E marketer brazil_ecommerce-sports_travel_and_cheap_retail_maintain_the_markets_momentum

BRAZIL
ECOMMERCE
Sports, Travel and
Cheap Retail Maintain
the Market’s Momentum
MARCH 2013
Thiago Guimaraes
Contributors: Rahul Chadha, Osbaldo Franco, Kris Oser, Martín Utreras, Haixia Wang

EXECUTIVE SUMMARY B2C Ecommerce Sales in Brazil, 2011-2016
billions and % change
Ecommerce in Brazil has been climbing steadily, $27.30
$25.54
powered by growing internet penetration and rising $23.53
household income. Even as Brazil’s economy slows, $19.76
the country’s B2C ecommerce should see double- $16.97
digit expansion this year and again in 2014, when $13.91
the FIFA World Cup soccer tournament is expected to
prompt a surge in domestic travel and event-related 32.8%

economic activity. 21.9%
19.1%
16.5%
8.5%
Unlike Brazil’s early-stage digital buyers, who tended to 6.9%

come from the wealthier segments of society, Brazil’s 2011 2012 2013 2014 2015 2016
ecommerce newcomers are largely middle-income, price- B2C ecommerce sales % change
conscious consumers. Today they are making small-ticket Note: includes travel, digital downloads and event tickets purchased via
any digital channel (including online, mobile and tablet); excludes gambling;
purchases to test the waters of online shopping, but converted at the exchange rate of US$1=BRL1.95
lower-price items are likely gateway products, signaling Source: eMarketer, Jan 2013
150112 www.eMarketer.com
more significant purchases ahead.

Last year’s Black Friday online sales showed the market’s
potential, but also its weaknesses. Shoppers in Brazil
went online in droves, and many made purchases, but
site outages and price trickery frustrated some would- CONTENTS
be buyers.
3 The State of Ecommerce Sales in Brazil
This report looks at the makeup of Brazil’s growing
4 Domestic Travel Boosting Digital Sales
population of online shoppers, their shopping behavior
and the types of products they are and aren’t buying. 5 Retail Ecommerce Sales
7 Internet Users and Digital Buyers
11 eMarketer Interviews
KEY QUESTIONS 11 Related eMarketer Reports
■■ How big is Brazil’s ecommerce market? 11 Related Links

■■ What impact will upcoming international sporting 11 Editorial and Production Contributors
events have on digital travel sales in Brazil?

■■ How is Brazil’s growing middle class using the
internet for commerce?

■■ How are digital content and mcommerce advancing
ecommerce in Brazil?

BRAZIL ECOMMERCE: SPORTS, TRAVEL AND CHEAP RETAIL MAINTAIN THE MARKET’S MOMENTUM ©2013 EMARKETER INC. ALL RIGHTS RESERVED 2

THE STATE OF ECOMMERCE SALES As Brazil’s ecommerce market gains in size and
importance, more data is likely to become available. Sao
IN BRAZIL Paulo-based ecommerce research company e-bit, for one,
will release its first B2C ecommerce projections for Brazil
Following in the footsteps of the country’s recent in the first half of 2013. In the meantime, eMarketer’s
economic development, Brazil’s ecommerce segment estimates are conservative due to limited data availability.
has expanded substantially in the past few years,
A final data note: In this report, B2C ecommerce includes
rising nearly 33% in 2011 and a further 22% in 2012,
both retail and travel sales made digitally.
according to eMarketer estimates.

Brazil closed 2012 with $16.97 billion in B2C ecommerce
sales and is expected to record another $19.76 billion MOBILE PENETRATION AND MCOMMERCE
in sales this year for a 16.5% gain. Next year, the Brazil-
If ecommerce in Brazil is still in its early stages, then
hosted FIFA World Cup soccer tournament should again
mobile commerce is in its newborn phase. But mobile
spur double-digit growth, pushing Brazil’s ecommerce
internet uptake points to strong growth potential for
tally to $23.53 billion, before annual sales gains begin to
mcommerce in Brazil. Moreover, the next two years
cool off.
should see increased investment in telecommunications,
although it’s too early to tell how closely mcommerce
B2C Ecommerce Sales in Brazil, 2011-2016 will follow.
$27.30 Brazil ended 2012 with 37 million mobile internet users,
$25.54
up from 8 million in 2010. eMarketer expects to see
$23.53
approximately 23% of Brazil’s population, or 49 million
$19.76 people, use the mobile internet at least once per month
$16.97 in 2013.
$13.91

