Thinking about doing business in Brazil?
Well, you’re in luck because we have highlighted some interesting bits of data from our Brazil Business Report.
In the full report, there’s more in-depth information about the current state of Brazil, as well as insight into where opportunities may lie.
If you want more extensive information, download the report here.
Now, let’s learn more about Business in Brazil!
Brazil Economy & Commerce
An important bit to know when entering the business market in a new country is to learn about their economy. Here are some noteworthy facts:
- Brazil is currently the 9th largest economy in the world
- Brazil’s GDP is expected to trend around 1750.00 billion in 2022 and 1890.00 billion in 2023 .
- In March 2022, the Brazilian Industrial Entrepreneur Confidence Index dropped 0.4 points to 55.4.
- Although the growth of Brazil’s output is not as high as in past years, it has not eliminated the desire for business to act in the economy.
Even though the pandemic did impact the economy and business industries. There are still many market opportunities and industries that are making waves in the Brazilian economy, the top ones are:
- Automotive industry
- Fuel industry
- Agriculture Industry
- Beauty and Fashion industry
- Fintech Industry
Brazil Business Growth During the Decline
You might be asking, how are these industries succeeding in the current economic decline?
Well, these markets are succeeding because they are shifting the way they operate to cooperate with customer preferences in the midst of social distancing.
What we mean is shifting to doing business virtually.
These businesses actually solved a problem the country was facing!
Before this pandemic, 46% of Brazilian consumers were likely to avoid making online purchases because of the long and problematic delivery processes.
But now Brazil has seen rapid growth in technology which has sparked consumers to purchase more!
Talking about e-commerce, a great trend that Brazilian consumers are loving is video content for a digital presentation.
But this will only work if you understand your target audience and what catches their attention. Understanding your target audience is one of the key elements when you open a business and enter the Brazilian market.
Yes, entering a new market comes with a few challenges, however, there are some elements that can help make the approach be smoother and more successful.
One of the best ways to approach the opening of a new business in the Brazil market is by considering a few questions:
- How can you localize your business?
- Is there a well-defined, substantial gap in a market that you can fill?
- Is there a growing demand for something that you provide?
- Does the state of that market enough to sustain growth/profit for your business?
If yes, then you are on the right track!
Entering The Brazilian Market
Of course, entering the Brazilian market, or any market will be a challenge. But the crucial point in being successful is being prepared.
How should you and your company get prepared?
The more information, the better!
If you need more assistance in getting into the Brazillian market with your business.
Contact us at email@example.com!