ALLVP announced their investment in the grocery-revolutionizing platform Cornershop, further placing their bet on mobile commerce in Latin America. Cornershop offers a state-of the-art shopping experience where customers are able to purchase their groceries online from a variety of local stores and have them delivered to their location of choice within two hours. In line with the rising tide of customer expectations, Cornershop’s core model is founded on consistency, efficiency, and reliability for both customers and retailers, offering the latter additional distribution channels.
Latin America remains the world’s second fastest-growing e-commerce market behind China, making for an ideal backdrop for this investment. The sharp increase in smartphone penetration, topping 50% in numerous Latin American countries, has made a breakthrough in consumer behavior in a number of markets. The $286 billion untapped grocery market is set to be the new ecommerce battleground coming to the forefront. Groceries currently represent the largest retail market in the Latin American region and considering the current on-demand grocery delivery penetration in Europe as a benchmark, the online grocery market represents a potential US$17bn opportunity.