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GENERAL METHODOLOGY OF MARKET REPORTS
Secondary Market Research
 The reports are compiled based on secondary market research. Secondary research is information gathered from previously published sources. Our reports are
based on information and data acquired from national and international statistical offices, industry and trade associations, business reports, business and
company databases, journals, company registries, news portals and many other reliable sources. By using various sources we ensure maximum objectivity for
reported data. As a result, companies gain a precise and unbiased impression of the market situation.
 Cross referencing of data is conducted in order to ensure validity and reliability.
 The source of information and its release date are provided on every chart. It is possible that the information contained in one chart is derived from several
sources. If this is the case, all sources are mentioned on the chart.
 The reports include mainly data from the last 12 months prior to the date of report publication. Exact publication dates are mentioned in every chart.
Definitions
 The reports take into account a broad definition of B2C E-Commerce, which might include mobile commerce. As definitions may vary among sources, exact
definition used by the source (if available) is included at the bottom of the chart.
Chart Types
 Our reports include text charts, pie charts, bar charts, rankings, line graphs and tables. Every chart contains an Action Title, which summarizes the main
idea/finding of the chart and a Subtitle, which provides necessary information about the country, the topic, units or measures of currency, and the applicable time
period(s) to which the data refers. With respect to rankings, it is possible that the summation of all categories amounts to more than 100%. In this case, multiple
answers were possible, which is noted at the bottom of the chart.
Report Structure
 Reports are comprised of the following elements, in the following order: Cover page, preface, legal notice, methodology, definitions, table of contents,
management summary (summarizing main information contained in each section of report) and report content (divided into sections and chapters). When
available, we also include forecasts in our report content. These forecasts are not our own; they are published by reliable sources. Within Global and Regional
reports, we include all major developed and emerging markets, ranked in order of importance by using evaluative criteria such as sales figures.
Notes and Currency Values
 If available, additional information about the data collection, for example the time of survey and number of people surveyed, is provided in the form of a note. In
some cases, the note (also) contains additional information needed to fully understand the contents of the respective data.
 When providing information about amounts of money, local currencies are most often used. When referencing currency values in the Action Title, the EUR
values are also provided in brackets. The conversions are made using the average currency exchange rate for the respective time period. Should the currency
figure be in the future, the average exchange rate of the past 12 months is used.

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METHODOLOGY OF THE CURRENT REPORT
Report Coverage
 This report covers the B2C E-Commerce market in Latin America. Four major markets in this region are covered, including Argentina, Brazil, Colombia and
Mexico. A broad definition of retail E-Commerce used by some original sources cited in this report might include both B2C and C2C E-Commerce.
 The report contains relevant information about international comparisons, market trends, B2C E-Commerce sales and shares, Internet users and shoppers,
products, payment methods, delivery and players.
Report Structure
 The report starts with an overview of the regional E-Commerce market, regional and country comparisons in terms of criteria relevant to B2C E-Commerce, such
as sales and Internet penetration. The rest of the report is divided into country chapters, presented in the descending order of retail E-Commerce sales. Data
availability varied by country.
 Each country description starts with an overview of the market, highlighting the overall B2C E-Commerce development in the respective countries.
 Next, the “Trends” section includes an overview of market trends, such as M-Commerce and cross-border online shopping.
 The section “Sales & Shares” covers the development of retail B2C E-Commerce sales and E-Commerce’s share of total retail sales.
 In the “Users & Shoppers” section, information about Internet penetration and online shoppers is included.
 Afterwards, the section “Products” shows the leading product categories purchased online.
 The next section, “Payment”, covers the payment methods most used by online shoppers.
 Furthermore, the “Delivery” section covers information related to delivery in B2C E-Commerce.
 Finally, the “Players” section includes information about the leading B2C E-Commerce companies, including rankings of top online shopping platforms by sales,
website visits, awareness and usage rates by online shoppers, where available.

