Value Chain Report on the E-commerce Industry in Argentina.

Abstract

This report provides a comprehensive analysis of the e-commerce value chain in Argentina, detailing its structure, key participants, commercial dynamics, and prevailing challenges. The Argentinian e-commerce sector has demonstrated remarkable growth, with billing increasing by 181% in 2024, significantly outpacing inflation and indicating substantial real expansion. The value chain encompasses five primary stages: Online Platform/Marketplace, Customer Acquisition & Engagement, Payment Processing, Logistics & Fulfillment, and Customer Service & Post-Sale. Key players such as Mercado Libre, Tienda Mia, major retailers like Fravega and Coto Digital, platform providers like Tiendanube, and integrated payment solutions like Mercado Pago dominate their respective segments. Commercial relationships are predominantly B2B and B2C, governed by models including commissions, SaaS subscriptions, and service fees. Despite robust growth, the industry faces significant bottlenecks, particularly in logistics (especially last-mile delivery and costs), payment processing (fees, fraud, economic volatility), intense market competition, and the rising costs of customer acquisition. This analysis underscores the dynamism of Argentina's e-commerce market while highlighting critical areas requiring strategic attention for sustained development.

Introduction

E-commerce, the buying and selling of goods and services over the internet, has become a pivotal component of the global economy, and Argentina is no exception. The Argentinian e-commerce landscape has experienced a period of accelerated growth, transforming retail dynamics and consumer behaviour. In 2024 alone, the sector reported a staggering 181% increase in billing compared to the previous year, reaching ARS $22.025.462 million pesos, a growth rate that comfortably surpassed the high interannual inflation, signifying genuine sectoral expansion. With over 246 million purchase orders and more than 504 million units sold in 2024, and projections indicating revenues could reach USD 28.630 million by 2029, the scale and impact of e-commerce are undeniable. Over 60% of Argentinians engaged in online shopping in 2024, utilizing various platforms from large marketplaces to individual brand websites and social media channels, predominantly via mobile devices (80% of purchases).

The purpose of this report is to dissect the intricate value chain that underpins the Argentinian e-commerce industry. By examining each constituent step, the key actors involved, the commercial interactions linking them, and the inherent challenges, this analysis aims to provide a detailed and nuanced understanding of the sector's operational framework. The scope encompasses the core activities from the initial digital interface where transactions are initiated, through marketing and sales efforts, secure payment handling, the physical journey of goods via logistics, to the crucial post-sale customer interactions. This comprehensive examination serves as a valuable resource for industry stakeholders, policymakers, investors, and researchers seeking in-depth knowledge of Argentina's thriving, yet complex, e-commerce ecosystem.

Value Chain Definition

The e-commerce value chain in Argentina represents the sequence of activities required to bring a product or service from its conception or sourcing, through online channels, to the final consumer, including post-purchase support. It involves a network of different players and processes, each adding value at different stages. The efficiency and seamless integration of these steps are paramount for the success of any e-commerce venture within the Argentinian context. The primary steps identified are:

1. Online Platform/Marketplace: This foundational layer constitutes the digital venue where commercial exchanges take place. It's the virtual space where sellers display their offerings and buyers discover, evaluate, and purchase products or services. * Segments: * Marketplaces: Expansive platforms like Mercado Libre that host numerous third-party sellers, offering a vast assortment of goods and acting as intermediaries that provide infrastructure, visibility, and often integrated payment and logistics services. * Brand/Retailer Own Stores: Dedicated e-commerce websites operated by individual brands (e.g., specific clothing labels) or established retailers (e.g., Fravega, Musimundo, Coto Digital, Carrefour Argentina) to sell their products directly to consumers, allowing for greater brand control and customer relationship management. * Social Commerce: Leveraging social media platforms (Instagram, Facebook, etc.) for direct sales, product promotion, and customer interaction, often utilized by smaller businesses, artisans, and increasingly by larger brands integrating shopping features. * Platform Providers: Technology companies (e.g., Tiendanube, Mercado Shops, VTEX, Shopify) offering SaaS solutions that enable businesses of all sizes to create, customize, and manage their own online stores with varying degrees of technical expertise required. * Main Activities: Activities vary by segment but generally include: website/app development and maintenance, user interface (UI) and user experience (UX) design, product information management (cataloging, descriptions, images), inventory synchronization, search and navigation functionality, shopping cart and checkout process management, order management systems, integration with third-party services (payments, logistics, marketing tools), and potentially facilitating communication between buyers and sellers (especially in marketplaces). Platform providers focus on developing and maintaining the core e-commerce technology, templates, integrations, and providing technical support to their clients (the sellers).

