LatAm E-Commerce estimated to be ~$70Bn in 2019. $MELI did ~$14Bn of GMV or 20% market share. $AMZN share in US 45%+. LatAm E-Commerce penetration ~4-5%, w/ historical trends pointing to 100bps of improvement p.a. This is on a base of 650MM w/ median age 8 years younger than US. https://t.co/LeCJbn2LT4