The state of the C2C shopping industry
In 2024, MercadoLibre solidified its position as a leader in the global consumer-to-consumer (C2C) marketplace, achieving over 94 million app downloads and surpassing competitors on both the Apple App Store and Google Play Store.
This success reflects the growing momentum of C2C platforms, driven by cost-conscious buyers and the increasing appeal of second-hand commerce.
Originally launched in Argentina, MercadoLibre now operates in 18 Latin American countries. The company's growth has been remarkable, with 2024 revenues reaching $6.1 billion in the fourth quarter alone—a 37% year-over-year increase. This contributed to a net income of $639 million for the quarter, up 287% from the previous year.
The platform's gross merchandise volume (GMV) also rose 8% year-over-year, driven by a 32% growth in its main market, Brazil.
MercadoLibre's fintech operations have also seen significant expansion, with total payment volume increasing by 33% year-over-year. The company's credit portfolio grew to $6.6 billion, slightly improving its default ratio.
Other apps also doing very well are Vinted and eBay.
Vinted, Europe's leading online marketplace for second-hand fashion, has experienced remarkable growth in recent years. In 2023, the company achieved a significant milestone, reaching profitability with a net income of over $19.2 million, a substantial turnaround from its net loss of over $22 million in 2022.
eBay's growth has also been steady, with the company reporting a revenue of $10.3 billion in 2024, a significant increase from previous years. The company's growth can be attributed to its strong online presence, with 132 million yearly active buyers worldwide, and its ability to handle $73 billion in transactions in 2023.
