The importance of Social Media
Latin America is becoming an increasingly interesting market for organizations that are looking to expand their business internationally. The region has an important geographic position, trade links with big economies and its middle-class population is growing significantly.
Nowadays, it is highly necessary to combine technology and innovation in every business. The easy access to online platforms and e-commerce sites facilitate trade and reduce time-wasting. Latin American people have adapted themselves to the constant improvement of technology.
3 Facts to know about the Latin American market!
- The use of E-wallets is becoming very common among the people of the age between 18 to 50 years old.
- Increase of online purchase of home appliances, clothes, perfumes, electronic devices, and food. Helping e-commerce.
- Facilities to pay home bills and any other service through online platforms.
Knowing the previous facts, we can notice that Latin American consumers are comfortable using their credit or debit cards to pay online. Although the Government and the Financial ministry of each country had implemented and constantly improving measures to secure online transactions.
Latin America is hosting Financial Technology Institutions that promote investment, innovation, and the development of E-commerce.
Colombia, Mexico, and Chile have the highest rank in the region for easiness of doing business. Facilities to export and create new business had become very attractive. Meanwhile, Argentina, Ecuador, Brazil, and Costa Rica are still developing faster online payment systems and tariffs barriers.
More than 70% of the population in Latin America has access to the internet connection. This scenario creates advantages for business people to enter or improve the online business services.
Latin America is improving its E-business, but there is a lot of misunderstanding and lack of information about how to sell and/or buy in an online platform.
Recognize a well develop E-commerce, while finding the following characteristics!
- Language versions: According to the target market, use the appropriate languages to reach them. Latin American companies selling abroad should implement at least the English version as a second language on the website.
- Reachable contact service: Online business should offer a 24hrs service contact to facilitate the process of purchasing for the customers.
- Prove the quality of the goods or services offered: Make sure that the customer knows that he/she is getting the best quality. This could be through qualifying by other customers on the website with comments, videos, or photos.
- Be competitive: Search for your competitors and compare price, quality, fastness, and effectiveness to improve your online business.
5 tips to be competitive on E-business in Latin America!
- Set up a mobile version of the website: the GSMA’s 2018 Mobile Economy report has predicted that by 2022 almost 90% of the Latin American population will be having internet connection through mobiles. If your company wants to reach a new audience, make sure to set up a website mobile version for payment, and advertisement.
- Local payment facilities: Most of the people in Latin America are restricted to pay with international credit cards; local payments through mobile banks, e-wallets and bank fast payments are always a plus for the customers at the time of purchasing a good or service in an online store.
- Market research: E-commerce websites should offer according to the demand in the country. Not all the countries in the region demanded the same while buying online; for example, Colombia goes first for fashion products, Brazil – Ecuador – Chile – Mexico and Peru stand first for electronic products.
- Local partners: Seeking for partners with more experience that can complement your e-commerce website, always brings benefits while saving time and costs.
- Identify the market: E-commerce websites should recognize the cultural, and linguistic background of the market. This step helps you to create a close connection with the client and mutual understanding.
E-commerce websites in Latin America are commonly underestimated because of the lack of knowledge about the proper development of it.
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