2. Customer Acquisition & Engagement (Marketing & Sales): This stage encompasses all efforts to attract potential customers to the online platform, convert them into buyers, and foster long-term relationships to encourage repeat purchases. * Segments: * Digital Marketing: Employing online channels such as search engines (SEO/SEM), social media, email, content marketing, and affiliate partnerships to build brand awareness, drive traffic, and generate leads. * Sales Strategy & Execution: Implementing tactics directly aimed at maximizing conversions and sales value, including pricing strategies, promotional campaigns (discounts, bundles), website optimization for conversion rates (CRO), merchandising, and sales funnel management. * Customer Relationship Management (CRM): Utilizing strategies and technologies to manage interactions with current and potential customers, focusing on data analysis, personalization, loyalty programs, and customer feedback management to enhance retention and lifetime value. * Main Activities:* Core activities involve market research, campaign planning and execution across various digital channels (Google Ads, Facebook Ads, etc.), content creation (blog posts, videos, social media updates), email list building and campaign automation, SEO audits and implementation, managing social media presence, analyzing website traffic and user behavior, A/B testing website elements, developing and managing promotional calendars, implementing CRM software, segmenting customer databases, personalizing communications, and managing loyalty initiatives.

3. Payment Processing: This critical function involves the secure and efficient handling of financial transactions between the buyer and the seller in the online environment. * Segments: * Payment Gateways: Services that act as secure portals, transmitting sensitive payment information (like credit card details) between the e-commerce site, the payment processor, and the issuing bank to authorize or decline transactions. * Digital Wallets: Platforms (often mobile apps like Mercado Pago or MODO) that securely store users' payment information (cards, bank accounts) and allow for faster online checkouts, QR code payments, and sometimes peer-to-peer money transfers. Their use is growing rapidly in Argentina. * Payment Processors: Entities working behind the scenes (often overlapping with gateway providers or banks) to handle the technical steps of the transaction, including communication with card networks (Visa, Mastercard) and banks for authorization, clearing, and settlement of funds. * Main Activities: Securely capturing and transmitting payment data, encrypting sensitive information, performing real-time transaction authorization checks, implementing fraud detection and prevention measures (address verification, CVV checks, AI-based scoring), facilitating multi-currency processing if needed, managing the settlement of funds to the seller's account, handling chargebacks and refund processing, and ensuring compliance with payment card industry (PCI) security standards.

4. Logistics & Fulfillment: This stage covers the entire physical process of managing inventory, processing orders, and delivering the purchased goods to the customer's specified location. * Segments: * Warehousing & Inventory Management: Storing products safely and efficiently, tracking stock levels in real-time across potentially multiple locations (including physical stores for omnichannel retailers), and managing inbound logistics (receiving goods from suppliers). * Order Picking & Packaging: Accurately selecting the items specified in a customer order from storage locations within the warehouse (picking), and securely packaging them for transit, including appropriate labeling and documentation. * Last-Mile Delivery: The final and often most complex leg of the delivery process, involving the transportation of the package from a local distribution hub or fulfillment center to the end customer's doorstep. Includes route planning, driver management, and customer communication (tracking, delivery notifications). * Reverse Logistics: Managing the process for products that are returned by customers, including facilitating the return shipment, receiving and inspecting returned items, processing refunds or exchanges, and deciding on the disposition of the returned goods (restock, refurbish, liquidate). * Main Activities: Inventory control and forecasting, warehouse layout optimization, utilizing warehouse management systems (WMS), order processing workflows, selecting appropriate packaging materials, generating shipping labels, coordinating with carriers (postal services like Correo Argentino, 3PLs like TASA Logística/DPD Argentina, integrated solutions like Mercado Envios, or own fleets), optimizing delivery routes, providing real-time shipment tracking to customers, managing delivery exceptions, and establishing clear and efficient return procedures.

5. Customer Service & Post-Sale: This final stage focuses on maintaining customer satisfaction after the purchase, addressing issues, and building long-term loyalty. * Segments: * Customer Support: Providing assistance to customers regarding orders, products, payments, shipping, returns, and any other inquiries through various channels (phone, email, live chat, social media, help centers). * Returns and Refunds Management: Executing the company's return policy, guiding customers through the return process, inspecting returned merchandise, and processing refunds or exchanges promptly and accurately. * Customer Feedback and Relationship Building: Actively soliciting and analyzing customer feedback (reviews, surveys), responding to comments and complaints, implementing improvements based on feedback, and engaging customers through loyalty programs or personalized follow-up communications. * Main Activities: Operating contact centers or managing support queues, training support staff, utilizing CRM or helpdesk software to track interactions, developing comprehensive FAQ sections or knowledge bases, establishing clear return merchandise authorization (RMA) processes, managing communication during the return/refund process, monitoring online reviews and social media mentions, conducting customer satisfaction surveys, and developing strategies to foster customer loyalty and repeat business.

