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Research Evidence Base

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Research Findings — Top 5 Ecommerce Platforms: Latin America & Middle East / Africa

Prepared for a bilingual (ZH/EN) report. Research only — no bilingual report text included. All figures below were found via web_search; nothing is invented. Data vintage and scope are flagged per metric. FX conversions are marked "approx".

How the rankings were derived (read this first)

Region Ranking basis Strengths / weaknesses of the data
Latin America Blend of (1) disclosed company GMV/revenue (Mercado Libre; Magalu; Casas Bahia), (2) traffic/market-share data for companies that don't disclose country GMV (Shopee Brazil, Amazon Brazil — via Conversion/SimilarWeb-based traffic share), (3) Brazil-centric data with Mexico noted separately (Temu). LATAM rankings are mostly revenue- or traffic-based, not uniform GMV. Brazil is by far the best-measured market (33.9bn ecommerce visits in 2025, Conversion/SimilarWeb). Mexico is measured via traffic/GMV-estimate reports. No single source ranks all LATAM platforms on one metric.
Middle East & Africa For the Gulf (Noon, Amazon.ae/.sa): qualitative — neither discloses GMV/revenue; ranking rests on market-position reporting, funding/valuation news, and third-party "leader" lists. For the rest (Jumia, Takealot, Trendyol): disclosed revenue (Jumia, Takealot) or widely-cited secondary estimates (Trendyol). MEA data is patchy. Noon GMV/revenue is essentially never disclosed; Amazon does not split out UAE/Saudi GMV; Jumia's GMV for FY2025 was not captured in this session's search snippets (revenue was); Trendyol's $14bn figure is a secondary estimate of unclear vintage. Gaps are marked [GAP] below.

Scope note: "MEA" here follows the report brief — Gulf (UAE/KSA) + pan-African + Turkey (Trendyol is Turkey-headquartered and a major MENA cross-border player; it is included per the brief, flagged as Turkey/EU-adjacent rather than strictly MEA).

SECTION 1 — LATIN AMERICA

1.0 Region context (2025)

1.1 Comparison table

Rank Platform Owner Ranking basis Key metrics (latest FY2025 unless noted) Market share / position Users / buyers YoY growth
1 Mercado Libre MercadoLibre, Inc. (NASDAQ: MELI) Disclosed GMV + revenue (company reports) FY2025 GMV ~US$65bn; Q4'25 GMV US$19.9bn; Q4'25 net revenue US$8.76bn (+45%) ~15.3% of Brazil visits (#1); dominant across LATAM >120m unique buyers (FY2025) Q4'25 GMV +36.8% YoY; Q4 revenue +45%
2 Shopee Sea Ltd (NYSE: SE) Traffic (Brazil) + parent-company global GMV Brazil GMV [GAP — not disclosed]; global Shopee Q4'25 GMV US$36.7bn #2 in Brazil traffic (2025, regained from Temu) n/a (Brazil not broken out) Brazil = Shopee's fastest-growing market (2025)
3 Amazon (Amazon.com.br) Amazon.com, Inc. Traffic (Brazil) Brazil GMV/revenue [GAP — not disclosed] #3 in Brazil traffic (2025) n/a n/a (see dynamics: logistics push, low-price push)
4 Magazine Luiza (Magalu) Magazine Luiza S.A. (B3: MGLU3) Disclosed company GMV (company report) FY2025 headline R$27,158.1m (R$27.2bn ≈ US$4.7–4.9bn approx) — metric to be confirmed (see flag) Brazil's largest omnichannel retailer n/a 4Q25 gross profit +3.1% to R$3.3bn; e-commerce deliberately contracting
5 Grupo Casas Bahia (ex-Via) Grupo Casas Bahia S.A. (B3: BHIA3) Disclosed company GMV (company report) Record GMV in 2025; GMV value [GAP] Major Brazilian omnichannel + credit-led retailer n/a Record credit-sales quarter in 4Q25; ecommerce strong growth
Wildcard Temu / SHEIN PDD Holdings (Temu); SHEIN Traffic / market-share reports (Mexico; Brazil) Temu: 15.9% of Mexico ecommerce (Q2'25); Temu+Shein ≈40% Mexico (flag) Temu #1 by traffic in Mexico (2025) n/a Fast-growing cross-border; tax headwinds in Brazil

