MercadoLibre planning to double workforce amid e-commerce boom
Category: #retail  By Pankaj Singh  Date: 2021-04-08
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MercadoLibre planning to double workforce amid e-commerce boom

MercadoLibre Inc., an Argentinian e-commerce firm, has reportedly planned to bump up their workforce this year. The company has also invested USD 1.1 billion for expanding their services and warehouse space in Mexico, stimulated by an outbreak boom in e-shopping.

The investment figure is now three times the USD 420 million the company spent in Mexico last year. Mexico is a rapidly soaring industry where e-commerce firm is competing with rivals like Amazon.com.

The company apparently stated that this investment will help them in doubling their warehouse space and  boosting their fintech services like customer credit. They further added that this financial assistance will open over 4,700 job opportunities in Mexico.

MercadoLibre Inc. has a market capital of over USD 75 billion and the company has reportedly expressed that they would add over 16,000 new job openings around the region in 2021, thus doubling its team size. The company shares boosted in 2020 but have dipped a bit in 2021.

Head of MercadoLibre’s Mexico unit, David Geisen, apparently stated that the firm has planned to increase the spending in 2021 due to strong demand from vendors and shoppers who sell on their platform.

He further added that this investment upscaling is very urgent or else the company might facce various bottlenecks in the future.

He also expects that the company will register double-digit growth in Mexico in 2021, recording growth figures similar to the pre-pandemic ones. This is after the company’s revenue proliferated over 100% in the last two quarters of 2020.

Mexico has surpassed the company’s home turf, Argentina, in product sales in the fourth quarter of 2020. The company has regularly upscaled its delivery network in Mexico, where recently they opened a fourth distribution center in Nuevo Leon which is a 60,000 square-meter site.

By 2020 end, the company operated over 210,000 square meters of warehouse space and most of it was in the outskirts of Mexico City.

Source Credits:

https://www.reuters.com/article/us-mercadolibre-mexico/mercadolibre-to-double-workforce-amid-e-commerce-boom-hike-mexico-investment-idUSKBN2BT2A9



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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