Value Chain Summary Table

Value Chain Step	Key Segments	Types of Players	Main Activities	Key Players (Examples)	Estimated Volumes/Sizes (Related)
1. Online Platform/Marketplace	Marketplaces, Brand/Retailer Own Stores, Social Commerce, Platform Providers	Marketplace operators, Retailers, Brands, Individuals, Platform companies	Product listing, Catalog management, Website/app development, Sales funnel optimization, Customer account mgmt.	Mercado Libre, Fravega, Tienda Mia, Tiendanube, Mercado Shops, VTEX	ARS $22.025.462 million in billing (2024), 246 million purchase orders (2024).
2. Customer Acquisition & Engagement	Digital Marketing, Sales Strategy, CRM	Digital Marketing Agencies, In-house teams, CRM providers	SEO, Paid advertising, Social media marketing, Email marketing, Promotions, UX/CRO, Loyalty programs.	Go! Digital Ecommerce, Seonet Digital, Way2net, Integrated tools on platforms (Tiendanube, Mercado Shops).	Reflects overall market growth and transaction volumes. Over 60% of Argentinians buy online. Mobile accounts for 80% of purchases.
3. Payment Processing	Payment Gateways, Digital Wallets, Payment Processors	Fintech companies, Banks, Financial Institutions, Marketplace payment solutions	Transaction authorization, Secure data transmission, Fraud prevention, Fund settlement, Digital wallet features.	Mercado Pago, MODO, Geopagos, Banks (Visa, Mastercard).	Credit cards used in 78% of purchases (historically, still leading), increasing use of digital wallets. Handled volumes tied to overall transactions (246 million orders in 2024).
4. Logistics & Fulfillment	Warehousing, Picking/Packaging, Last-Mile Delivery, Reverse Logistics	Own logistics, 3PLs, Postal Services, Specialized delivery companies	Inventory storage/mgmt., Order processing, Packaging, Transportation, Route optimization, Delivery tracking, Returns handling.	Mercado Envios, Correo Argentino, TASA Logística/DPD Argentina, shipnow.	Over 504 million units sold in 2024 require logistics handling. Latin America e-commerce logistics market estimated at USD 6.28 billion in 2025.
5. Customer Service & Post-Sale	Customer Support, Returns/Refunds, Feedback/Relationship Building	In-house teams, 3rd party providers, Platform tools	Answering inquiries, Resolving issues, Managing returns/refunds, Collecting feedback, Loyalty programs.	Managed by individual e-commerce businesses, supported by platform tools.	Directly related to the volume of transactions and customer interactions.

Players Analysis

The Argentinian e-commerce value chain is populated by a diverse array of players, ranging from global giants to local specialists and traditional businesses adapting to the digital shift. Analyzing these players, their roles, and relative scale is crucial to understanding the market structure.

Types of Players by Value Chain Step:

• Online Platform/Marketplace: This segment features large Marketplace Operators (Mercado Libre), established Retailers with significant online operations (Fravega, Musimundo, Coto, Carrefour), specialized cross-border platforms (Tienda Mia), numerous Brands operating their own direct-to-consumer sites, countless Small Businesses and Individuals utilizing social commerce, and Platform Providers (Tiendanube, Mercado Shops, VTEX, Shopify) enabling others to sell online.
• Customer Acquisition & Engagement: Players include specialized Digital Marketing Agencies (Go! Digital Ecommerce, Seonet Digital, Way2net), In-house Marketing Teams within larger e-commerce businesses, and providers of CRM Software (global players like Salesforce, HubSpot, and potentially local integrators or niche solutions like AlephCRM).
• Payment Processing: This space is dominated by Fintech Companies, particularly large integrated solutions like Mercado Pago. Other players include bank consortia initiatives (MODO), specialized Payment Gateway/Platform Providers (Geopagos), traditional Banks and Financial Institutions issuing cards and processing transactions, and global Card Networks (Visa, Mastercard).
• Logistics & Fulfillment: Key players include businesses with Own Logistics networks (Mercado Libre via Mercado Envios, large retailers utilizing their distribution centers), Third-Party Logistics (3PL) Providers offering specialized e-commerce solutions (TASA Logística/DPD Argentina, shipnow, and regional/global players like DHL, FedEx operating locally), and the national Postal Service (Correo Argentino).
• Customer Service & Post-Sale: This function is primarily handled by the E-commerce Businesses themselves through In-house Teams. Some may utilize Third-Party Customer Service Providers (BPOs) for outsourcing, and Platform Providers often supply tools (helpdesk features, messaging systems) to facilitate these interactions.

Profiles of Key Players:

• Mercado Libre: The dominant force in Latin American e-commerce, Mercado Libre operates the region's largest online marketplace. Its strength in Argentina stems not only from its vast user base and product assortment but also its integrated ecosystem: Mercado Pago (a leading digital wallet and payment processor used both on and off the platform) and Mercado Envios (a sophisticated logistics network providing fulfillment and delivery solutions). This integration creates significant network effects and competitive advantages. Its transaction volume and user base dwarf most competitors in the region.
• Tiendanube: A leading e-commerce platform provider in Latin America, empowering tens of thousands of businesses in Argentina (over 140,000 brands regionally) to create and manage their own online stores. It offers customizable templates, integrated payment solutions (Pago Nube), shipping integrations, and marketing tools, catering particularly to SMEs seeking an independent online presence.
• Fravega & Musimundo: These are major Argentinian electronics and home appliance retailers with extensive physical store networks. They have successfully transitioned to an omnichannel model, boasting robust e-commerce platforms that contribute significantly to their overall sales. Their online presence leverages their brand recognition and offers nationwide delivery or in-store pickup options.
• Coto Digital & Carrefour Argentina: Representing the supermarket and hypermarket sector, these large chains have invested heavily in their online grocery platforms. They offer home delivery and click-and-collect services for a wide range of products, competing fiercely in the growing online grocery market. Their scale allows them to leverage existing logistics and supplier relationships.
• Tienda Mia: A prominent player in the cross-border e-commerce segment, facilitating purchases for Argentinian consumers from major US online retailers (Amazon, eBay, Walmart). They simplify international shipping, customs clearance, and payments, tapping into the demand for products not readily available locally.
• Mercado Pago: Originally Mercado Libre's payment arm, it has evolved into a comprehensive fintech solution widely adopted across Argentina for online payments, in-store QR code payments, bill payments, and peer-to-peer transfers. Its large user base makes it a critical player in the payment processing landscape.
• Mercado Envios: Mercado Libre's logistics division, offering warehousing (fulfillment centers), shipping management, and various delivery options (including same-day or next-day in major areas) for sellers on its platform. Its scale and technological investment make it a benchmark for e-commerce logistics in the region.
• Correo Argentino: The national postal service, playing a role in e-commerce delivery, particularly reaching areas less served by private couriers. It also operates its own marketplace platform, "Correo Compras".
• TASA Logística / DPD Argentina: This joint venture signifies the increasing professionalization of e-commerce logistics, combining local expertise with international standards to offer competitive last-mile delivery services, challenging established players.