32.8% Mobile Internet Users and Penetration in Brazil,
2010-2016
21.9%
19.1% 2010 2011 2012 2013 2014 2015 2016
16.5%
8.5% Mobile internet 8.0 25.3 37.0 49.0 64.7 82.1 96.4
6.9% users (millions)
2011 2012 2013 2014 2015 2016 —% change 46.7% 214.1% 46.4% 32.5% 32.1% 26.8% 17.5%
B2C ecommerce sales % change —% of mobile 8.0% 23.0% 31.0% 38.0% 47.0% 56.0% 62.0%
phone users
Note: includes travel, digital downloads and event tickets purchased via —% of population 4.0% 12.4% 18.0% 23.6% 30.8% 38.6% 45.0%
any digital channel (including online, mobile and tablet); excludes gambling; Note: mobile phone users of any age who access the internet from a
converted at the exchange rate of US$1=BRL1.95 mobile browser or an installed application at least once per month;
Source: eMarketer, Jan 2013 excludes SMS, MMS and IM
150112 www.eMarketer.com Source: eMarketer, April 2012
Because there is little comparative data for ecommerce
in Brazil, eMarketer has based its estimates on data Brazil’s smartphone user base will follow close behind,
from previous years, in particular tracking ecommerce reaching 47 million in 2013, according to eMarketer
as a share of gross domestic product. In addition, we’ve estimates. Tablet usage has also been on the rise.
looked at survey data for insights into numbers of digital F/Nazca Saatchi & Saatchi estimated there were 5 million
buyers and the average amount they spend. tablet users in Brazil in 2012, up from 240,000 a year
earlier. [eMarketer does not yet have a comparable tablet
No local sources have published B2C ecommerce sales usage estimate.]
estimates for 2012, nor have there been domestic
projections for the coming years. There are some
estimates from non-local entities, but they are not usually
updated annually. Lack of data is a symptom of a still-
maturing market in which growth takes the lead while
research trails behind.


Câmara Brasileira de Comércio Eletrônico (Câmara-e.net),
an industry group focused on ecommerce, estimates
DOMESTIC TRAVEL BOOSTING
mobile commerce in Brazil doubled its share of total DIGITAL SALES
retail ecommerce in 2012, growing to 10%. e-bit’s more
conservative view suggests a still notable jump from 0.3% As in other countries, digital travel sales have played
in 2011 to 1.3% in 2012. a major role in the growth of ecommerce in Brazil.
Travel represented close to a third of the country’s
As with ecommerce estimates as a whole, the divergent
total ecommerce sales in 2012, eMarketer estimates.
assessments of mcommerce reflect how new the
ecommerce and mcommerce markets are in Brazil.
Digital Travel Sales in Brazil, 2011-2016
$10.00
$9.44
$8.72

50.0% $6.50
$5.42
$4.33

34.2%
25.0%
20.0%

8.2% 6.0%
2011 2012 2013 2014 2015 2016
Digital travel sales % change

Note: includes leisure and unmanaged business travel purchased via any
digital channel (including online, mobile and tablet); converted at the
exchange rate of US$1=BRL1.95
Source: eMarketer, Jan 2013

Two major sporting events to be held in Brazil are likely to
spur further digital travel sales over the next two years. The
2013 FIFA Confederations Cup, a sort of warm-up for the
World Cup, will be held in June across six cities in Brazil.
The event’s organizing committee expects to sell more
than 800,000 tickets, 74,000 of which were purchased in
the first 24 hours of availability.

Brazil’s sheer size means that air travel is required to get
from place to place, and airline tickets can be expensive.
Using November 2012 prices, Decolar.com, an online
travel agency in Brazil, projected that a sports fan in Brazil
buying the cheapest airfare and hotel room for an out-
of-town soccer match would spend between $208 and
$508 (including a $15 match ticket). Prices are likely to rise
further as this year’s event approaches.


