Mercadolibre Inc.: Catching Up with MELI: 8 Commerce + Fintech Takeaways

研报英文原文证据摘录

Mercadolibre Inc.: Catching Up with MELI: 8 Commerce + Fintech Takeaways

IdeaMShopee (SE, covered by Divya Kothiyal) is moving upmarket via credit

and fulfillment center growth, and TikTok Shop (private) is ramping

social commerce with an existing base of engaged users. Despite these

competitive efforts, MELI struck a positive tone on its seller base,

listings, and fulfillment replenishment — suggesting MELI (and peer)

growth is driving offline-to-online demand. Consistent with our Tracking

GMV Trends analysis, MELI noted a widening share gap. By our

calculation, MELI gained +4pp y/y Brazil share in 1Q (reaching 41%), and

we see this trend persisting with MELI's app monthly active user growth

of +17% y/y in April/May exceeding Shopee at +9% and Amazon Brazil

+14% y/y. For competition detail see The Battle for Buyers & Sellers.

Our take rate tracking and industry model files can be shared upon

request.

3. MELI is driving loyalty program uptake, supporting low-ASP growth

in countries with higher free shipping minimums. MELI's free shipping

minimum is M$299/~US$17 in Mexico, well above Brazil at R$19/~US$4

after the June '25 reduction. However, we did not sense urgency to

match Brazil's lower minimum, with the focus instead on free shipping

benefits via MELI+ loyalty (with a M$99 minimum for Mexico

subscribers). Last year they drove Brazil loyalty uptake via the "Mega"

media subscription package and faster free shipping for low-ticket

orders, and are replicating the strategy in Mexico this year.

4. Logistics technology remains an area of competitive advantage. MELI

continues to invest in its logistics network, planning +14 new Brazil

fulfillment centers this year, reaching 42 (here). The technology

backbone was an additional highlight, with MELI noting Brazil 1Q units