Estimates of Volumes and Sizes:

While granular data per player is often proprietary, market-level data provides context for player significance. * Overall Market: ARS $22.025.462 million in billing (2024), 246 million orders (2024), 504 million units sold (2024). This indicates massive volumes flowing through platforms, payment processors, and logistics networks. * Mercado Libre: As the market leader, it handles a substantial percentage of these overall volumes in terms of listings, transactions, payments processed via Mercado Pago, and packages shipped via Mercado Envios across Latin America, with Argentina being a primary market. * Tiendanube: Hosting over 140,000 active brands regionally implies significant collective volume flowing through its platform infrastructure, though individual store volumes vary greatly. * Major Retailers (Fravega, Musimundo, Coto, Carrefour): Their e-commerce operations represent a significant and growing portion of their overall multi-billion peso revenues, processing thousands of orders daily or weekly. * Logistics: The Latin American e-commerce logistics market size (USD 6.28 billion projected for 2025) reflects the scale of operations required by players like Mercado Envios, Correo Argentino, and 3PLs to handle hundreds of millions of packages annually. * Payment Processing: Mercado Pago's dominance suggests it processes a very large share of the 246 million annual e-commerce orders, alongside transactions handled by traditional banks/card networks and other gateways.

The concentration is notable, with Mercado Libre holding a commanding position, but significant activity is also driven by large retailers, platform enablers like Tiendanube catering to a long tail of businesses, and specialized service providers in payments and logistics.

Commercial Relationships

The commercial relationships within Argentina's e-commerce value chain are diverse and interconnected, forming the operational backbone of the industry. These relationships primarily exist between businesses (B2B), between businesses and consumers (B2C), and sometimes directly between consumers facilitated by platforms (C2C).

• Platform-Seller Relationships:

  • Marketplaces (e.g., Mercado Libre) to Sellers: This is fundamentally an intermediary relationship. The marketplace provides the digital real estate, traffic, and often integrated payment/logistics tools. In return, sellers list products and pay commissions on sales, listing fees, advertising fees, or fees for using value-added services. It's a symbiotic B2B relationship where the platform enables reach and the seller provides inventory.
  • Platform Providers (e.g., Tiendanube, VTEX) to Sellers: This is a B2B SaaS relationship. The provider licenses its e-commerce platform technology to the seller (a business) via a subscription model, enabling them to run their own branded online store. The relationship is governed by service level agreements and subscription terms.
  • Brand/Retailer Own Stores: Here, the relationship is internal within the company, linking the e-commerce department with inventory, marketing, IT, and logistics divisions.

• Seller-Service Provider Relationships (B2B):

  • Sellers to Digital Marketing Agencies: A service-based B2B relationship where sellers pay agencies for expertise in SEO, SEM, social media marketing, etc., often based on retainers, project fees, or performance metrics.
  • Sellers to Payment Gateways/Processors (e.g., Mercado Pago, Geopagos): A critical B2B relationship where the seller integrates the payment provider's service to accept online payments. The seller pays transaction fees (percentage + fixed fee) to the provider for securely processing payments.
  • Sellers to Logistics Providers (3PLs, Correo Argentino, Mercado Envios): A B2B service contract where the seller outsources warehousing, fulfillment, and/or delivery. Payment is typically based on volume, weight, distance, service level (speed), and specific services utilized (e.g., storage fees). For Mercado Envios, this is tightly integrated with the marketplace relationship.
  • Sellers to CRM/Customer Service Providers: B2B relationships where sellers subscribe to CRM software (SaaS) or outsource customer support functions to specialized agencies based on service contracts (e.g., per agent hour, per interaction).

• Seller-Customer Relationships (B2C): This is the core relationship driving e-commerce. Sellers (whether on marketplaces or their own sites) offer products/services directly to end consumers. The relationship involves the transaction itself, pre-sale information, delivery, and post-sale support. Building trust and loyalty is key.