Another digital travel boost will come in 2014, when more
than 3 million people are expected to travel to and within
RETAIL ECOMMERCE SALES
Brazil to watch the FIFA World Cup, possibly at even more
Retail ecommerce sales in Brazil are likely to grow at
inflated prices.
a healthy double-digit pace through 2014, but a bit
After a breather in 2015, Brazil will host the 2016 Summer more slowly than digital travel sales, since the market
Olympics. While that event will probably inspire some is less likely to be affected by the sporting events
digital travel spending, it will be less dramatic than the powering travel sales.
World Cup because the Olympics will take place in a
single city, Rio de Janeiro.
Retail Ecommerce Sales in Brazil, 2011-2016
$17.30
$16.10
$14.81
$13.26
$11.55

$9.58

26.3%
20.5%
14.8%
11.7%
8.7% 7.5%
2011 2012 2013 2014 2015 2016
Retail ecommerce sales % change

Note: includes digital downloads and event tickets purchased via any digital
channel (including online, mobile and tablet); excludes travel and gambling;
converted at the exchange rate of US$1=BRL1.95
Source: eMarketer, Jan 2013

While there is limited comparative data for overall
B2C ecommerce activity in Brazil, there are a handful
of estimates for the narrower retail ecommerce
sector. eMarketer’s $11.6 billion estimate of 2012 retail
ecommerce sales is in line with e-bit and Câmara
Brasileira de Comércio Eletrônico. The Brazilian
Association of Ecommerce (ABComm) puts the total a bit
higher, at $12.4 billion.

Comparative Estimates: Retail Ecommerce Sales
in Brazil, 2011 & 2012
billions
2011 2012
ABComm*, Jan 2013 $9.6 $12.4
eMarketer*, Jan 2013 $9.6 $11.6
e-bit**, Aug 2012 $9.3 $11.6
Câmara Brasileira de Comércio Eletrônico – Câmara-e.net*, $9.6 $11.5
Jan 2013
Note: excludes online travel sales; *converted at the exchange rate of
US$1=BRL1.95; **converted at the rate of $1=BRL2.0154
Source: eMarketer, Jan 2013; various, as noted, 2012 & 2013


ABComm’s number may be higher because it includes ages 16 and older across all income levels preferred
consumer-to-consumer marketplace/online auctions. to buy in physical stores. Resistance to ecommerce
MercadoLivre, for example, a marketplace for online was higher among females and older users. Brazil’s
B2C and C2C transactions, which comScore shows as internet user segments most likely to say they preferred
the leading ecommerce platform accessed in Brazil in ecommerce were males, middle-income households and
terms of minutes spent online, reported $1.3 billion in consumers ages 35 to 49.
transactions in 2012.

Preferred Purchase Methods of Internet Users
in Brazil, by Demographic, Sep 2012
BLACK FRIDAY SEES HIGHS AND LOWS % of respondents in each group
In a On On On mobile phone/
Although Brazil does not celebrate Thanksgiving, in 2010 store computer tablet smartphone

the price comparison website Busca Descontos created a Gender
Female 73% 23% 3% 1%
campaign to promote a day of discounted online shopping
Male 58% 36% 2% 4%
like that of the US’s Black Friday, the symbolic start of the Age
holiday shopping season. 16-34 64% 30% 3% 3%
35-49 71% 28% 1% -
For such a new and transparently commercial concept, 50-64 65% 29% 1% 5%
Black Friday has achieved widespread adoption in Brazil. Household income
Low 76% 19% 2% 3%
According to comScore Marketing Solutions data,
Medium 60% 35% 2% 2%
ecommerce sales in Brazil on Black Friday 2012 were
High 69% 29% 2% -
368% higher than the average November day. Other Total 66% 29% 2% 3%
metrics, such as the number of transactions and average Note: numbers may not add up to 100% due to rounding
order value, also showed large gains. Source: Ipsos OTX and Ipsos Global @dvisor, "Socialogue," Dec 4, 2012

