The Argentinian e-Commerce: A Double Edged Sword
The Argentinian e-commerce market is the third largest in Latin America with an estimated US$3.1 Billion in sales in 2013.
However, this January, the Argentinian government imposed control and increased taxes on goods bought online from foreign stores. Items purchased through international websites are subject to a 50% tax. Anyone buying abroad is now required to sign a declaration at the customs office where the package is to be collected. The Argentinian government worried about the devaluation of the Peso enforced this embargo to protect its currency.
Interestingly, since the “foreign embargo” local e-commerce sites like DealExtreme and AliExpress have seen record sales growth. 40% of the Argentinian population is making daily online purchases. The Argentinian preferred online payment methods are credit cards and electronic fund transfers. The Argentinian e-commerce market is clearly a market to watch.
Argentina is one of nine global “high-growth markets,” expected to account for 21.7% of global revenue in 2018. Additionally, the Millennia demographic is substantial in Argentina, with 65% of the population aged from 15 to 34 years old; providing huge opportunities for e-commerce sites specializing in fashion for the youth demographic. Lastly, social media usage is exponential in Argentina. Argentina is number three in the world for most hours spent on social media each month. They spend the majority of their time on Facebook, Twitter, Tumblr and Instagram.
My recommendation is to closely watch the Argentinian e-commerce developments and engage with audience on social media.
Below are some fashion bloggers you might want to follow:
- Ivana, 21 years old graphic designer student from Buenos Aires, Argentina. http://www.the-closet.com.ar/
- Sofía Zámolo, named Argentina’s Fashion “It” Blogger – she has been featured in Marie Claire, Bazar and more http://www.cmqstyle.com/
- Flor Pereira is a 26 years old fashion blogger, http://pennylaneblog.com/
- Lucia Martinez is an active fashion blogger who travels between Miami and Buenos Aires – http://thestyleoflucia.com/
- Pamela is a prominent video blogger in Argentina – check her out http://fashion-diaries.com/