MercadoLibre Operation Strategy: Expanding the Latin American Market and KYC Audit Guide

As a well-known e-commerce platform in Latin America, MercadoLibre has been working in the e-commerce industry for 24 years and has successfully entered the top ten e-commerce platforms in the world. Meikeduo’s e-commerce sales have an annual growth rate of 19%, but online retail only accounts for 3% of the overall market, showing the huge potential of this market. Although Meikeduo is favored by internationally renowned platforms, there are currently not many Chinese sellers on the platform, which means that for Chinese sellers, Meikeduo is a blue ocean, waiting for their exploration and expansion.

Operation skills and store upgrade methods

Store operation skills

• Data adjustment and product selection: Use the data provided by Meikeduo such as product turnover rate, sales potential and consumer purchasing trends to rationally adjust product selection to ensure that products meet market demand.
• Promotional activities: Organize promotional activities to increase product sales and attract more consumers to buy.
• Advertising: Actively place ads to increase product exposure and increase store traffic and sales.
• Cooperate with platform activities: Cooperate with platform activities, actively prepare and ship goods, and increase product sales during the event.
• Category operation: Adopt different operation methods for different categories of products to ensure targeted store operations.
• Seller profile analysis: Understand the seller profile and understand the needs of the target audience to better meet their shopping needs.
• Quality control: Ensure the high quality of supply chain resources, ensure the quality of products, and improve buyer satisfaction.

Store upgrade method

• Increase store reputation: Complete a certain number of orders as soon as possible after opening the store to improve the store’s reputation, which will help the store’s stable development.
• Attack on Platinum Stores: Increase the store’s sales until it meets the requirements of a Platinum store, thereby improving the store’s status.
• Multiple store operations: Meikeduo is more tolerant of multiple stores and tries to operate store groups to expand more business.
• Sufficient inventory: Ensure that the store has sufficient inventory to support the upgrade and development of the store.

KYC Audit Guide

The KYC (Know Your Customer) review of the MercadoLibre platform is an important process, which ensures the security of the platform and the credibility of transactions. For sellers, successfully passing the KYC review is a critical step in starting a business. Some common questions will be answered below to help sellers better understand and successfully pass the KYC review.

FAQ

• Is there a limit to the number of submissions of KYC review materials?
  • Answer: There is no limit on the number of submissions of KYC review materials. Sellers can submit information multiple times for review until passed. However, sellers should note that during the process of submitting information, if the review team discovers forged information or other serious violations, the store may be closed or permanently banned.
• Can sellers return to the previous step to modify the information when submitting information?
  • Answer: During the KYC review process, you cannot go back to the previous step to modify the information. Therefore, it is recommended that sellers carefully check the information multiple times when filling in the information to ensure the accuracy and completeness of the information to avoid errors or omissions.
• Can I withdraw the modified data after submission?
  • Answer: No, once the submission is completed, it cannot be withdrawn. You can only wait for the official review team to review it. If it is returned, you can make modifications.
• When it comes to KYC, under what circumstances will Meikeduo freeze its store?
  • Answer: For new sellers, the store will be frozen after successful registration, and normal sales will not be available until the KYC review is completed. For stores that are already in normal sales but have not passed the KYC review, they need to submit review materials within 17 days after the official KYC review notice is sent. During this period, the store can sell normally. If the review information is not submitted within 17 days, or the submitted information is returned without approval, the store will be frozen.
• What are the restrictions on frozen stores?
  • Unable to sell: A frozen store will not be able to accept new orders or conduct sales activities.
  • Unable to create shipment: The seller cannot create a new shipment for shipment.
  • Unable to put products on shelves: A frozen store will not be able to put new products on the shelves or re-list existing products.
  • Unable to modify store information: Sellers cannot modify store descriptions, icons and other information.

It should be noted that although the store is frozen, the unprocessed orders that have been generated still need to be processed normally by the seller to ensure the rights and interests of buyers. At the same time, frozen stores will not affect sellers’ refund operations for existing orders.

Through the above answers, we hope to solve some common problems that sellers have during the Meikeduo KYC review process. On the premise of providing accurate and true information and complying with platform regulations, I believe that sellers will be able to successfully pass the KYC review and conduct business on the Meikeduo platform.