The top three online retailers during Black Friday 2012
Growth of Black Friday Ecommerce Metrics in Brazil,
were also established brick-and-mortar discount chains.
Nov 23, 2012
% change vs. average online shopping day during Nov 1-27, Americanas, part of B2W, Brazil’s largest B2C sales group,
2012 had the highest total sales. In second and third place were
Buyers 185% Pontofrio and Casa Bahia, respectively, both of which are
Spending per buyer 64% managed by B2W’s closest competitor, Nova Pontocom.
Transactions 202% Wal-Mart, a relative newcomer to Brazil’s online market
Average order value 55%
and the only foreign retailer on the list, saw the highest
Transactions per buyer 6%
Total spending 368%
increase in sales year over year.
Note: ages 15+; excludes MercadoLivre, which also functions as a
marketplace that generates many ofﬂine transactions; read as the average
order value on Black Friday was 55% higher than the average order value
during Nov 1-27, 2012 Leading Online Retailers on Black Friday in Brazil,
Source: comScore Marketing Solutions as cited in press release, Dec 6, Nov 23, 2012
2012
Rank by Rank by % change vs. average
150327 www.eMarketer.com dollar sales online shopping day*
Americanas 1 5
ClearSale, an ecommerce authentication and fraud-
Pontofrio 2 2
prevention company, estimated online sales during Casas Bahia 3 3
Brazil’s 2012 Black Friday totaled close to $111 million, Wal-mart 4 1
up from $51 million in the previous year, based on Submarino 5 6
541,000 purchases at an average ticket of $205. Leading Magazine Luiza 6 4
categories were consumer electronics, computers, Netshoes 7 7
Note: ages 15+; excludes MercadoLivre, which also functions as a
mobile phones, home appliances and games. marketplace that generates many ofﬂine transactions; *during Nov 1-27,
2012
Source: comScore Marketing Solutions as cited in press release, Dec 6, 2012
Black Friday has so far been successful at drawing buyers 150328 www.eMarketer.com
online in a market that is still reluctant to abandon brick-
and-mortar shopping. Ipsos OTX and Ipsos Global
@dvisor’s December 2012 “Socialogue” showed that, on
average, no fewer than 66% of internet users in Brazil


But all the extra shopping on Black Friday exposed
weaknesses in the Brazil’s ecommerce landscape. With
INTERNET USERS AND
access rates up to seven times higher than in 2011, and DIGITAL BUYERS
up to 75,000 simultaneous hits during the first few hours,
many retailers’ websites slowed to a crawl or crashed. Even while still in an early stage of ecommerce
Furthermore, seven major retailers were contacted by development, Brazil’s sheer size makes it a market
Sao Paulo’s consumer protection bureau, Fundação worth watching. eMarketer estimates that 91.5 million
Procon-SP on behalf of digital shoppers complaining
, people in Brazil, or 44% of the country’s population,
of wrongdoing, specifically price tweaking and false
will be internet users in 2013.
advertising. Disgruntled customers also flooded social
networks, especially Facebook, with negative comments.
Internet Users and Penetration in Brazil, 2011-2016
Still, the rapid growth of Black Friday and the increasing millions, % of population and % change
volume of online sales in general show the growing 99.8
103.0
96.7
acceptance and popularity of ecommerce in Brazil. 91.5
86.4
79.3

46.0% 47.0% 48.0%
42.0% 44.0%
39.0%

9.0% 8.9%
5.9% 5.7% 3.2% 3.2%

2011 2012 2013 2014 2015 2016
Internet users % of population % change

Note: individuals of any age who use the internet from any location via any
device at least once per month
Source: eMarketer, Feb 2012

Breaking this down along income levels, data from
Núcleo de Informação e Coordenação do Ponto BR
(NIC.br) shows internet usage among Brazil’s middle—
or C—class at only 54%, while near or above 90% in
wealthier class A and B households.


Demographic Proﬁle of Internet Users* in Brazil, Comparative Estimates: Online Buyers in Brazil,
Oct 2010 & Jan 2012 2011 & 2012
% of respondents in each group % of internet users
Oct 2010 Jan 2012 2011 2012 Age Usage
Gender GlobalWebIndex*, - 57.0% - Purchased in the past month
Male 48% 54% Feb 2013 via any digital channel
Female 48% 52% Ipsos, Feb 2012 - 46.0% 16-64 Bought products or services
online in the past 3 months
Age
eMarketer, 30.0% 34.0% 14+ Made at least one
10-15 75% 75% Jan 2013 purchase via any digital
16-24 76% 81% channel within the
25-34 62% 67% past year

35-44 41% 48% F/Nazca Saatchi & 24.0% - 16+ -
Saatchi, Dec 2011
45-59 23% 30%
Note: *data is for Q2
60+ 6% 12% Source: eMarketer, Jan 2013; various, as noted, 2011-2013
Social class 151335 www.eMarketer.com
A 90% 94%
B 79% 83%
C
DE
51%
19%
54%
21% THE MIDDLE CLASS AS DIGITAL DRIVERS
Total 48% 53%
In Brazil, where even small percentage changes equate
Note: 2010 n=23,107; 2012 n=25,000; *ever at any location
Source: Núcleo de Informação e Coordenação do Ponto BR (NIC.BR), "TIC to tens of millions of consumers, the size of the middle
Domicílios 2011" conducted by IBOPE Inteligência, May 31, 2012
class is key to ecommerce growth.

eMarketer estimates that Brazil will have 26.7 million A study by Fundação Getúlio Vargas (FGV), a higher-
digital buyers in 2013, equal to 36% of internet users. education institution and think tank, predicts the middle
That penetration level is a far cry from the US, where class will represent 60.2% of Brazil’s population by 2014,
the figure is 73%, but Brazil outpaces Latin America as a at which point the group should include more than 120
whole, for which the average is 33.2%. million people.

