📈: The H1 2023 results are in!
Regional GMV surpassed the $10 billion mark for the first time in Q2. As has been the case for the past several quarters, #Brazil and #Mexico drove these gains. However, it was the first time that Mexico overtook #Argentina to become its second-largest market.
Zooming out to the first half of the year, GMV was up 23.0% year-over-year, reaching nearly $20 billion. For context, that's roughly on par with the $20.93 billion worth of #retail ecommerce sales transacted on its platform in the region in ALL of 2020.
This strong performance in H1 bodes well for the second half of the year, putting it on track to reach nearly $41 billion in sales by the end of 2023, per our most recent Insider Intelligence | eMarketer forecast.
Mercado Ads continued to grow at lightning speed. Digital advertising revenues were up 60.6% YoY in H1 2023, representing 1.5% of total GMV in #LatinAmerica.
These figures were on target with our preliminary projections for Mercado Libre's retail media business in the region. We expect its share of Latin America's digital ad market to nearly double between 2021 and 2023, representing approximately 4% of total digital ad spending by year-end.
Mercado Libre broke a new record for same- and next-day deliveries as fulfillment penetration rose. Same-day or next-day shipments reached 56% of total deliveries—the highest level in the company's history—while almost 80% of shipments were delivered within 48 hours across Latin America.
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