• Customer-Platform Relationships: Customers interact directly with marketplaces or brand websites (the platform). Their relationship involves browsing, searching, creating accounts, making purchases, and using platform features like wishlists or order tracking. For payment platforms like Mercado Pago, customers have a direct relationship for managing their digital wallet and payment methods.

• Inter-Provider Relationships (B2B): Various service providers also interact. For instance, e-commerce platforms (Tiendanube) integrate with payment gateways (Mercado Pago) and logistics providers, creating technical and commercial partnerships to offer seamless solutions to sellers. Logistics providers may subcontract parts of the delivery network.

• C2C Relationships: Marketplaces like Mercado Libre also facilitate consumer-to-consumer sales, where the platform acts as an intermediary providing trust mechanisms, payment processing, and sometimes shipping options for transactions between individuals.

These relationships are governed by contracts, service level agreements, terms of service, and commission/fee structures. The flow of money typically moves from the consumer to the seller (often via a payment processor), with portions deducted for platform commissions, payment processing fees, logistics costs, and marketing expenses along the way. The smooth functioning of these interconnected commercial ties is essential for the overall health of the e-commerce ecosystem.

Bottlenecks and Challenges

Despite impressive growth trajectory, the Argentinian e-commerce value chain is constrained by several significant bottlenecks and challenges that impact efficiency, cost, customer experience, and overall market potential.

• Logistics and Fulfillment: This remains one of the most critical challenge areas.

  • Last-Mile Delivery Complexity: Ensuring timely, reliable, and cost-effective delivery, especially outside major metropolitan areas like the Área Metropolitana de Buenos Aires (AMBA) where infrastructure is less developed, is a major hurdle. Argentina's large geography exacerbates this issue.
  • High Logistics Costs: Costs associated with transportation (fuel), warehousing, and labor, often amplified by inflation and infrastructure deficits, put pressure on sellers' margins and can translate into higher shipping fees for consumers, potentially deterring purchases.
  • Capacity Constraints: The rapid growth in order volume (over 504 million units in 2024) strains existing logistics capacity, potentially leading to delays during peak seasons (like Hot Sale events) or requiring significant ongoing investment in warehousing and delivery networks.
  • Reverse Logistics Inefficiency: Managing product returns smoothly and cost-effectively is operationally complex and can significantly impact profitability and customer satisfaction if handled poorly.

• Payment Processing:

  • Economic Volatility and Inflation: High inflation rates create uncertainty, affect pricing strategies, and can impact the cost structures of payment processing. Currency fluctuations also add complexity, especially for cross-border transactions.
  • High Transaction Fees: Fees charged by payment gateways and card networks can represent a substantial cost, particularly for SMEs operating on tighter margins.
  • Fraud Prevention: The online environment necessitates robust fraud detection systems. Balancing security with a frictionless checkout experience is a continuous challenge, and losses due to fraud can be significant.
  • Financial Inclusion: While improving, segments of the population may still lack access to banking services or digital payment methods, limiting the potential customer base.

• Market Competition and Platform Dynamics:

  • Dominance of Large Players: The market concentration, particularly the dominance of Mercado Libre, creates high barriers to entry and intense competition for visibility and market share for smaller players and new entrants.
  • Platform Dependency: Sellers relying heavily on marketplaces are subject to the platform's rules, commission structures, and algorithm changes, which can impact their profitability and control.
  • Technology Maintenance: Ensuring platform stability, security, and a modern user experience requires continuous investment in technology updates and maintenance, which can be a challenge for businesses with limited resources.

• Customer Acquisition and Engagement:

  • Rising Advertising Costs: As the digital space becomes more crowded, the cost of acquiring customers through paid digital advertising (SEM, social media ads) tends to increase, impacting marketing ROI.
  • Building Trust and Loyalty: Establishing credibility and fostering customer loyalty in a purely digital environment requires consistent positive experiences across all touchpoints, from browsing to delivery and support. Negative experiences, especially with logistics or returns, can quickly erode trust.
  • Data Privacy and Personalization: Effectively using customer data for personalization while respecting privacy regulations (like Argentina's Personal Data Protection Act) requires sophisticated data management practices.

• Customer Service and Post-Sale:

  • Scalability: Handling increasing volumes of customer inquiries, returns, and complaints effectively requires scalable solutions, including adequate staffing, training, and potentially technology like chatbots or advanced CRM systems. Failure to scale can lead to long wait times and customer frustration.
  • Omnichannel Consistency: For retailers with both physical and online presence, ensuring a consistent and seamless customer service experience across all channels is complex but increasingly expected by consumers.

• Macroeconomic and Regulatory Factors: Broader economic instability, changes in tax regulations (e.g., digital services taxes, import/export duties for cross-border e-commerce), and evolving consumer protection laws add layers of complexity and uncertainty for businesses operating in the Argentinian e-commerce sector.

Addressing these bottlenecks requires concerted efforts from individual businesses (e.g., optimizing logistics, improving customer service) and potentially collective action or government initiatives (e.g., infrastructure improvements, regulatory clarity).

Value Chain Relationships and Business Models

The commercial interactions, exchanged value, and underlying business models within Argentina's e-commerce value chain are deeply intertwined, shaping the sector's dynamics and profitability. Understanding these connections reveals how value is created, captured, and sometimes hindered by specific challenges inherent in the transactions.

