Although its stock is up by close to 2,000% over the last 10 years, MercadoLibre (NASDAQ: MELI) still has relatively low name recognition in the U.S. today. Some might rightly call it the Amazon of the Amazon. But for me, I call this Latin American giant in e-commerce and digital financial services a no-brainer stock to buy for the long haul.

MercadoLibre operates in Brazil, Mexico, Colombia, and other nations in the region. According to Statista, 266 million people in Latin America had adopted e-commerce as of the end of 2023. By 2029, that number is expected to increase by 57% to about 420 million. Adding nearly 200 million users in a six-year span could do wonders for a platform such as MercadoLibre.

The company had a substantial base of nearly 54 million active buyers (people who made at least one purchase during the quarter) as of the first quarter of 2024. That was enough to make it a leading e-commerce player in the region. But it's not too big to grow significantly from here, especially considering Statista's forecast.

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Source Fool.com