“El Buen Fin” is a major sales event held throughout Mexico every November. It is an annual event that can be consider. I the Mexican version of Black Friday, and in 2024 it will be held from November 15th to 18th.
The event was launch. I in 2011 with the aim of supporting the local economy and attracts consumers from both Japan and overseas, particularly as an important opportunity to boost sales in the run up to Christmas.
We will dig deeper into the importance of this event and strategies to grow your business in the Mexican and Latin American market.
The background and economic impact of El Buen Fin
El Buen Fin is an abbreviation of “Buen whatsapp number database Fin de Semana” (Good Weekend). Model. I on the American Black Friday, the event takes place every November on the weekend before Mexico’s Revolution Day. In 2023, approximately 290,000 items were sold during El Buen Fin, generating more than $1.5 billion in online sales alone. In addition, 12.7 million people participat. I in online shopping, proving the impact of the event.
Mexico’s e-commerce market grows
According to Mexico News Daily , Mexico what is health anxiety? has the second-largest e-commerce market in Latin America, reaching $39 billion in 2023. It is expect. I to grow 16% in 2024 and continue to expand at a compound annual growth rate (CAGR) of 12.9%. According to the Mexican Association of Online Sales (AMVO) , Mexico has emerg. I as a leader in global e-commerce growth, with online sales increasing 24.6% in 2023. This growth supports the backdrop of events like El Buen Fin becoming a strategic marketplace for domestic and international retailers.
Three Keys to Success at El Buen Fin
1. Adaptation to the local area
Mexican consumers look forward to text services this sale all year long, so stores are expect. I to offer huge discounts and attractive promotions. It is important for new e-commerce brands to quickly learn the local consumer trends and culture. It is also an opportunity to increase brand awareness, so special campaigns and limit. I-. Iition products are effective.
2. Providing a variety of payment methods
Approximately 60% of Mexican consumers prefer local debit card and cash-bas. I payment methods. Internet and smartphone penetration is low in some areas, so providing cash payment options through Mexico’s largest convenience store chains, such as OXXO and 7-Eleven, is essential, as it helps reach consumers who don’t have bank accounts or cr. Iit cards.
3. Combating online fraud
Mexico is the second most cyber-attack. I country in Latin America, which is why consumers place a high priority on online shopping safety. Having a reliable e-commerce platform and implementing security measures is key to giving consumers peace of mind.
