After some turbulent social and economic years, 2022 may represent a general “return to normal” for Mexican consumers. But with ongoing uncertainty ahead and rapid changes in the market still a possibility, it’s important to prepare to make the most of the year.
For many retail stores and brands across Mexico, El Buen Fin has come to represent a key turning point for annual profitability and success. The shopping event, now over ten years old, has changed and grown into an important part of the holiday shopping season.
“Buen Fin is one of the most important seasons of the year due to the scope of the Consumer products category,” Judith Fuentes, Supervisor of Consumer Product Marketing at Canon Mexicana, told us. “The main trend in the Market that we have seen is the e-commerce shopping growth and the digital contents quality. Therefore, over the last two years, Canon has improved our e-commerce shopping digital experience and our digital content with key selling points for potential users.”
According to AMVO, El Buen Fin 2021 generated $191.9 billion pesos over 154 million transactions—a 40% increase over the previous year. This coming year’s event, scheduled from Nov 18-21, is poised to be even bigger. To ensure you get your piece of this huge pool of revenue, keep an eye on some important trends and see what leading Mexican companies are doing to get an edge on El Buen Fin.
Adapting to a Digital New Reality
The pandemic had a dramatic and lasting effect on Mexican shopping habits.
Before the pandemic, about 47% of Mexicans consumers had become regular online shoppers. Now that figure has reached nearly 75%.
The way transactions happen is shifting rapidly, too. Until a few years ago, cash was the preferred medium for 90% of transactions. After the pandemic, that figure has dipped to as low as 50% in some cases.
Credit and bank cards account for a significant portion of those transactions. But Mexico is also catching up to other LATAM countries in utilization of other alternative payment methods like digital voucher payments, e-wallets, and low/no interest buy-now-pay-later arrangements.
Evidence indicates shoppers are regaining confidence to make larger purchases with credit and other pay-later options faster than with cash.
Source: AMVO, 2022
Getting more creative with payment options will help ensure you don’t miss out on sales from shoppers looking for flexibility.
The Right Data and Information at the Right Time
It’s never been more important to have accurate, up-to-date product information available.
Whether they’re shopping online or in store, more and more Mexicans are doing their research before making a purchase. They’re looking at reviews, comparing products between competing brands, looking for the best prices, and turning to social media for input and advice.
80% of shoppers reported checking at least 6 different sites during the last El Buen Fin—and just 2% say they decided to purchase after checking just one site
As consumers become more empowered and more discerning, it puts pressure on retailers and manufacturers alike to have complete, accurate information available on their online stores. Comprehensive information about dimensions, ingredients, materials, features, instructions, marketing copy and more can make the difference of a purchase decision. Having a strong content syndication solution that keeps product information up-to-date across the Mexican eCommerce environment becomes increasingly important to keep shoppers happy and avoid confusion.
Standing Out From the Competition
As consumer spending on El Buen Fin grows, so does the competition to get those sales. One way top brands are making their products stand out is with Enhanced Content.
Enhanced Content includes assets, files, multimedia and interactive experiences on product description pages (PDPs) that go above and beyond the basic product information commonly covered with Core Content and GDSN data.
Already, many of the most sophisticated eCommerce stores and marketplaces across Mexico, including Costco Mexico, Liverpool, El Palacio de Hierro, Elektra, Coppel, Deportes Marti, Office Depot, and Cyberpuerta have enabled enhanced content across their sites. With it, brands can better illustrate their product’s features, benefits, and capabilities.
Enhanced content makes product pages more informative, engaging, and entertaining. And it’s been shown to increase conversion rates by 90%. Imagine what an impact that could have on your online El Buen Fin sales this year!
“A purchase opportunity supported not only with descriptive text but also with content where the quality of each product is shown through high-quality images, iconography, videos with sound and much more, enhances the purchase decision at that moment,” said Alfredo Cano – Director of Consumer Products at Casio.
Take a look at some of these powerful examples of brands using Enhanced Content to stand out in the marketplace.
Adidas uses contextual hotspots to show off features for its athletic wear
BenQ’s side by side product comparisons show they have a solution for every customer need and guide buyers to the perfect option
Take Control of Your Story
One of the most common complaints about eCommerce stores has historically been how limiting they are for sellers. Most platforms have a single layout, with very particular requirements for how product information and assets can be formatted and displayed.
Enhanced Content grants you far more flexibility and control over your messaging and brand story, allowing you to get creative and express ideas that are impossible to capture with just a few lines of data.
The most successful sellers online in Mexico use this opportunity to captivate shoppers, keep them on their page, and tell your complete brand story.
“We have always wanted our brands to be well represented online, and Syndigo has been the company that helped us enrich the benefits of our products and increase our sales. Without a doubt, the customer experience of potential buyers is key.” said Marycarmen Larios, who manages Sales & Marketing with Icon Fitness.
Icon Fitness adds energetic videos to visualize the experience of using its products
This interactive tour helps Canon tell the story of what using their advanced printer is like
Reducing Returns
As online shopping becomes a greater portion of Mexican commerce, product returns are also becoming more common. At least 25% of Mexican online buyers have returned a product they bought online, according to AMVO.
Returns are a costly setback for online retailers and sellers, and minimizing them is essential to protecting margins and staying profitable.
Shopping online comes with some obvious challenges that can cause returns. When people shop in store, they can pick up a product, hold it, evaluate it from all sides, and compare it side by side with other products.
Without that ability, consumers can become confused or disappointed when a purchase doesn’t mee their expectations. Faulty or damaged products top the list for top reasons for returning products…but after that is a long list of complaints due to a lack of information, understanding, and transparency about what was being purchased.
Fortunately, Enhanced Content can help with this issue as well. By giving a more complete picture of what a product looks like, what it does, and how it works, you can create happier customers and fewer returns.
Casio highlights key elements of its products with an engaging hero to inform and educate shoppers
Canon uses vivid imagery paired with meticulous product details in a rotating carousel so customers know exactly what they’re getting
Conclusion
It’s not too late to make El Buen Fin 2022 your best yet. Enhanced Content offers a simple yet impactful way to dramatically increase your conversions through the entire holiday shopping season.
Whether you’re a retailer looking to improve your customer experience, or a brand that needs a competitive edge to grow sales through the year, Syndigo can help.
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