The 10th edition of the Hot Sale begins today in Mexico. Within this edition, more than 600 electronics, appliances, travel, clothing, fashion and luxury companies are expected to offer deals. It is estimated that there will be more than 12 million buyers. This is a unique moment for businesses in Mexico, so Kushki urges companies to embrace online payment methods and cards to succeed during this period.
The Hot Sale is one of the largest online sales campaigns in the country, which has moved to different physical spaces given its high demand and consumer need, according to the Mexican Association of Online Sales (AMVO). According to the study 'Hot Sale 2023 Purchase Expectations' conducted by AMVO, the budget allocated by users will be MX$5,000 pesos (US$284.64) on average. Potential customers have said they are most interested in acquiring electronics (51%), fashion (46%), appliances (43%), travel and transportation tickets (37%) and cell phones (34%).
AMVO estimates that during the first hours of the HOT SALE 2023, an economic revenue of MX$400 million (US$22.7 million) will be achieved. Over nine years, this special offer season has attracted 20.3 million new online shoppers and has had more than 1,800 unique participating companies.
An Americas Market Intelligence and Paytech Kushki study found that digital payments are positioned better than other alternatives. Therefore, in key seasons such as Hot Sale, businesses must adopt efficient payment strategies that consider the new technological tools to meet the needs and expectations of their consumers. During Hot Sale 2023, AMVO estimates that seven out of 10 Internet users who plan to purchase will interact with businesses through the digital channel to consult and decide. Some of the tips shared by the study include:
More banking alternatives and payment methods: "The use of cash is declining. At the regional level, on average, it is already used for only 36% of payments. On the other hand, since last year, cards have positioned themselves as the main payment method throughout Latin America, accounting for 50% of e-commerce and 20% of point-of-sale payments," says Alejandro Guízar, CEO, Billpocket-Somos Kushki. He urges businesses to take advantage of these sales seasons to incorporate other alternatives such as payment links, QR codes and contactless methods to improve the shopping experience.
Collection security: It is recommended to prioritize safety when choosing payment mechanisms and to work with the entire business team to recognize suspicious behavior. To prevent loss due to chargebacks, it is important to process payments with technological partners that provide comprehensive support, offer transparency in the collection processes, are agile in detecting and curbing fraud risks and perform advanced analysis of cardholder data through tools such as artificial intelligence.
Adapt to customers: users are increasingly demanding with companies. Therefore, businesses must prepare with omnichannel strategies that allow the customer to choose how to make the purchase: in what device or branch, under what promotion, with what payment method, through what bank and where to pick up or receive their products.
- Communicate on time with customers: A payment strategy must include clear communication with customers. Business pages and social networks are great channels to disseminate not only the promotions that will be held during this time but also the forms of payment accepted and the options consumers have to access a product or service.