Key Takeaways MELI uses shipping subsidies to lift order frequency and engagement in price-sensitive Latin American markets.MELI's higher logistics cost absorption is eroding direct contribution despite strong GMV growth.MELI saw Brazil GMV jump 36% year over year in Q3 after cutting the free-shipping threshold from R$79 to R$19.MercadoLibre's (MELI) expanding reliance on shipping subsidies is delivering strong Gross Merchandise Volume (GMV) momentum, but it is also intensifying concerns around growth durab ...