Free Market is a platform for e – commerce with operations in 18 countries in America where millions of users buy and sell products over the Internet . Normal (with cost): that allows to highlight products, with commission per sale.
Summary
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- 1 History
- 2 Features
- 3 Process of publications, sales and purchases
- 1 Two options for posting
- 4 Origin and expansion
- 5 Contracts
- 6 Sources
History
It is a company dedicated to purchases, sales and payments over the Internet. It has operations in each country of origin such as Bolivia , Brazil , Chile , Colombia , Costa Rica , Ecuador , Guatemala , Mexico , Nicaragua , Panama , Peru , Paraguay , El Salvador , the Dominican Republic , Uruguay , Honduras and Venezuela .
features
Free market
The users can sell and / or buy both new and used products at a fixed or variable rate private services are also offered. Mercado Libre also has a service called Mercado Pago, a platform for charging buyers and payments and payments to sellers.
According to The NielsenCompany, more than 52,000 people generate all or most of their income selling through Mercado Libre and in 2009 more than 3 million people and companies sold at least one In Mercado Libre they sell small and medium-sized companies, producers , manufacturers, importers, entrepreneurs, retailers, wholesalers, private individuals, dealers, etc.
Publications, sales and purchases process
To sell in Mercado Libre it is necessary to register on the site and complete a sales form with all the details and photos of the product being offered.
Two options for posting
- Basic (free): depending on the type of publication made, it may or may not have a sales commission.
- Normal (with cost): that allows to highlight products, with commission per sale.
Buyers just need to register on the site, search for the products or services they need and click on the “buy” button. Seller and buyer receive their counterpart information via email so that they can contact each other and complete the transaction.
Then both can be called to tell the rest of the community of users which was his experience with his counterpart, product and transaction. The rating system allows buyers to know the trajectory of sellers within the site.
The Mercado Libre Reputation System changed during 2009 to allow easier and more intuitive interpretation by users. The changes were defined based on usability tests carried out with real users and with different levels of experience within the site.
Origin and expansion
Expanded Market
Mercado Libre’s co-founder, president and AD is Marcos Galperín, an Argentine businessman .
He was born in 1971, and before founding the company, he was an employee of YPF. He planned Mercado Libre in March 1999, while working towards his MBA from Stanford University Business School in the United States.
It was his finance professor, Jack McDonald, who helped him get the contacts to get his investors. Once the MBA was completed, he dedicated himself to forming the company that was presented in society on August 2, 1999 and that quickly expanded to the following countries: Argentina, Brazil, Colombia, Chile, Ecuador, Mexico, Peru, Uruguay and Venezuela .
Mercado Libre had two funding rounds, the first in November 1999 and the second in May 2000. The rounds included the following partners: JP Morgan Partners, Flatiron Fund, and Hicks, Muse, Tate & Furst, Goldman Sachs, Fondo CRI Banco Santander Central Hispano and GE Equity.
Contracts
Two years after its launch, in October 2001 , MercadoLibre signed an agreement with eBay whereby eBay became the main shareholder of the company, Mercado Libre took over the operations of iBazar in Brazil and both companies became exclusive partners for Latin America. In November 2005, MercadoLibre.com acquired DeRemate.com operations in Brazil (where it was called Arremate.com), Colombia , Ecuador , Mexico , Peru , Puerto Rico , Uruguay , and Venezuela .
At the end of 2006 , Mercado Libre began operating in Costa Rica, Panama and the Dominican Republic. In August 2007, Mercado Libre held its initial public offering of shares on the NASDAQ .
The 22 of January of 2008 , free market acquired 100% of CMG Classified Media Group, Inc., or CMG and its subsidiaries. CMG and its subsidiaries operate as an online classifieds platform dedicated mainly to the sale of automobiles through www.tucarro.com in Venezuela, Colombia and Puerto Rico, and real estate through www.tuinmueble.com in Venezuela, Colombia, Panama, the United States , Costa Rica and the Canary Islands . In the 27 of August of 2008 , MercadoLibre.com DeRemate.com acquired operations in Argentina and Uruguay, and in Mexico and Colombia DeReto.com.
On March 18, 2011 it opened new offices in Buenos Aires , after billing 216 million dollars during 2010. In addition, it reached 52 million registered users.
By 2017, the company easily surpassed YPF and by July the social network Twitter. The rise for the middle of that year in its shares was 20%. Meanwhile, its market valuation of Mercado Libre on the Nasdaq exceeds USD 12.7 billion.
