Amazon becomes Mexico's top online retailer in 2017

Amazon.com Inc likely doubled its sales to become the biggest internet retailer in Mexico this year, helping to grow the country's nascent e-commerce market by a third, according to a report by market research firm Euromonitor International, according to Reuters.

The world's largest online retailer will generate $502.2 million in Mexico sales this year compared with $243.9 million last year, the Euromonitor report said.

Its findings were based on trade surveys, market studies and data research.

Online sales still account for slightly over 3.0 per cent of all retail sales in Mexico, where shoppers fear credit card fraud and are often paid in cash.

Internet shopping represents nearly 12 per cent of all retail sales in the United States.

Argentina's MercadoLibre Inc registered an increase of nearly 90 per cent from 2016, Euromonitor said, but was still seen slipping to second place with some $489.2 million in sales.

MercadoLibre did not comment on the Euromonitor figures but said its Mexican sales rose 82 per cent in the third quarter.

In third place was Wal-Mart de Mexico with $258.9 million in projected online sales, or growth of about a third.