$MELI covers the Latin American region, which has a population of around 640 mio people, 362 million internet users, and 200 million online shoppers. Surprisingly only 4.4% of all retail purchases in 2019 were made online. Penetration rate has now increased to around 10%!

Right now, 68% of people have mobile subscriptions, meaning there is still a largely unutilized market of potential customers both for eCommerce and the Mercado Pago

According to Statista and eMarketer ECommerce sales are expected to grow at a CAGR of around 12% in LATAM over the next 3 years. However this is not indicative of how much MELI is expected to grow. In Q3 revenue grew 85% YOY (). Furthermore GMW grew 63% and UAU 93%

$MELI is widening its moat - The company is investing alot in its logistics network. It recently opened its first fulfillment centers in Chile and Colombia, and now have more than 1,300 package dropoffs in Brazil to help reduce shipping costs