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Hi Eugene,

Assuming that those numbers are correct (I don't know what their market share is), I would use as a proxy for comparison. began operations in July 1994, and after nearly 23 years, they have an estimated 43% market share of ecommerce in the US.

MercadoLibre did not begin operations until August, 1999, a full five years later. There are also still doing business in an economy that is largely a cash based, where many consumers do not even have credit cards or a bank account. So, I don't think you are missing anything. It is still a very young and highly fragmented market.

Taking all those things into consideration, I would point out that they are operating off a much smaller base to start and e-commerce still only represents 2.6% of all retail sales. Lots of runway remains.

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