MercadoLibre

Pricing power is mixed across the portfolio: take‑rates in marketplace and acquiring are defendable due to ecosystem benefits and embedded services; retail media monetization is rising (ads penetration reached ~2.1% of GMV in Q4’24 with room to expand); deposit yields help attract and retain fintech balances.

Offsetting this, the company deliberately lowered free‑shipping thresholds in Brazil (R$79 to R$19) to drive engagement, which near‑term compresses margins. Over time, scale efficiencies and ads should support blended monetization. We score solid but not unconstrained pricing power.