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DEFINITIONS
 B2C E-COMMERCE
the sale of products (and services) through electronic transactions via the Internet from businesses to consumers
(B2C). A broader definition of retail E-Commerce applied by some sources also includes consumer-to-consumer
(C2C) sales.
 E-COMMERCE SALES
the total sales generated either on the E-Commerce market in a certain country or region, or the total sales
generated through E-Commerce by a player on the market.
 INTERNET USERS the total number of inhabitants in a certain country that regularly accesses the Internet.
 ONLINE SHOPPERS the total number of inhabitants in a certain country or region that participates in B2C E-Commerce.
 M-COMMERCE
M-Commerce, also called “Mobile Commerce”, means the sale of products (and services) through electronic
transactions via mobile devices, such as mobile phones, tablets and smartphones.
 OMNICHANNEL
an approach to retail that strives to provide the customer with the seamless shopping experience across all retail
channels, such as in-store, online and mobile.
 CROSS-BORDER E-COMMERCE
the sale of goods (and services) directly to consumers in other countries, with orders delivered from the country
where the foreign shop is based or from a central logistics facility, i.e. across the country’s borders.
 SOCIAL COMMERCE
the use of social media in E-Commerce transactions, where social networks and other social media platforms
assist the selling and buying of products and services online.
 E-COMMERCE MARKETPLACE
platforms where third-party merchants (B2C) or individuals (C2C) can sell their digital or physical products online
whereas the marketplace operator acts as an intermediary.
 GROSS MERCHANDISE VALUE
abbreviated as GMV, a total value of successfully completed transactions between buyers and sellers on a
marketplace. Depending on the source, might include shipping costs.
The following expressions and definitions are used in this market report*:
Note: *the definitions used by the original sources might differ from the ones stated on this chart; the exact definition used by each source, where available,
is included on the respective charts

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TABLE OF CONTENTS (1 OF 6)
1. Management Summary
2. Overview & International Comparisons
• Breakdown of Global Retail E-Commerce Sales by Regions, incl. Latin America, in %, 2017
• B2C E-Commerce Sales, by Desktop, Mobile and Total, in USD billion, and CAGR, in %, 2017 - 2022f
• Breakdown of Retail E-Commerce Sales in Latin America by Country, in %, 2017
• B2C E-Commerce Sales in Selected Countries in Latin America, in USD billion, 2017 & 2020f, and CAGR, in %, 2017-2020f
• E-Commerce Penetration in Selected Countries in Latin America, in % Total Retail Sales, 2018f
• Year-on-Year E-Commerce Sales Growth in Selected Countries in Latin America, in %, 2017 vs. 2016 and 2018f vs. 2017
• Online Travel Sales, by Argentina, Mexico, Brazil, Other Countries of Latin America, in USD billion, and CAGR, in %, 2016 - 2021f
• Online Shopper Penetration, in % of Internet Users, by Region, 2017e
• Share of Transactions Conducted via Mobile, in % Online Transactions, by Region, Q2 2018
• Mobile Payment User Penetration, in % of Internet Users, by Regions and China, Q4 2015 & Q2 2017
• Breakdown of E-Commerce Transactions by Channel/ Device, in %, Q4 2017
• Cross-Border Online Shopper Penetration, by Selected Countries, in % of Online Shoppers, May 2018
• Use of Second Factor Authentication Systems in E-Commerce, incl. Methods Used and Attitude, in % of Banked Online Shoppers, by Selected
Countries, 2017
• Top 10 B2C E-Commerce Sites, by Unique Visitors, in millions, May 2018
3. Brazil
3.1. Overview
• B2C E-Commerce Market Overview, October 2018
3.2. Trends
• Breakdown of E-Commerce Transaction Volume, by Device Used, in % Transactions, February 2017
• M-Commerce Sales, in USD billion, and Year-on-Year Change, in %, 2016 - 2021f
• M-Commerce Sales, in BRL million, Average M-Commerce Order Value, in BRL, and Number of Purchases, in millions, Q1 2017 & Q1 2018
• B2C E-Commerce Conversion Rate, in %, by Computer and Mobile, 2017
• Product Categories Purchased via Mobile, in % of Mobile Shoppers, March 2018
• Cross-Border Online Spending, in USD billion, and Year-on-Year Change, in %, 2014 - 2017
• Cross-Border Online Shopper Penetration, in % of Internet Users in Brazil, October 2017
• Product Categories Purchased in Cross-Border Online Shopping, in % of Cross-Border Online Shoppers in Brazil, 2016 & 2017
• Breakdown of Frequency of Webrooming and Showrooming, in % of Online Shoppers, 2017

