Mercadolibre to debut lending, logistics services in Brazil

Mercadolibre to debut lending, logistics services in Brazil

Chamber Articles Category: Industry News Post Date: 07/12/17 Source: Reuters By: Alberto Alerigi Jr.
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Argentine online marketplace Mercadolibre Inc is diving into areas like lending and logistics management, which once belonged exclusively to large financial and retail groups, to increase market share in Brazil, a top executive said.

The company's Brazil operations account for about half its business, Chief Operating Officer Stelleo Tolda said in an interview last week. He expects revenue at Mercadolibre to surpass B2W Cia de Varejo SA, Brazil's largest e-commerce company, this year.

Tolda said the strategy aims at preventing money that reaches Mercadolibre sites from leaving. Through mercadolivre.com in Brazil, the company competes with B2W - which owns the Submarino, Americanas.com and Shoptime marketplaces.

After a decade of being listed on the Nasdaq stock exchange, Mercadolibre has become Latin America's benchmark for e-commerce, providing technology infrastructure for small and large retailers to sell everything from candy to real estate online.

"We know we're just at the beginning. E-commerce in Brazil amounts to only 4 percent of retail sales today," Tolda said. Read Full Article