1.2 Per-platform detail

1) Mercado Libre — \#1 (disclosed GMV/revenue; company reports)

2) Shopee — \#2 (Brazil traffic basis; Brazil GMV not disclosed)

3) Amazon (Amazon.com.br) — \#3 (Brazil traffic basis)

4) Magazine Luiza (Magalu) — \#4 (disclosed GMV; company reports)

5) Grupo Casas Bahia (formerly Via) — \#5 (disclosed GMV; company reports)

Wildcard — Temu & SHEIN (cross-border)

1.3 LATAM ranking-derivation note

SECTION 2 — MIDDLE EAST & AFRICA

2.0 Region context (2025)

2.1 Comparison table

Rank Platform Owner Ranking basis Key metrics Market share / position Users / buyers YoY growth
1 Noon (noon.com / noon.sa) Noon (Emaar + Mohamed Alabbar; PIF-backed investors since Dec 2025) Qualitative (no disclosure) GMV/revenue [GAP — never disclosed]; raised US$500m (Dec 2025); valuation reported near US$10bn Co-leader of Gulf duopoly with Amazon n/a "Nears profitability" (2025/26); planning dual UAE/KSA listing
2 Amazon.ae / Amazon.sa Amazon.com, Inc. Qualitative (no disclosure) Country GMV [GAP — not disclosed] (part of Amazon International segment) Co-leader of Gulf duopoly; leads with Noon in Saudi social-commerce report n/a n/a
3 Jumia Jumia Technologies AG (NYSE: JMIA) Disclosed revenue (company report) FY2025 revenue US$188.9m (+13% YoY); FY2025 GMV [GAP]; loss cut 38% to ~US$60.1m Pan-African #1 marketplace (post market-exits) n/a (annual active customers not captured) Revenue +13% FY25; Q4'25 revenue +34% YoY
4 Takealot Naspers / Prosus (Takealot Group) Disclosed revenue (company report) FY26 (Apr'25–Mar'26) revenue >R16bn (~US$1bn); first full-year profit; H1 FY26 revenue ~US$385m #1 in South Africa n/a n/a
5 Trendyol Alibaba Group (majority) Secondary estimates (market share/turnover) Turnover ~US$14bn, ~40% of Turkish ecommerce (flag: secondary estimate, vintage unclear) #1 in Turkey; expanding into MENA/Europe n/a n/a

2.2 Per-platform detail

1) Noon — \#1 Gulf (qualitative basis)

2) Amazon.ae / Amazon.sa — \#2 Gulf (qualitative basis)

3) Jumia — \#1 pan-African (disclosed revenue)

4) Takealot — \#1 South Africa (disclosed revenue)

5) Trendyol — \#1 Turkey / MENA-adjacent (secondary estimate)

2.3 MEA ranking-derivation note

SOURCES

Company / official reports & press releases

Market data / research / third-party

Key gaps to acknowledge in the bilingual report

  1. Noon GMV/revenue — never disclosed (private); only funding/valuation news exists.
  2. Amazon country GMV (Brazil, UAE, Saudi) — never disclosed; only traffic rankings (Brazil) or qualitative position (Gulf).
  3. Shopee Brazil GMV — not broken out by Sea; Brazil standing rests on traffic rank + "fastest-growing market".
  4. Mercado Libre FY2025 net revenue (full-year $) — not captured in this session's snippets (Q4 US$8.76bn +45% verified; aggregators track full-year).
  5. Jumia FY2025 GMV & annual active customers — reported by Jumia but not captured in snippets (revenue US$188.9m +13% verified).
  6. Casas Bahia GMV value — "record GMV" confirmed, figure not captured.
  7. Trendyol US$14bn / 40% share — secondary estimate, vintage unclear.
  8. Conflicting figures to flag: Temu 15.9% (Q2'25, Mexico, Temu-only) vs 40% (Temu+Shein); Brazil Asian-platforms 41.5% (scope/vintage unclear); Magalu 4Q25 "returns to profit" vs -10.5% net profit; Trendyol GO deal value (RMB5bn) vs reported gain (RMB6bn).