Amazon.com, Inc. (NASDAQ:AMZN) is taking steps to increase its presence in the largest retail market in all of Latin America. The e-commerce giant runs a marketplace for third-party sellers in Brazil, but that may be on the cusp of changing.
Reuters has the details on Amazon’s plans in Brazil.
Amazon.com Inc met in Brazil last week with an array of manufacturers to discuss plans to stock and sell products from consumer electronics to perfume in the country, according to two people that took part in the meetings.
The move would take the U.S. e-commerce giant beyond its current role in Brazil as a marketplace for third-party sellers, representing a major advance into the biggest retail market in Latin America.
No direct comment has been forthcoming from Amazon reps in Brazil as of yet, but the company noted that it has had “hundreds of meetings with potential vendors and suppliers about its business in Brazil and possible future plans.” Just last month, reports emerged that Amazon was looking for warehouse space outside of Sao Paulo.
The Brazilian e-commerce market has been surging in recent years, and it’s estimated that it will continue to grow by double-digits annually.
Amazon.com, Inc. shares were trading at $1,551.82 per share on Thursday morning, up $6.82 (+0.44%). Year-to-date, AMZN has gained 32.69%, versus a 2.48% rise in the benchmark S&P 500 index during the same period.