Founded in 1999, Mercado Libre (Chinese name “Meikeduo”) is the largest e-commerce platform in Latin America and one of the most visited retail websites in the world. It is known as the “South American version of eBay”. Mercado Libre has 19 national sites in Latin America, with an average of 1 million products sold every day and 6,000 searches per second.
1. Reasons for choosing Mercado Libre.
Although the European and American markets have always been hot spots for cross-border e-commerce, Latin America is gradually becoming one of the fastest growing e-commerce markets in the world, with the Mexican market developing particularly rapidly. Mercado Libre’s traffic in this region exceeds Amazon, mainly due to two reasons:
1. Mercado Libre is the largest e-commerce platform in South America, often called the “eBay of Latin America”, with a relatively stable low-consumption group, a bit similar to Taobao in China.
2. One of the main reasons for the large traffic of Mercado Libre is that it has its own mobile payment support platform, providing services to nearly 300 million users, and its development momentum is rapid.
2. Advantages of the Mercado Libre platform.
Comprehensively consider the following seven aspects:
1. One account, operating in multiple countries.
2. Language barrier-free: English backend, product listing and customer service platform are automatically converted into local language (Portuguese/Spanish), eliminating language barriers and improving customer experience.
3. Local warehouse and delivery service in Mexico.
4. Flexible payment and collection: Support users’ local currency and common settlement methods for payment, and sellers settle in US dollars.
5. Wide coverage of the Latin American market and a large user base.
6. Wide coverage of categories, in line with the advantages of Chinese sellers.
7. Latin American competition is currently small, providing broad opportunities for Chinese sellers.
Meikeduo has covered 18 Latin American countries including Brazil, Argentina, Mexico, Chile, Colombia, etc., with 121 million registered users, while the population of Latin America is estimated to be about 627 million. MercadoLibre occupies a leading position in the e-commerce market in Latin America.
III. Store opening related information
(I) Business license of the company.
(II) Front and back of the legal person’s ID card.
(III) Cross-border e-commerce platform operation experience:
1. Store link of mainstream cross-border platform (Amazon FBA sellers are preferred).
2. The store must achieve an average monthly sales of more than USD 60,000 and a customer unit price of more than USD 25.
3. Store transaction screenshots.
(IV) Shipping plan.
(V) Cross-border payment account of a third-party payment collection agency.
For many Latin American residents, Chinese products have great advantages. Most Latin American countries are developing countries with limited income and low living standards, so they often cannot afford many brand products from Europe, the United States and Japan. At this time, Chinese products are very popular in South American countries, mainly because Chinese products are of guaranteed quality and relatively low price, and are good value for money. As the largest e-commerce platform in Latin America, Meikeduo provides new sales growth opportunities for Chinese third-party sellers. With its strong market coverage and advantageous categories, Chinese sellers are expected to gain more business opportunities and performance growth on the Meikeduo platform.