Caso de estudio mercado libre
STRICTLY PRIVATE AND CONFIDENTIAL
Agenda
Introduction to MercadoLibre
Industry Overview
MERCADOLIBRE: THE LEADING INTERNET ECOSYSTEM IN LATAM
MERCADOLIBRE
1
Four business units that create a powerful ecosystem that strives to enable ecommerce wherever it occurs
On platform
Marketplaces
MercadoLibre •Transactional marketplace • Classifieds marketplace • Search results positioning
MERCADOLIBRE: THE LEADING INTERNET ECOSYSTEM IN LATAM
Payments Advertising
MercadoClics • Search advertising • Display advertising
MercadoPago • Payments processing • Consumer finance
Off platform
Webstores
MercadoShops • SaaS web stores On platform
MERCADOLIBRE
Off platform Both on and offplatform
2
MercadoLibre timeline
MercadoLibre’s history
Acquired Tucarro.com and Tuinmueble.com
MERCADOLIBRE: THE LEADING INTERNET ECOSYSTEM IN LATAM
Acquired Lokau
Expanded business model
Services, e-shops and user guides content
Acquired the operations of DeRemate that it didn’t own
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009Launched
eBay acquired 19.5% of ML for iBazar Brazil
227% net revenues growth— regional leadership
Break even. Acquired DeRemate subs
IPO US$333mm
Launch search advertising and web stores
Source: Company
MERCADOLIBRE
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Company currently has a market cap of roughly $2.2B
MELI stock performance since IPO
MERCADOLIBRE: THE LEADING INTERNET ECOSYSTEM IN LATAMSource: Bloomberg As of April 9 2010
MERCADOLIBRE
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Marketplace: enabling buyers and sellers to transact
Transactional platform
Revenue Sources
Classifieds / Listing Search result positioning
74% of total company revenues during 2009
MERCADOLIBRE: THE LEADING INTERNET ECOSYSTEM IN LATAM
Size and Growth
42.6mm registered users (37% 5-yr CAGR) US$2.7bn GMV (46%5-yr CAGR)
35mm searches/weekday 100% on platform
Business Segment Characterization
95% fixed price (5% auction) 75% new items (20% used) Strength in both enterprise marketplace and C2C Infinite inventory Top notch search engine Back-ended pricing
Key Elements of Strategy
Expand into new verticals
Key Initiatives
Move towards back-ended pricing Focus onever improving buyer experience
MERCADOLIBRE
5
MercadoLibre’s key metrics –Marketplace
Successful items sold (mm) GMVe (US$mm)
8.0 5.1 5.6 5.8 6.0 6.9
8.6 516 590 652 524 521
791
787
4.6
450
MERCADOLIBRE: THE LEADING INTERNET ECOSYSTEM IN LATAM
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q094Q09
Marketplace revenue and take rate (US$mm; %)
Marketplace revenue (US$mm) Marketplace take rate
40 35 30 25 20 15 10 5 0
6.0% 37 28 23 32 26 26 31 35 5.5% 5.0% 4.5% 4.0% 3.5% 3.0% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09
Source: company filings
MERCADOLIBRE
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Payments: becoming the online payment standard
Payment processing
Revenue Sources
Financing
Merchantservices
26% of total company revenues for 2009
MERCADOLIBRE: THE LEADING INTERNET ECOSYSTEM IN LATAM
Size and Growth
US$382.5mm TPV (18% of GMV, 77% 5yr-CAGR) 3.1mm payments processed
Business Sector Characterization
Mainly on platform (today) 60% financed payments Recently launched off platform payments in Argentina and Brazil
Key Elements of Strategy
Increase penetration in marketplace (on platform) Merchant services: enable third party payments (off platform) Expand consumer credit offering
Platform enhancement (ease of use and efficiency)
Key Initiatives
Facilitate payment (direct payment solution)
Seamless integration into third party websites
MERCADOLIBRE
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MercadoLibre’s key metrics –Payments
Number of payment...
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