Image credits: Toa Heftiba
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News Article

Hot Fashion 2021: What to Expect?

By Jorge Ramos Zwanziger | Fri, 08/06/2021 - 15:36

The Mexican Association of Online Sales’ (AMVO) recent HOT FASHION 2021 study indicates that most consumers plan to make fashion purchases through digital channels.

The latest Hot Fashion, in which numerous retailers are offering sales, is taking place between August 2 and August 8. According to AMVO’s study, 57 percent of all potential buyers plan to purchase products and/or services either through digital channels or physical channels but 40 percent of them say they will only make online purchases. Of those planning to buy something during the period, 97 percent aim to use digital channels and only 3 percent prefer only physical stores.

AMVO’s study was conducted with information gathered through surveys answered in a one-week period in June 2021 to determine how potential customers planned to shop and the expected value of digital sales for retailers, among other topics of interest. AMVO suggests that the preference for digital sales preference stems from the fact that buyers feel as though there are more benefits to online shopping. About 50 percent of shoppers indicated that they perceived there are better promotions and discounts online. Other reasons to buy online were the variety and ease of comparing product prices and the speed at which shopping can be done digitally. Aitor Chinchetru, Founder and Co-CEO of Fintonic, told MBN that “[T]he adoption of e-commerce not only positively impacts businesses that have opted for the digital world but it benefits consumers by providing more purchase options. Moreover, the e-commerce boom affects directly or indirectly several sectors.”

The biggest reason for which shoppers do not want to participate in HOT FASHION is that they did not know what it was, according to 27 percent of shoppers. The second most popular reason was a stated preference to wait for other discount events like the “Buen Fin” or summer sales. However, AMVO also indicates that many more shoppers are perceiving online shopping as safe, with 90 percent of potential buyers stating they feel safe to make digital transactions, which shows the impact the pandemic has had on consumer behavior online. “The pandemic was the trigger for people who were not yet convinced to buy online and preferred physical contact, both with products and with salespeople and money. Consequently, although the growth of e-commerce was evident and had been effectively reinforced in recent years, 2020 was crucial for its adoption, which has supported almost 4 million small and medium-sized enterprises operating in the country,” Chinchetru continued.

 

The data used in this article was sourced from:  
MBN, AMVO
Photo by:   Toa Heftiba, Unsplash
Jorge Ramos Zwanziger Jorge Ramos Zwanziger Junior Journalist and Industry Analyst