Latin America’s largest e-commerce company, Mercado Livre, announced investments of R$19 billion (US$3.6 billion) in Brazil in 2023, an increase of 11.5% compared to the investments made in 2022 in the country.
The growth in investments is due because Brazil being the Argentine company’s primary market.
In 2022, the country represented 54% of Mercado Livre‘s net revenue.
There were an impressive 40 sales per second through the site last year.
The R$9 billion will have a few fronts: technology, the digital bank (Mercado Pago), and Mercado Livre’s logistics operations base, which should allow increasing the number of cities with fast deliveries on the same day or the next day.
The marketing area is also focused on accelerating the development of Mercado Ads, the company’s digital advertising business.
The resources will also be directed to strengthen Brazil’s technology, products, and logistics teams.
“We have one of the most competitive environments in the world here, which motivates us even more to follow our commitment to the sustainable and profitable development of our operation,” said, in a statement, Fernando Yunes, senior vice president of Commerce and leader of Mercado Livre in Brazil.
With information from Revista Oeste