1. Online Platform/Marketplace Transactions: * Relationships & Exchange: Marketplaces (Mercado Libre) facilitate B2C and C2C transactions, providing sellers with access to buyers and infrastructure, in exchange for commissions and fees. Platform providers (Tiendanube, VTEX) have a B2B relationship, offering technology (SaaS) to sellers for a subscription fee, enabling direct B2C relationships for those sellers. * Business Models: Marketplaces primarily use commission-based models (% of sale) supplemented by advertising and service fees (payments, logistics). Platform providers use recurring SaaS subscription models, often tiered by features or volume. Retailers' own stores operate on traditional retail margins. * Bottlenecks in Transactions: High commission rates on dominant marketplaces can squeeze seller margins. Dependence on platform algorithms affects visibility. Technical glitches on platforms can disrupt sales. For sellers on own platforms, driving sufficient traffic is the primary challenge.

2. Customer Acquisition & Engagement Transactions: * Relationships & Exchange: Businesses (sellers) engage marketing agencies (B2B) for campaign execution services or use CRM platforms (B2B SaaS) to manage customer data. The exchange involves marketing expertise or software access for fees or subscriptions. The ultimate goal is to drive B2C transactions. * Business Models: Agencies use retainers, project fees, or performance-based pricing. CRM providers use SaaS subscriptions. In-house teams operate as a cost center within the seller's budget. * Bottlenecks in Transactions: Rising costs of digital advertising (e.g., cost-per-click) make customer acquisition expensive. Measuring ROI accurately across multiple channels can be complex. Converting generated traffic into actual sales (conversion rate optimization) is an ongoing challenge, hindered by poor UX or checkout friction.

3. Payment Processing Transactions: * Relationships & Exchange: Sellers integrate payment gateways/processors (B2B) to facilitate the B2C payment transaction. Gateways securely transmit payment data between buyer, seller, and financial institutions, providing the service of transaction authorization and settlement in exchange for fees. Digital wallets offer consumers (B2C) a convenient payment method, integrating with the processing infrastructure. * Business Models: Payment providers predominantly use a per-transaction fee model (percentage + fixed fee). Digital wallets might add fees for specific services or leverage transaction data. Banks earn interchange fees. * Bottlenecks in Transactions: Transaction fees represent a direct cost reducing profitability per sale. The risk of payment fraud requires constant vigilance and investment in security, potentially leading to legitimate transactions being declined (false positives) or fraudulent ones succeeding. Checkout abandonment can occur if the payment process is too complex or lacks preferred methods. Economic volatility can impact transaction authorization rates or lead to increased chargebacks.

4. Logistics & Fulfillment Transactions: * Relationships & Exchange: Sellers contract with logistics providers (3PLs, postal services, integrated solutions like Mercado Envios) in a B2B service relationship. The provider exchanges physical handling services (storage, picking, packing, delivery, returns) for fees based on volume, weight, distance, and service level. This enables the B2C delivery of goods. * Business Models: Logistics providers operate on service-based pricing (per package, per CBM, per km, etc.). Integrated solutions like Mercado Envios might subsidize costs to encourage platform usage or treat it as a strategic cost center. * Bottlenecks in Transactions: High shipping costs can deter customers or erode seller margins, especially for low-value items or long distances. Delivery delays or errors directly impact customer satisfaction and can lead to disputes or negative reviews. Managing returns efficiently is costly and complex, representing a transaction failure from the initial sale perspective. Capacity limits during peak demand cause service degradation.

5. Customer Service & Post-Sale Transactions: * Relationships & Exchange: This involves direct B2C interaction where the business provides support services (information, issue resolution, return processing) to maintain satisfaction. If outsourced, a B2B relationship exists with a service provider exchanging agent time/interactions for fees. * Business Models: Primarily a cost center for the seller, aimed at retention and brand reputation. Outsourced providers use service fees (per hour, per ticket). * Bottlenecks in Transactions: Slow response times or ineffective issue resolution frustrates customers, potentially leading to lost future sales (a negative transaction outcome). Handling returns and refunds promptly is critical but can be delayed by logistical or administrative hurdles. Scaling support cost-effectively during growth phases is challenging.

In summary, the Argentinian e-commerce value chain operates through a complex web of B2B and B2C relationships, underpinned by various business models (commission, SaaS, service fees, retail margin). Each transactional step, from platform listing to final delivery and support, presents opportunities for value creation but also faces specific bottlenecks – related to cost, efficiency, technology, competition, or customer experience – that businesses must navigate strategically.

Conclusion

The Argentinian e-commerce value chain presents a dynamic and rapidly evolving ecosystem characterized by substantial growth and increasing sophistication. Driven by rising internet penetration, mobile adoption, and changing consumer preferences, the sector has demonstrated resilience and significant expansion, evidenced by the 181% surge in billing during 2024. This report has delineated the critical stages of this value chain – encompassing Online Platforms, Customer Acquisition, Payment Processing, Logistics & Fulfillment, and Post-Sale Service – identifying the key activities and diverse players within each segment.