The range of incomes encompassed in “the middle class”
Digital Buyers in Brazil, 2011-2016 is wide, though, with the higher-income households in
2011 2012 2013 2014 2015 2016 the category earning several times more than the lower-
Digital buyers (millions) 19.1 23.7 26.7 29.7 31.9 33.9 income ones. Since those at the lower end do not have
—% change 33.1% 24.1% 12.8% 11.3% 7.4% 6.2% enough expendable income to significantly drive total
—% of internet users 30.0% 34.0% 36.0% 37.7% 39.0% 40.0%
ecommerce sales, it is those at the high end who will have
—% of population 12.4% 15.2% 16.9% 18.5% 19.6% 20.5%
Note: ages 14+; internet users who have made at least one purchase via
the greatest impact.
any digital channel within the past year, including online, mobile and tablet
purchases
Source: eMarketer, Jan 2013 As more middle-income consumers go digital, online
150115 www.eMarketer.com retailers can expect to see more purchases being made,
but at lower price points. e-bit’s data already shows
Compared to eMarketer, Ipsos and GlobalWebIndex
Brazil’s average ecommerce ticket size falling from $202
show a larger share of Brazil’s internet users making
in 2010 to $189 in 2011 and $165 in 2012. Moreover,
internet purchases. With similar age and purchase
a 2012 Hi-mídia and M.sense study of Brazil’s online
frequency parameters, and considering the still-emerging
buyers indicated price was a leading motivation for
mcommerce market in Brazil, sampling probably
purchasing online.
contributes to the differences in estimates. The online
panels used by Ipsos and GlobalWebIndex tend to attract
respondents who are generally more digitally-savvy and
already more inclined to buy online.


Pedro Eugenio, CEO of price-comparison tool and coupon
Leading Reasons to Purchase Online According to
Online Buyers in Brazil, April 2012 service Busca Descontos (the company that brought
% of respondents Black Friday to Brazil), noted that with more ecommerce
Price
competition and the large selection of coupons available,
68% digital internet buyers in Brazil—including middle-class
Convenience consumers—rarely make a purchase decision before
56% first comparing prices and searching for discounts across
Product variety multiple retail sites.
31%
It's easy to pay Brazil’s emerging middle class is not just increasing
28% consumption because of extra disposable income. Rather
Find more info and tips on products online it is seeking to get the most for its hard-earned money,
26%
and to do so in the most hassle-free way. This is what
Note: n=1,129 consumers are after as they move purchases from the
Source: Hi-mídia and M.sense, "E-commerce: E-consumer Behavior," May
31, 2012 street to the screen.

Moreover, while most digital buyers are price-conscious
The increasing number of middle-income online shoppers and wary of losing money through unsuccessful
also suggests that comparison shopping, while already online purchases, middle-income consumers new to
prevalent among consumers in Brazil, will grow even ecommerce tend to be more risk-averse. Cheaper,
more common. easier-to-ship items represent a more manageable risk as
consumers try a new purchase method. Once satisfied,
Sources that Influence the Purchase* Decisions of these first-time online shoppers are likely to come back to
Online Buyers in Brazil, April 2012 spend more.
% of total
Information which you research online 3% According to e-bit, among the top five most purchased
57% 20% 15% 4% product categories in Brazil in 2011 and 2012 were low-
Friends' opinions given in person ticket, easy-to-deliver items, such as health and beauty
42% 30% 16% 7% 4% products. But perhaps unexpectedly, appliances topped
Opinions found on price comparison websites/reviews e-bit’s list. Though most of these appliances were smaller
41% 31% 18% 5% 4% kitchen items, consumers in Brazil are going online to
Company websites (institutional)
shop for and buy larger items like refrigerators, stoves and
35% 26% 24% 10% 5% washing machines.
Discussion forums
28% 23% 19% 13% 17%
Leading Categories of Retail Ecommerce in Brazil, H1
Comments left by friends on social networks 2012
26% 28% 22% 12% 13% % share
Internet ads
23% 24% 31% 14% 6% Appliances 13%

