Latin America emerges as a key player in the Wholesale Market
Commercial platforms between US businesses and Latin American sellers increase the bet on digital commerce in the region.
From the simplest businesses to tech industries, markets are moving to the world of digital transactions and remote business relationships. After the pandemic, companies have been transformed to avoid any new stop to their business processes.
This has directly affected the digital B2B and wholesale sector. Professional buyers already make 50% of their corporate purchases and supplier selection through the internet, according to a B2BecNews survey. This trend has increased exponentially this year.
According to business consulting firm Frost & Sullivan, by the end of 2020, B2B E-commerce is projected to double in size, achieving a record $6.7 trillion in annual revenue. This report also projects that by 2025, wholesale e-commerce will already surpass the retail business.
Therefore, it is not surprising that the hegemony of international sales is in the hands of giant platforms such as Amazon and Alibaba, well-known platforms for online shopping and wholesale in the United States and Asia.
As a response to this, Latin America has already awakened and is competing to position itself as a viable alternative in the market. Emerging with a strong network of manufacturers, wholesalers, and suppliers, the region is ready to offer high quality, reliability, competitive costs, and innovation.
According to the data from 2019 of the U.S. Import and Export Merchandise Trade Statistics, the United States imported more from Latin America this year than from China. The same is true for last year. Latin America is revolutionizing the market with a superior sourcing solution.
Alternatives to enhance and take advantage of this are emerging and have more and more customers. Among them, Exporta Technologies is standing out as a company that connects manufacturers from Latin America with buyers in the United States.
Through its B2B platform and software, Exporta has managed to create a network of more than 4000+ suppliers in 5 major Latin American countries, replacing the painful and unreliable process of sourcing from China.
With this platform, the company is helping the Latin American suppliers and US buyers in international trade and the wholesale process, making it possible for new manufacturers to make their products visible to international buyers and to scale their business.
Technology Trends for the Industry
Businesses that catch the digital wave are able to save time and resources. With current online business models, the inventory is always up to date, supplies are controlled remotely, and prices are increasingly competitive.
The possibilities for a prompt response to orders and transportation are improved and the tracking is synchronized instantly. It has never been easier to source from other regions.
But the challenge is especially focused on how to connect those places that remain unexplored for mass production, such as Latin America. That is where the technology of the Exporta platform has emerged as a great alternative for those looking to diversify their sourcing and explore the potential of the region for their business.
It doesn't stop there, the possibilities for innovation continue. The use of data science, sales automation, international market analysis, and personalized marketing are some of the tech trends that are gradually making their way into this sector and helping Latin American companies innovate.
With this perspective on the horizon, there is no longer any doubt that the Latin American region can break the current sales patterns and gain international prominence in the digital wholesale market.
U.S. Import and Export Merchandise Trade Statistics: