Mexico E-commerce Contributes 5.9% to GDP in 2022

E-commerce for goods and services contributed 5.9% to the national GDP in 2022, up from 4.9% in 2021, according to recent data from the National Institute of Statistics and Geography (INEGI).

This growth gained momentum following the economic recovery from the pandemic-induced social isolation measures. The exponential expansion of the e-commerce sector resulted in approximately MX$102.4 billion in annual gross value added, equivalent to over MX$1.75 trillion. Retail accounted for 23% of e-commerce revenues, while wholesale and other services contributed 19.4% and 57.3%, respectively. 

An emerging trend in consumer behavior is the increasing preference for non-cash payment methods. Credit card transactions in Mexican e-commerce grew by 7.4% in the last year, while debit card transactions experienced a 4.5% decline. However, the overall usage of both credit and debit cards in e-commerce surged by 21.9% compared to 2021, generating revenues exceeding MX$609 billion.

Moreover, payments via debit and credit cards saw significant increases, with debit card transactions rising by 16.6% to MX$284 billion and credit card transactions growing by 26.9% to MX$325 billion in 2022. The year recorded a total of MX$4.1 billion in transactions, of which 20.3% were exclusively e-commerce purchases.

Forecasts anticipate substantial growth in Mexico's e-commerce revenues, projected to rise from approximately US$38 billion in 2024 to around US$59 billion by 2028. However, the forecast indicates a slight overall decrease in the e-commerce market between 2024 and 2028, with an estimated change of 7.3%, according to Statista's Digital Market Insights.

In addition to its economic impact, e-commerce is reshaping consumer behavior and market dynamics. With more people embracing online shopping, businesses are adjusting their strategies to capitalize on this trend. The convenience and accessibility of e-commerce platforms have become increasingly attractive to consumers, fueling growth in online sales across various sectors and channels.

The surge in e-commerce has also prompted innovation in payment methods and logistics, with companies investing in secure online payment systems and efficient delivery networks to meet customer demands. Others are incorporating technology into the physical shopping experience to offer new opportunities for businesses to reach customers and expand their market reach.

As consumers seek personalized shopping experiences and seamless transactions, retailers are investing in digital marketing strategies and user-friendly online platforms to enhance the overall shopping experience.

Despite its rapid growth, the e-commerce sector faces challenges, including cybersecurity threats, logistical constraints, and regulatory hurdles. According to the LATAM CISO Cybersecurity Report 2023, retailers with tightly integrated supply chains often lack contractual agreements regarding specific security levels with partners, putting them at risk of being compromised through supplier vulnerabilities. Currently, only 38% of retailers pinpointed the protection of data and systems against cyberattacks as one of their foremost concerns, while just 34% ranked the security of their data and systems among their top three priorities.