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TABLE OF CONTENTS (2 OF 6)
3. Brazil (Cont.)
3.3. Sales & Shares
• B2C E-Commerce Sales, in BRL billion, and Year-on-Year Change, in %, 2011 – 2018e
• B2C E-Commerce Sales Forecasts, by 4 Comparative Estimates, in BRL billion and in USD billion, and CAGR, in %, 2015 - 2022f
• E-Commerce Share of Retail Sales, in %, 2018f
• E-Commerce Share of Total Retail Sales, in %, 2018e & 2022f
3.4. Users & Shoppers
• Internet Penetration, in % of Individuals, 2017 & 2022f
• Number of Online Shoppers, in millions, and Year-on-Year Change, in %, 2013 - 2017
3.5. Products
• Product Categories Purchased Online, in % of Online Shoppers, May 2018
• Top 10 B2C E-Commerce Product Categories by Share of Number of Purchases and Value of Sales, in %, 2017
• Online Travel Sales, in USD billion, and in % Year-on-Year Change, 2016 – 2021f
3.6. Payment
• Payment Methods Preferred in E-Commerce, in % of Online Shoppers, May 2018
• Share of Top 10 B2C E-Commerce Payment Methods of Orders Placed and Approved Orders, in %, and Approval Rate by Payment Method, in
%, 2017
• Breakdown of Payment Methods Used in M-Commerce, in % of Mobile Shoppers, August 2018
3.7. Delivery
• Share of Online Purchases Made With Free Shipping, by Market Average and Top 10 Online Retailers, in %, Q2 2016 – Q2 2018
• Logistics Services Used, in % of Online Retailers, 2015 & 2017e
• Top 10 Factors Influencing Where to Make an Online Purchase, incl. Delivery-Related, in % of Online Shoppers, May 2018
3.8. Players
• Top 10 B2C E-Commerce Sites, by Unique Visitors, in millions, May 2018
• E-Commerce Apps or Websites Most Used for Mobile Shopping, in % of Mobile Shoppers, March 2017 & March 2018
• Top 15 E-Commerce Retailers, by Revenues, incl. E-Comm. Websites, Company Type, Category, E-Commerce Revenues, in BRL million,
Growth, in %, and E-Commerce Share of Revenues, in %, 2016

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TABLE OF CONTENTS (3 OF 6)
4. Argentina
4.1. Overview
• B2C E-Commerce Overview and International Comparisons, October 2018
4.2. Trends
• M-Commerce Sales, in USD billion, and M-Commerce Share of Retail E-Commerce Sales, in %, 2017 - 2022f
• Breakdown of Devices Used in Last Online Purchase, in % of Online Shoppers, 2016 & 2017
• Cross-Border Online Shopper Penetration, in %, May 2018
• Top 3 Product Categories Purchased Cross-Border, in % Cross-Border Online Shoppers, May 2018
4.3. Sales & Shares
• Retail E-Commerce Sales, in ARS billion, by B2C and C2C, 2014 - 2017
• Retail E-Commerce Sales, in ARS billion, 2008 - 2017
• B2C E-Commerce Share of Total Retail Sales, in %, 2017
4.4. Users & Shoppers
• Information Technology Penetration, by Internet, Computer and Mobile Phone, in % of Individuals, by Age Group, Q4 2016 & Q4 2017
• Online Shopper Penetration, in % of Internet Users, in %, 2008 - 2017
• Breakdown of Frequency of Shopping Online, in % of Online Shoppers, 2016 & 2017
• Top 5 Motivations to Purchase Online, in % of Online Shoppers, 2017
• Perceived Disadvantages of Online Shopping, in % of Online Shoppers, 2016 & 2017
4.5. Products
• B2C E-Commerce Sales by Product Categories, in ARS billion, 2014 – 2017
4.6. Payment
• Breakdown of E-Commerce Sales by Payment Methods, in %, 2016 & 2017
4.7. Delivery
• Breakdown of Delivery Methods Used in E-Commerce, in % Deliveries, 2016 & 2017
• Breakdown of E-Commerce Shipments, by Delivery Time, in %, 2016 & 2017

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TABLE OF CONTENTS (4 OF 6)
4. Argentina (Cont.)
4.8. Players
• Top 10 E-Commerce Websites/Apps Ranked by Number of Orders Received, February 2018
• Top 4 E-Commerce Websites, incl. Total Website Visits on Desktop and Mobile, in millions, Argentina’s Share of Total Visits on Desktop, in %,
September 2018
5. Mexico
5.1. Overview
• B2C E-Commerce Market Overview, October 2018
5.2. Trends
• Number of Internet Users by Device Used to Access the Internet, in millions, and Penetration, in % of Internet Users, May 2016 & May 2017
• Product Categories Purchased Online by Device, in % of Online Shoppers, August 2017
• M-Commerce Sales, in USD billion, and Year-on-Year Change, in %, 2016 - 2021f
• Transactions Conducted via Mobile App, in % of Mobile Device Owners, August 2017
• Omnichannel Shopping Behavior, in % of Internet Users, July 2018
• Cross-Border Online Shopper Penetration, in % of Online Shoppers in Mexico, 2016 & 2017
• Top Countries/Regions for Cross-Border Online Purchases, in % of Cross-Border Online Shoppers in Mexico, 2016 & 2017
• Breakdown of Online Shoppers by Cross-Border and Domestic Shoppers, in %, May 2017
5.3. Sales & Shares
• B2C E-Commerce Sales, in MXN billion, 2016 – 2018f & 2020f
• B2C E-Commerce Share of Total Retail Sales, in %, 2018f
5.4. Users & Shoppers
• Number of Internet Users, in millions, and Penetration, in % of Individuals, 2011 - 2017
• Number of Online Shoppers, in millions, and Penetration, in % of Internet Users, May 2015 – May 2017
• Online Shopper Penetration, in % of Internet Users, July 2018
• Top 3 Reasons for Shopping Online, in % of Online Shoppers, December 2016 & July 2018
• Top 3 Reasons for Not Shopping Online, in % of Internet Users Who Do Not Shop Online, December 2016 & July 2018