Health & beauty 13%
TV ads
18% 20% 33% 18% 10% Fashion & accessories 11%

Comments left by strangers on social networks Books, magazine subscriptions & newspapers 10%
12% 17% 27% 21% 26%
Computers 9%
5—highly influences 4 3 2 1—does not influence
Source: e-bit, "WebShoppers, 26th edition," Aug 22, 2012
Note: n=1,129; numbers may not add up to 100% due to rounding; *online 150575 www.eMarketer.com
or offline
Source: Hi-mídia and M.sense, "E-commerce: E-consumer Behavior,"
May 31, 2012


Pedro Guasti, vice president of Buscapé Company, a
digital commerce platform, reasoned that although
WEALTHIER CLASSES STILL SPEND MORE
products like home appliances represent a substantial While the middle class, especially those in upper end,
investment for middle-income families, the ease of will be a major driver of growth in ecommerce in Brazil,
researching, reading reviews and buying all in the same much of the segment’s sales will continue to come from
place give consumers the right mix of confidence and wealthier buyers, who not only have more expendable
convenience to complete a purchase. Guasti also noted income but also have more experience online.
that financing purchases at no interest has been a vital
practice among retailers in Brazil for many years. As FGV projects that by 2014 Brazil’s wealthier A and B social
retailers, and even credit card companies, expand their classes will grow even more rapidly than the middle
businesses online, they have made sure to include class, increasing at an expected combined rate of 29%,
no-interest financing among their payment methods. which will boost the more affluent population to some 29
million people.
Also supporting the growth of ecommerce in 2012 was
the localization of major virtual bookstores—Apple’s Polling firm IBOPE Inteligência’s 2012 Pyxis Consumption
iBookstore, Google’s Play store and Amazon.com’s Kindle Index estimated that 54.3% of household consumption
Store—offering content in Portuguese and prices in the in Brazil in 2012 would originate from the A and B social
local currency. classes, with the C class buying their way to a 38.7%
share. Brazil’s D and E classes were expected to account
Amazon has created a handful of physical sales points for just 7%.
for its Kindle ereaders in Sao Paulo and Rio de Janeiro,
although it has held back on selling the more advanced Data is not yet available showing how these consumption
Kindle Fire tablet in Brazil, focusing instead on more patterns translated into ecommerce, but is seems
affordable devices for the time being. Ereader brand Kobo likely that while most new digital buyers and first-time
has partnered with Livraria da Cultura, an established ecommerce transactions will come from the middle class,
brick-and-mortar bookstore chain in Brazil that has now Brazil’s wealthier income rungs will continue to spend
also gone digital. more—and buy more expensive items.


EMARKETER INTERVIEWS RELATED EMARKETER REPORTS
Pedro Guasti Brazil Online: An Increasingly Mobile Market
Vice President, Marketing Intelligence Brazil Digital Ad Spending: A Growing Consumer Base
Buscapé Company Lures Marketers Online
Interview conducted on February 7, 2013

Bernardo Kirschner RELATED LINKS
Planning Director
VML Brasil Agência Nacional de Telecomunicações
Interview conducted on February 13, 2013 Black Friday Brasil
Busca Descontos
Ludovino Lopes
President Buscapé Company
Câmara Brasileira de Comércio
Eletrônico – Câmara-e.net Centro de Estudos sobre as Tecnologias da Informação
e da Comunicação
Interview conducted on February 19, 2013
Câmara Brasileira de Comérceio Eletrônico – Câmara-e.net
Cris Rother comScore, Inc.
Director
e-bit
e-bit
Interview conducted on February 8, 2013 IBOPE Inteligência
IBOPE Nielsen Online
Instituto Brasileiro de Geografia e Estatística
VML Brazil
Brazilian Association of Ecommerce (ABComm)
ClearSale
Decolar.com
F/Nazca Saatchi & Saatchi
Fundação Getúlio Vargas (FGV)
Hi-mídia
Ipsos Global @dvisor
Ipsos OTX
M.sense
Núcleo de Infomação e Coordenação do Ponto BR (NIC.br)

EDITORIAL AND
PRODUCTION CONTRIBUTORS
Cliff Annicelli Senior Editor
Kaitlin Carlin Copy Editor
Joanne DiCamillo Senior Production Artist
Stephanie Gehrsitz Senior Production Artist
Dana Hill Director of Production
Nicole Perrin Associate Editorial Director
Allie Smith Director of Charts


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