Online sales surge 225%! Mexico's shopping season is on fire

El Buen Fin is a national shopping event in Mexico and the last shopping season of the year in Mexico. El Buen Fin is also known as Good End, which means "Happy weekend". This event has been going on for a long time, starting in 2011, with the aim of stimulating Mexico's economic growth.

According to the Mexican Association of Online Sales (AMVO), sales during El Buen Fin 2020 reached 36.1 billion pesos, an increase of 225% year-on-year, with a total transaction volume of over 40.1 million transactions.

Seven out of ten Mexican consumers made a purchase during the event, with a 42% increase in first-time online purchases , and 54% of shoppers planning to buy more online in the next few years.

According to a study by Deloitte , the main factors for consumers to shop during El Buen Fin are product discounts and interest-free installments. And the most popular items among Mexican consumers are electronic products, which people spend the most on, followed by fashion products and furniture and appliances.

Additionally, one in five Mexican retailers expect e-commerce sales to account for 30% of their total sales in 2021, and by 2024, e-commerce penetration in Mexico will reach 55%.

As the Mexican people's enthusiasm for online shopping increases year by year, the market demand for digital payment methods is also expanding. The payment method is the key to online shopping. Currently, only about half of Mexicans have bank accounts. Among the people who shop online, some use credit cards to pay, and some use e-wallets. Therefore, Mexicans need a variety of payment methods when shopping online, so as to maximize the satisfaction of consumer needs.

In pursuit of shopping convenience, most consumers choose to use mobile devices for online shopping. Globally, it is estimated that by 2021, 72% of e-commerce sales will be completed through mobile devices, with smartphones being the main means.

Smartphones are of utmost importance for online shopping in Mexico. According to a study on media and device consumption of Mexican Internet users , 70% of Mexicans have access to the Internet, and their main tool for Internet access is smartphones. Therefore, mobile devices are the main way for Mexican consumers to shop online.

The doubling of sales during Mexico’s peak shopping season shows Mexican consumers’ enthusiasm for online shopping and also reveals the bright prospects for the development of e-commerce in Mexico.

Cross-border e-commerce peak season

Mexico

Online Sales