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TABLE OF CONTENTS (5 OF 6)
5. Mexico (Cont.)
5.5. Products
• Product Categories Purchased Online, in % of Online Shoppers, May 2017
• Product Categories Purchased Online, in % of Online Shoppers, and Average Quarterly Online Spending per Category, in MXN, 2016 & 2017
5.6. Payment
• Online Payment Methods Used in E-Commerce, by Device Used, in % of Online Shoppers, August 2017
• Offline Payment Methods Used in E-Commerce, by Device Used, in % of Online Shoppers, August 2017
5.7. Delivery
• Actions Taken by Online Shoppers to Qualify for Free Shipping, in % of Online Shoppers, Q3 2017
5.8. Players
• Top 10 E-Commerce Sites, by Unique Visitors, in millions, May 2018
6. Colombia
6.1. Overview
• B2C E-Commerce Overview and International Comparisons, October 2018
6.2. Trends
• Devices Used to Access the Internet, in % of Internet Users, July 2017
• Breakdown of Devices Used in E-Commerce, in % of Online Purchases, 2017
6.3. Sales & Shares
• B2C E-Commerce Sales, in COP trillion, 2016 & 2017
• E-Commerce Share of Retail Sales, in %, 2017
6.4. Users & Shoppers
• Internet Penetration, in % of Individuals, 2016 & 2017
• Breakdown of Online Shoppers, by Age Group and Gender, in %, July 2017
• Online Activities Performed at Least Weekly, by Smartphone and Desktop/ Laptop, in % of Internet Users, April 2017

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TABLE OF CONTENTS (6 OF 6)
6. Colombia (Cont.)
6.5. Products
• B2C E-Commerce Sales by Product Categories, in COP billion, 2016 – 2018f & 2022f
6.6. Payment
• Breakdown of Payment Methods Used in E-Commerce, in % of Online Shoppers, 2016 & 2017
• Breakdown of E-Commerce Card Payment Transactions, by Credit Card and Debit Card, in %, 2016 & 2017
6.7. Delivery
• Top Reasons for Not Shopping Online, incl. Delivery-Related, in % of Internet Users Who Do Not Shop Online, 2017
6.8. Players
• Top 20 E-Commerce Websites/Apps Ranked by Number of Orders Received, H1 2017

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1. Management Summary 13 – 18
2. Overview & International Comparisons 19 – 33
3. Brazil 34 – 63
4. Argentina 64 – 83
5. Mexico 84 – 106
6. Colombia 107 – 120

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0,9%
1,8%
0% 1% 2% 3% 4%
Mobile
Computer
Conversion Rate in %
In 2017, the B2C E-Commerce conversion rate on computers in Brazil
(1.8%) was two times higher than conversion on mobile.
Brazil: B2C E-Commerce Conversion Rate, in %, by Computer and Mobile, 2017
Overview Sales & Shares DeliveryProductsUsers & Shoppers PlayersPaymentTrends
Note: based on the analysis of transactions in 1,000 online stores connected to Atlas, an intelligence tool for E-Commerce
Source: Atlas, Neomove, January 2018

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18-24
19,9%
25-54
63,4%
55-64
10,9%
65+
5,8%
GenderAge Group
Male
51,9%
Female
48,1%
As of July 2017, 63% of online shoppers in Colombia were between
25 and 54 years old, and 51.9% were male.
Colombia: Breakdown of Online Shoppers, by Age Group and Gender, in %, July 2017
Note: may not add up to 100% due to rounding
Source: The Coctail Analysis, Analistas Financieros cited by eMarketer, December 2017
Overview Sales & Shares DeliveryProductsUsers & Shoppers PlayersPaymentTrends

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