Photo: Mercado Libre

By THE PULSE NEWS MEXICO STAFF

Blame it on the pandemic lockdown, but as of late October, the Argentine online sales company Mercado Libre had surpassed the U.S.-based discount store Walmart in stock value in Mexico.

Mercado Libre is now valued at just over $73 billion, and its quick-delivery and dependable follow-up service have made it a godsend for Mexicans still cooped up in their homes waiting for the pandemic to recede.

According to Mexican stock market (Bolsa de Valores) analysts, Walmart México is currently valued at about $45 billion.

Until recently, Mercado Libre had gotten a bad rap in Mexico and many consumers had avoided the internet site due to concerns regarding delivery reliability.

But with so many Mexicans no longer willing to venture out to brick-and-mortar stores, the Mercado Libre’s sales began to skyrocket in March and April.

Mercado Libre — whose name literally translates to Free Market — was first established in Buenos Aires in the year 2000, and it currently has nearly 200 million users across Latin America, making it the region’s most popular e-commerce site.

…Nov. 10, 2020

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