Dominant actors like Mercado Libre, with its integrated marketplace, payment, and logistics solutions, exert considerable influence, while platform providers such as Tiendanube empower a vast number of SMEs to participate in the digital economy. Traditional retailers like Fravega, Coto, and Carrefour have successfully integrated e-commerce into their operations, contributing significantly to the market's volume. Commercial relationships are predominantly B2B and B2C, operating under varied business models including commissions, SaaS subscriptions, transaction fees, and service-based pricing.

However, significant challenges persist. Logistics, particularly last-mile delivery costs and reliability outside major hubs, remains a primary bottleneck. The complex economic environment influences payment processing and consumer purchasing power. Intense competition, the rising cost of customer acquisition, and the need for scalable, high-quality customer service further test industry participants. Successfully navigating these challenges requires strategic investment in technology, infrastructure, customer experience, and operational efficiency.

In conclusion, Argentina's e-commerce industry holds immense potential, but realizing it fully necessitates addressing the identified bottlenecks within its value chain. Future success will likely hinge on continued innovation in logistics and payment solutions, fostering a competitive environment that supports both large players and SMEs, and adapting adeptly to the evolving macroeconomic landscape and consumer expectations.

Areas for Further Research: * A deeper quantitative analysis of the market share breakdown within each value chain step. * Comparative analysis of logistics costs and performance across different regions within Argentina. * Investigation into the specific challenges and adoption rates of e-commerce among SMEs in various sectors. * Assessment of the impact of regulatory changes (taxation, data privacy) on e-commerce operations. * Analysis of the long-term impact of digital wallet adoption and QR code payments on the traditional banking sector and financial inclusion.

