Mexico’s e-commerce experienced immense growth over the past year. It became a necessity for businesses to adapt to the digital world. Otherwise, they might not live much longer to tell the story. Why is that?
The past few decades saw incredible growth in the digital world. This era of digitalization revolutionized the way we interact with each other, the outside world, and do business.
Think about it. When was the last time you drove miles to the only store in town that has a specific product with cash in your pocket only to find a “closed” sign on the door?
In addition to this digital trend, the infamous year 2020 served as a global catalyst for businesses to change their strategies. Now, 54% of people plan to buy more through online channels. To avoid falling behind, businesses had to incorporate into the digital world one way or another.
It is expected that Mexico’s e-commerce is going to reach a penetration rate of 55% by 2024. After the pandemic, at least 2 out of 10 businesses are expecting more than 30% of their sales to come from online transactions. This is a significant portion of their revenues that could make or break the company.
Next, we are going to go over 3 ways to stay competitive in Mexico’s online markets with so much competition around.
1. Determine Which Omnichannel Strategy Best Fits your Company
Let’s explore how your company can incorporate an omnichannel strategy.
Business owners have a hard time deciding which digital channel their business should be selling through.
Should they only do social media? Should they have their own website? Would a combination of the two be effective?
There are a variety of marketplaces online with unique advantages. As a matter of fact, many entrepreneurs found that a combination of these strategies is the best strategy.
With an omnichannel, your company will have higher visibility across multiple channels. Therefore, it increases your chance to gain new customers.
But, what are the most popular marketplace websites in Mexico?
Top Websites for Mexico’s e-Commerce
As a general rule-of-thumb, Mexican consumers tend to shop on websites with Mexican domains.
Additionally, successful online channels in Mexico translate their sites to the spanish language and accommodate for most popular payment methods.
This graphic lists and describes the 5 most popular e-commerce sites in Mexico.
Based on the graphic, many people participate in digital marketplaces each month. Without a doubt, an omnichannel strategy is a great opportunity to pull some of those visitors into your digital channels.
2. Inclusive Payment Methods
We mentioned earlier that every popular e-commerce site in Mexico accommodates popular payment methods in Mexico.
An online transaction usually involves a credit or debit card for completion. Nevertheless, under 50% of the Mexican population has a bank account. If you only include the option of a credit or debit card, you would lose half of your potential market size.
Online shoppers tend to abandon their carts if their preferred payment method is not available.
Indeed, it is important to optimize the checkout page on your website to maximize customer conversions.
While credit and debit cards are the most popular payment method, a large number of potential customers in Mexico’s e-commerce websites prefer using Pay-Pal.
Additionally, you can offer cash deposits, e-wallets, and bank transfers to avoid excluding potential customers.
3. Make it Mobile-Friendly!
Not everyone goes around carrying their laptops 24/7. Nowadays, everyone has a phone. Over two-thirds of Mexicans have internet access, most of them doing so from a mobile device.
According to Entrepreneur, roughly 73% of Mexico’s e-commerce transactions are done from a mobile device. Over 30% of potential customers would abandon their carts if the website is not mobile-friendly.
A mobile friendly website should no longer be seen as extra value, but as something absolutely necessary for a positive user experience.
Try it yourself! Go into non-mobile-friendly websites from your phone and compare them with one that’s mobile-friendly. You’ll be able to notice the difference right away and wonder: is anyone even able to buy from this website?
Ready to Set Up an Omnichannel Strategy for Mexico’s E-commerce?
Do you have plans to expand your business into Mexico or other Latin American markets?
Contact us at email@example.com and we’ll help you figure out which omnichannel strategies best fit your business!
Visit us at Colibri Content for more information!