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Calibrating the business expansion in Latin America

If your goal is to improve your business results in Latin America or you are wondering how to tackle this region correctly, this piece of content should be quite relevant for you!

I always start by mentioning how many people live in Latin America in order to impress the audience with how attractive is the region from a business perspective, definitely not from a business arena. I will do it one more time :), Latin America has more than 667 Million people divided into 33 countries,  a region of great potential.

Like in many places around the world, the pandemic has boosted the massive business opportunity for companies operating online, as Latin Americans become more and more accustomed to being connected online and spending more and more of their life in the digital world. 

Brazil, Mexico, and Argentina have established themselves as the countries with the highest percentage of eCommerce growth in the Latin American region and among the fastest-growing countries in the world, due to a strong rise in connectivity and the promise of greater banking access to the population. 

Companies in the fields of eCommerce, digital transformation, artificial intelligence and SaaS are well positioned to take advantage of the opportunity in Latin America, as customers are increasingly expecting a high-quality multi-channel user experience. eCommerce sales in Latin America are expected to maintain a yearly growth rate of 30% until 2025, Making the region’s eCommerce sector a hyper-growth market. B2B companies can win big in the region by following a recipe consisting of relevant content, the right channels and an appropriate market brand positioning. 

Key Market Metric. From where to takle the region?

Definitely, It will not be a wise decision tackle the entire region at once because Latin America is huge, so my first piece of advice is to prioritize the countries that could have more chances to match your product or service. Does your service or product have an easy adoption? is it “costly”? your service requires a high or low level of IT implementation? as we can imagine there are relevant variables to consider before rolling out your service in a specific country. 

Define the target group that will help you identify precisely which country of the 33 will be more receptive to your service.

Find below a brief introduction of the countries that represent more than 80% of the business potential in the region: Brazil, Mexico, Chile, Colombia, Peru and Argentina. Those insights could help you to start drafting your strategy in Latam. Keep in mind I will be more than happy to craft your strategy together with my team!

Find the rest of the countries ( Argentina, Chile, Colombia, and Peru): Click here

At Group goLocal, we understand both the European and Latin American markets. This is a great added value for you as we are able to fully localize your European business and help you expand successfully into Latam. Also, we can help you expand in Latin America in case your business has already been born in Latam. No matter where your Headquater office is, the goLocal Team is ready to help you roll-out your service in a Market with more than 667 million people!