Group 1 - Mercado Libre (Meli) is the largest and most successful internet company in Latin America, comparable to Alibaba in China and Sea in Southeast Asia, with significant e-commerce and fintech operations [1][4] - Meli was founded in 1999 in Argentina and has been in the market for over two decades, establishing a comprehensive business system [1][9] - The company's stock performance was relatively modest until 2019, with an annual return rate of only 12% prior to the pandemic, after which it experienced explosive growth [1][11] Group 2 - Meli's business structure consists of two main pillars: e-commerce and fintech, with the e-commerce segment including commissions, logistics, payments, and advertising [4][5] - The fintech segment has expanded beyond on-platform payments to off-platform services, contributing significantly to Meli's overall revenue [5][6] - By Q1 2025, Meli's credit business revenue was approximately 78% of its payment business revenue, indicating a strong growth trajectory [6][7] Group 3 - The Latin American e-commerce market is still in its early stages, with a projected market size of approximately $175 billion by 2024, significantly smaller than mature markets like the US and China [14][15] - Brazil and Mexico account for about 80% of the e-commerce market in Latin America, with Brazil alone representing 44% of the total market [17][19] - Historically, the growth rate of the e-commerce sector in Latin America has been slower compared to Southeast Asia, with pre-pandemic growth rates between 13% and 19% [19][21] Group 4 - Meli holds a dominant position in the Latin American e-commerce market, with a market share of approximately 26% in 2023, significantly ahead of its nearest competitor, Amazon, which holds only 5% [31][34] - In Brazil, Meli's market share is projected to be around 34% in 2024, while in Mexico, it is about 22% [35][36] - The competitive landscape includes players like Shopee and Magazine Luiza, with Shopee rapidly gaining market share in Brazil [36][39] Group 5 - Meli's logistics capabilities are a key competitive advantage, with over 90% of its orders fulfilled through its own logistics network, enhancing delivery speed and reliability [71][75] - The company has developed a comprehensive logistics system that includes drop-shipping, cross-docking, and fulfillment, allowing for efficient order processing [69][71] - Meli's ability to provide fast delivery times, often within one to two days, positions it favorably against competitors [73][75]
Mercado：拉美“阿里”慢功夫的千亿市值路
3 6 Ke·2025-07-10 11:11