STORY INLINE POST
Since its inception, El Buen Fin has radically altered the commercial landscape of Mexico, proactively adjusting and evolving to meet the evolving trends and demands of consumers. What began as a weekend of discounts has turned into a four-day event that encompasses not only e-commerce, but also brick-and-mortar retail as well. The 2023 edition promises to be even more spectacular, with the expectation of exceeding the sales of MX$134.4 billion (US$7.5 billion) achieved in 2022. The goal is clear: reach or exceed MX$141.12 billion.
As merchants gear up to welcome the 27 million daily shoppers expected during this Buen Fin, a pivotal question arises: How can retailers maximize their impact and efficiency during this brief period? The answer lies in a single phrase: retail analytics.
Data is the most valuable resource of the 21st century. Not only does it offer a “snapshot” of the present, but it also enables us to anticipate the future, adjust strategies, and ensure operational efficiency. The competitive edge no longer solely rests on product offerings or discounts, but on how this data is leveraged to deliver a unique and personalized shopping experience.
Even though 80% of internet users express interest in making a purchase during El Buen Fin, the varying preferences of young individuals between 25 and 34, who prioritize fashion and beauty, and those between 35 and 44 who prefer electronics, indicate that no single strategy can cater to all. This is where retail analytics comes in.
Understanding the Digital Customer in a Physical World
With the surge in e-commerce, the line separating online and in-store shopping has begun to fade. However, modern technology, such as that offered by Getin, is empowering brick-and-mortar retailers to harness metrics that were once exclusive to the digital realm. As e-commerce platforms utilize detailed analytics to understand customer behavior, Getin equips physical stores with a similar, groundbreaking capability.
Getin provides retailers with tools for accurately measuring footfall. How many people are walking into your store? How long are they staying? These are pivotal questions that, when answered, allow retailers to optimize their strategies effectively. Moreover, with the ability to identify the most popular zones within a store, retailers can curate their spaces to maximize product interactions and enhance the overall shopper experience.
For instance, if a specific store zone registers high footfall but sales don't correlate, it could signal an issue with product placement, signage, or even the staff allocated to that area. With Getin's technology, retailers have the insights they need to make real-time adjustments, ensuring every sales opportunity is fully capitalized upon.
Furthermore, by analyzing visit patterns and the average dwell time of customers, it's possible to tailor promotions, in-store events, and staffing optimally to address traffic peaks. It's not just about how many customers walk in, but how they navigate, how long they linger, and which areas they frequent the most.
If, for instance, a certain product enjoys widespread acceptance in a certain geographical locale, it may be given a special spot in retail establishments in that locale, accompanied by related discounts, or its promotion may be intensified on media outlets geared toward that specific locale.
Moreover, predictive analysis, which is a branch of retail analytics, lets merchants see when demand will go up or down. For example, if a large influx is detected at certain times, the number of floor staff can be adjusted to ensure a smooth and efficient customer experience.
Of course, success isn't measured in sales alone. For El Buen Fin to achieve its aim of stimulating consumption and boosting the country's economic activity, merchants must ensure consumers return. A positive experience, driven by precise data and adaptive strategies, can transform a casual buyer into a loyal customer.
The true differentiator for retailers will be their capacity to adapt, foresee, and take action, even though El Buen Fin 2023 is expected to be a significant commercial occasion. Retail analytics is more than a tool; it's the engine of change, bridging the present and the future, and the key to ensuring not just sales success but also consumer satisfaction and loyalty.
Physical commerce has the opportunity to reinvent itself, proving that the synergy between technology and in-person sales can provide unique experiences. In the current era of commerce, data serves as the map, and those who possess the ability to interpret it will emerge as the leaders of tomorrow.
The Future is Data-Driven
While El Buen Fin presents a short but intense burst of commercial activity, its lessons can be applied all year round. Embracing a data-driven approach, where every decision is backed by analytics, can transform the retail industry. This El Buen Fin will be a litmus test for many – those who've truly embraced the power of retail analytics will not only see success during this event, but it will pave the way for a brighter, more informed future for Mexican retail.
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