References

1. Mercado Libre Argentina. https://www.mercadolibre.com.ar/
2. Todo sobre el e-commerce en Argentina y su potencial de crecimiento - Tienda Nube. https://www.tiendanube.com/blog/ecommerce-argentina/
3. Panorama eCommerce 2025: el sector se prepara para dar un nuevo salto durante el próximo Hot Sale - Integración Empresaria. https://integracionempresaria.com/e-commerce/panorama-ecommerce-2025-el-sector-se-prepara-para-dar-un-nuevo-salto-durante-el-proximo-hot-sale/
4. E-commerce en la Argentina: diez años de crecimiento consecutivo y récord de facturación. https://www.infobae.com/tendencias/2025/02/21/e-commerce-en-la-argentina-diez-anos-de-crecimiento-consecutivo-y-record-de-facturacion/
5. Go! Digital Ecommerce. https://www.godigitalecommerce.com/
6. Agencia de Marketing Digital, Argentina | Seonet Digital. https://www.seonet.com.ar/
7. Country Profile: The Guide to Ecommerce in Argentina - ClearSale. https://www.clear.sale/blog/guide-to-ecommerce-in-argentina
8. Digital Marketing Agency - Way2net. https://www.way2net.com/
9. Vuelve el eCommerce Day Argentina ¡Tres días de aprendizaje y networking para los profesionales de la industria! - CACE. https://www.cace.org.ar/ecommerce-day-argentina-2023-prensa
10. Factores que impulsan la adaptación a la cadena de valor en empresas de e-commerce en Argentina - Repositorio Digital UTDT. https://ucema.edu.ar/posgrado-sea/tesis/alvarez_valeria.pdf
11. Cómo vender online - Endeavor Argentina. https://endeavor.org.ar/contenido/como-vender-online
12. AlephCRM, la nueva startup argentina para automatizar la cadena de valor | Canal.la. https://canal.la/alephcrm-la-nueva-startup-argentina-para-automatizar-la-cadena-de-valor/
13. CACE | Estadísticas - Cámara Argentina de Comercio Electrónico. https://www.cace.org.ar/estadisticas
14. Las 18 mejores plataformas de venta online en Argentina - Tienda Nube. https://www.tiendanube.com/blog/mejores-plataformas-ecommerce-argentina/
15. Tecnicatura Universitaria en Comercio Electrónico y Marketing Digital - UTN BA. https://www.utn.ba/es/desarrollo-academico/posgrado/carreras/tecnicatura-universitaria-comercio-electronico-marketing-digital
16. Listado de los 100 ecommerce de Argentina que más venden ordenados por performance. https://www.relck.com/top-100-ecommerce-argentina
17. Más del 60% de argentinos elige comprar desde internet - En Orsai. https://enorsai.com.ar/actualidad/41896-mas-del-60--de-argentinos-elige-comprar-desde-internet.html
18. Plataformas de ecommerce en latam - Gelpi. https://gelpi.net/plataformas-ecommerce-latam/
19. Comercio electrónico: nuevo servicio para vender online con una tienda propia y personalizada - Infobae. https://www.infobae.com/economia/2023/03/01/comercio-electronico-nuevo-servicio-para-vender-online-con-una-tienda-propia-y-personalizada/
20. Hot Sale 2025: Anticipan un incremento de más de 180% en la facturación - Los Andes. https://www.losandes.com.ar/economia/hot-sale-2025-anticipan-un-incremento-de-mas-de-180-en-la-facturacion/
21. Latin America E-commerce Logistics Market Size & Share Analysis - Mordor Intelligence. https://www.mordorintelligence.com/industry-reports/latin-america-e-commerce-logistics-market
22. ¿Cuáles son las mejores 5 plataformas de ecommerce 2022? - Billowshop. https://billowshop.com/blog/las-mejores-plataformas-de-ecommerce/
23. Crece el eCommerce en Argentina: qué rubros lo impulsan y cuáles son los principales desafíos - Bloomberg Línea. https://www.bloomberglinea.com/2024/08/29/crece-el-ecommerce-en-argentina-que-rubros-lo-impulsan-y-cuales-son-los-principales-desafios/
24. Geopost and Tasa Logística announce the creation of DPD Argentina. https://www.geopost.com/en/press-release/geopost-and-tasa-logistica-announce-creation-dpd-argentina/
25. Récord del e-commerce: creció 181% en 2024 y superó la inflación - OPI Santa Cruz. https://www.opisantacruz.com.ar/2025/02/11/record-del-e-commerce-crecio-181-en-2024-y-supero-la-inflacion/
26. Experto Universitario en e-Commerce y Marketing Digital - UTN BA. https://www.utn.ba/es/desarrollo-academico/posgrado/cursos-posgrado/experto-universitario-e-commerce-marketing-digital
27. ¿Qué es la cadena de valor logística? - Mecalux.com.ar. https://www.mecalux.com.ar/blog/cadena-valor-logistica
28. eCommerce Day Argentina 2025 - El tour de eventos del Digital Commerce más importante de América Latina y el Caribe. https://www.ecommerce.org.ar/ecommerce-day/ecommerce-day-argentina/
29. GUÍA DE LA UPU SOBRE EL COMERCIO ELECTRÓNICO. https://www.upu.int/UPU/Media/Download/a5548345-0757-4d67-9f3e-86574f62193c
30. Comercio electrónico: 4 jugadores de peso anticipan estas tendencias en la Argentina - i2T S.A. https://www.i2t.com.ar/comercio-electronico-4-jugadores-de-peso-anticipan-estas-tendencias-en-la-argentina/
31. Describir la cadena de valor del E-commerce en la República Argentina. https://repositorio.utdt.edu/server/api/core/bitstreams/6166195f-369f-4ac7-bf5c-9429e4c027b7/content
32. Los argentinos y el e-commerce ¿Cómo compramos y vendemos online? – Empatía. https://www.empatia.com.ar/los-argentinos-y-el-e-commerce-como-compramos-y-vendemos-online/
33. El ecommerce y el mcommerce, imparables en Argentina - ONUS SISTEMAS. https://onussistemas.com/el-ecommerce-y-el-mcommerce-imparables-en-argentina/
34. Crecen las compras online en Argentina en el primer semestre de 2024. https://ilatinam.com/compras-online-argentina-primer-semestre-2024/
35. Desafío eCommerce - Cámara Argentina de Comercio Electrónico. https://www.cace.org.ar/uploads/editorial/editorial-desafio-ecommerce.pdf
36. LATAM E-commerce 2025: Logistics & Growth Trends - Parcel Perform. https://www.parcelperform.com/blog/latam-ecommerce-2025/
37. La Guía de ecommerce en Argentina - ClearSale. https://www.clear.sale/blog/es/guia-de-ecommerce-en-argentina
38. ¡Llega el eCommerce Day Argentina! Conocé las razones para participar del evento de los negocios digitales más importante de Latinoamérica. https://www.ecommerce.org.ar/ecommerce-day/ecommerce-day-argentina-2022/
39. Latin America E-commerce Logistics Companies - Mordor Intelligence. https://www.mordorintelligence.com/industry-reports/latin-america-e-commerce-logistics-market/competitive-landscape
40. VTEX sigue potenciando el ecommerce en Argentina - Inversor Latam. https://www.inversorlatam.com/2019/03/22/vtex-sigue-potenciando-el-ecommerce-en-argentina/
41. INFORMES DE CADENAS DE VALOR - Argentina.gob.ar. https://www.argentina.gob.ar/sites/default/files/informe_cadena_de_valor_software_y_servicios_informaticos_0.pdf
42. Guia Ecommerce 2022 - easycommerce®. https://easycommerce.app/guias/guia-ecommerce-2022/
43. Cadena de valor: definición, importancia y beneficios - Rapiboy. https://www.rapiboy.com/blog/cadena-de-valor
44. Escalá tu e-commerce - Cámara Argentina de Comercio y Servicios - Desarrollo Profesional. https://www.cac.com.ar/actividad/12695
45. 8 fases del proceso de compra online en un e-commerce - Impulse. https://www.gohubspot.com/latam/proceso-de-compra-online-ecommerce/
46. ¡Vuelve el eCommerce Day Argentina en formato presencial! - eCommerce Institute. https://www.ecommerce.org.ar/ecommerce-day/ecommerce-day-argentina-en-formato-presencial/
47. Cómo hacer una cadena de valor paso a paso - Blog de HubSpot. https://blog.hubspot.es/marketing/cadena-valor
48. E-commerce: el rol de la logística en la nueva revolución comercial - El Economista. https://eleconomista.com.ar/economia/e-commerce-rol-logistica-nueva-revolucion-comercial-n20400