COVID-19 Altered Behavior of Mexican Consumers: Google

COVID-19 marks a before and after regarding consumer behavior as it transformed how buyers relate to businesses, reports a study conducted by Offerwise and Google. The study reviews consumer behavior in Mexico before, during and after the pandemic, revealing that shoppers are now more cautious with their finances and purchasing.

“In the short term, we see that price will be a priority for consumers. Bringing the best offers through the right channels will be essential. In contrast, better and innovative experiences will become more relevant among shoppers’ preferences,” says Pablo Castellanos, Research Director, Google Mexico. Both companies found that the most critical factor in 2023 for purchase consideration is price, which was selected by 75% of those surveyed. Price is followed by quality with 70%, experience with 49% and previous experience with the brand with 45%. “It is not just a price game, Mexican buyers are sensitive to the quality of what they buy,” says Castellanos. Finally, 29% of those surveyed chose the ability to buy online. 

The survey also revealed that shoppers conduct extensive research before purchasing. For example, nine out of every 10 Mexicans research a product or service before purchasing it, employing different channels. Of those surveyed, 46% research a product at physical stores, 42% look it up on Google and 38% on YouTube. Connecting innovatively with new needs through those channels represents an opportunity for brands. 

The study also found areas that customers would like to see improved, which include: making shopping more convenient and straightforward (64%), adding new payment methods (60%), offering a more innovative and technological shopping experience (44%), offering a personalized shopping experience for each customer (42%) and having more customer service channels (34%).

Google has “integrated AI capabilities into various tools that retailers can access, enabling them to drive profitable growth in their businesses, generate more value and greater impact,” says Juan Vallejo, Retail Industry Leader, Google Mexico. These tools include: 

• Performance Max: Helps maximize campaign performance anchored to client objectives. 

• Creative for YouTube: Simplifies the creative process making it more responsive, allowing brands to understand the consumer and optimize and trim videos. 

• Broad matching: Enable advertisers to appear in more search moments and capture new opportunities in real-time.

“It is essential to experiment with new technologies and learn quickly so we know how best to serve our buyers at the current moment. Relying on allies like Google allows us to engage better and reach millions of people,” says Gabriel Mas, Chief Marketing Officer, Amazon.