Online traders forecast a very good Buen FinBy Elliot Bullman
Economic indicators in Mexico are not worrying merchants who make online sales during El Buen Fin or Black Friday.
The current exchange rate, the inflation rate and consumer confidence index are economic indicators that do not scare online merchants. Nor does the slowdown in the growth of e-commerce during 2016 seem to be implying a reduction in the sales that are expected to be made by businesses that are exclusively dedicated to electronic commerce.
According to the president of the Mexican Online Sales Association (AMVO), Eric Perez-Grovas, in 2016 Internet sales grew 70% this season.
The main opportunity is strategy
Although the Christmas holidays continue to lead as the preferred time to make purchases online, El Buen Fin is the second season in which both users and businesses expect to buy and sell more products, according to figures from the 2017 Trade Study conducted by the Association of Internet.MX.
For Mercado Libre, the largest digital marketplace in Mexico in terms of revenue, the technology and logistics of electronic stores offer the possibility that the customer does not have to go to a store to purchase a discount offer.
"For us El Buen Fin is a key date. Historically, it was created for the offline world and is even made during the weekend so that there is more flow in the shopping centres, but when it comes to understanding the consumer, e-commerce is generating options with which the client can find financing, discounts, free shipping and above all, the possibility that the customer does not have to go to a store, "said Omar Galicia, commercial director of Mercado Libre in Mexico.
Financial inclusion, the eternal adversary
According to the National Survey of Financial Inclusion, conducted by INEGI in 2015, only 33.6% of the Mexican population has a bank savings account and during El Buen Fin del 2016, cash was the main payment method among consumers.
Despite the fact that sales within online stores were higher in the previous edition, only two of every 10 Internet users in Mexico bought a product or service online during the event. For the commercial director of Mercado Libre in Mexico, this low level of penetration is due to fear in the consumer due to the little confidence he has in the treatment of personal data and electronic payments, the status of the product you want to purchase and delivery times.
- Mexico will become the 7th world market for solar energy
- The richest Latino in the U.S. arrives in Mexico with realty projects worth $2bn
- SkyAlert App can save lives in an earthquake
- Artificial Intelligence is Transforming Mexico’s Financial Sector
- Mexico’s IRS Chief Evaluates Blacklisting the United States as a Tax Haven (REFIPRE)
- America's Passion for Guns: Ownership and Violence by the Numbers
- US Breaks Ground on New Embassy in Mexican Capital
- Cape Town Drought Declared a 'National Disaster'
- Canada and the U.S Exchange Criticism Amid Rising Tensions over NAFTA Negotiations
- Oxfam: Deputy Resigns Over Sex Claims Amid Crisis Talks
- Trump's Infrastructure Blueprint Labelled a 'Scam'
- Mexico Leads OECD Nations in Reducing Mobile Interconnection Rates