks among Asia’s largest marketplaces. With an impressive year-over-year growth of 44% in 2022, it has claimed the title of the fastest-growing internet marketplace in the region. Currently, the platform draws in over 100 million monthly visitors.
Headquartered in Singapore, Shopee, the flagship mobile-first marketplace of Sea Ltd, operates across seven Asia Pacific countries. Offering a wide array of products from third-party merchants and official brand-owned e-stores, Shopee achieved a remarkable 42.5% yearly growth in 2022, securing its position as the second-fastest-growing e-commerce platform in Asia.
Originally launched in 2017 as a specialized marketplace for agricultural products and edibles in China, Pinduoduo has experienced exceptional growth. In just five years, its user base skyrocketed from 50 million to over 750 million, with sales exceeding 100 billion USD.
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