eCommerce in Mexico Grew with the Pandemic
Soumi BiswasOctober 11, 2023
Written by our Partner, SlightPay
The coronavirus pandemic had a negative impact on the economy worldwide, but it brought great benefits on a technological level. Therefore, eCommerce in Mexico and Latin America has reached significant growth figures.
This is something you must take into account to boost your online store. In this article, we will show you some of that data. In addition, we will tell you some alternatives to take advantage of these trends to the fullest. Take note!
eCommerce Size in Mexico
eCommerce in Mexico had significant growth during the pandemic, according to the 2021 Online Sales Study carried out by the Mexican Association of Online Sales (AMVO). According to the report, sales reached $316,000 million pesos, which represents a growth of 9% of the total national retail.
It’s the first time that the AMVO offers a figure on the growth of the sector in the country. In this way, it reaffirms the trends that experts in the industry projected on eCommerce at a national level.
eCommerce Size in Latin America
In the entire Latin American region, eCommerce consolidated its growth, reaching an increase of 37% by the end of 2021. With this figure, LATAM is positioned as one of the largest eCommerce markets in the world.
The same report projects a 30% annual increase for the two largest economies in the region: Mexico and Brazil. Meanwhile, for emerging economies such as Peru, Bolivia, and Guatemala, even higher growth is estimated, which could exceed 40% per year.
How to Take Advantage of this Growth?
If you are about to start your business, consider creating an eCommerce store. These data on eCommerce In Mexico and Latin America are the key for companies to take advantage of eCommerce platforms.
In this article, we will share some tips for your online store to be successful:
- The use of social networks showed significant growth and is an excellent tool for redirecting the public to the web.
- Customers highly value companies in the digital field that are generating more human marketing strategies.
- It is important to always offer facilities when making purchases. For that, you must optimize the web and simplify the procedures of payment and delivery of products.
- In case you are about to start your business, consider creating an eCommerce store. If you already have a business but not an eCommerce store, you are at the right time to do so.
- Sales through WhatsApp or in physical stores are important, but today the public prefers to have a catalog of products or services available on a website.
- There are businesses that only sell through their eCommerce. Nowadays, it’s not a must to have a physical space to serve the public. Online stores offer enormous benefits and facilities to consumers. Purchases are made 24 hours a day, quickly, easily and you can offer shipments anywhere in the country.
Improve Your Online Store
Improving an online store with the aim of increasing sales has become increasingly complex. Users prefer websites that load fast, offer different payment options, display images in good quality and detail, as well a few steps to close their shopping cart.
Here are some recommendations:
- Check the loading time. If your website takes a long time to load, your users might leave your website without taking any action. This metric is called bounce rate. According to Contentsquare, the average bounce rate from desktops is 33.20% and from mobile devices 63.81%. If your bounce rate is higher than these percentages, you should check if there is a problem with your eCommerce.
- Check the average length of visits and which pages attract the most visits. Get an estimate of the most popular pages and those that do not keep your users logged in.
- Check the conversion rates from Google Analytics. Here is a simple formula to know your conversion rates: Number of conversions / Total number of visitors to your website * 100%
- Improve the design of your eCommerce. It is important to show users the content they are looking for, so they can navigate easily. Present the products in such a way that they are easy to find and compare between different brands or prices.
- Implement a filter system. Make sure customers can quickly find products.
- Include an online help section. In this way, visitors can get more information about the product they are interested in.
- Implement buttons to share on social networks: You will allow users to recommend products, blog posts or articles.
Offer Multiple Payment Methods
The most important thing in each eCommerce store is to offer different alternatives to pay. One of the methods that is growing the most in the world is Buy Now, Pay Later.
You can offer your customers to pay for their purchases in convenient installments, ensuring a satisfied customer and, for you, an increase in your sales.
The more alternatives you offer, the more your sales will increase. Take advantage of the growth of eCommerce in the best way and you will see how your company can generate more income.
Take Advantage of Growth Trends.
The pandemic brought significant growth in eCommerce in Mexico and throughout the Latin American region. Physical stores and social networks are important. Above all, eCommerce gives you great benefits and consumers can buy at any time of the day.
Certainly, it is vital to offer your customers different payment methods. The more facilities and alternatives you provide, the more sales are made.
Create an eCommerce for your business to increase your income in the medium term. If you are looking for a trusted eCommerce agency or don’t know how to make an eCommerce store, don’t worry! We are here to help you.
Let's build something together!
Contact us today to get your project started and hear more about all the awesome things we can do for you!
Become the Next Success Story