The strongest sales season of the year is about to begin with the Buen Fin sales and Mexican online businesses will have a great opportunity to meet their 2022 goals. But before putting your strategies into action, it is important to consider some of the concerns experienced by customers and businesses in the country in the current scenario.
Currently, 32% of Mexicans feel that their financial health has worsened compared to last year and 51% are concerned about the current state of their savings, according to Deloitte’s Global Consumer Status Tracker. And while 47% say they can spend on products that ‘bring them joy’, the amount is likely not excessive, with only 32% ready for an unexpected bigger spend in the future.
The opportunities to conquer the sales of the Good End
Given the possibility of a more reserved consumer when it comes to spending their money, it is even more important that businesses are prepared to convert all the opportunities they manage to attract. And it is that, while customers analyze the most appropriate and simple use of their resources and businesses think about how to increase their sales, there is a third player in education: fraudsters, who look forward to peak sales seasons.
For this reason, it is essential for businesses that their strategies integrate a fraud protection plan that does not interrupt the purchasing process of buyers; otherwise, the outcome of a long-awaited season on the market could be disappointing. To avoid this situation, I am sharing some recommendations to guarantee a better experience and avoid customer and revenue leakage.
Careful customer? Trade more carefully!
To facilitate sales this season, Signifyd recommends purifying and simplifying the e-commerce conversion funnel as much as possible, which is the entire process that occurs from when customers enter the site until they make the payment and obtain the product.
The more obstacles customers encounter, such as a long form to create a new account, an error on the page that prevents navigation, or an endless list of forms of identity or payment authentication, the lower the chance of conversion and closing the purchase.
IT teams still have time to analyze the bottlenecks in their platforms and fix them as best they can, while also shielding their businesses against fraud and customer abuse through scalable anti-fraud solutions. Last year, fraud pressure was 220% higher compared to pre-pandemic times, according to data from Signifyd. Not only an increase was seen, but also patterns that indicate more sophistication and constant evolution in the methods used.
Teamwork for accepting payments
The fact that a large part of Mexicans are concerned about their savings could motivate a strong use of the credit card, physical or digital, for year-end purchases. In Buen Fin 2021, 73% of payments were made by card and the average ticket for credit card payments reached 1,304 pesos, compared to payments of 599 pesos via debit, according to AMVO.
As a consequence, merchants must pay special attention to the correct integration of the necessary tools to offer that this payment option is not only available if it is not practical. Both aggregators and payment services, as well as anti-fraud tools, must offer advanced solutions, ensuring that purchase order approval is much smoother and faster, without compromising the protection of businesses and consumers.
AI-powered fraud protection solutions instantly separate fraudulent orders from legitimate ones. That means consumer orders aren’t delayed by manual fraud reviews and legitimate orders aren’t incorrectly rejected for fear of fraud. Slow decisions cause consumers to abandon their purchases, and incorrectly rejecting an order for fear of fraud turns buyers away forever.
Facilitating the consumer experience from start to finish and protecting themselves from possible fraud should be the main objective of retailers prior to the start of Buen Fin 2022 and end-of-year sales, otherwise they will put their income at risk and could lose customers loyal and the lifetime value they represent.
Lais Regina Lima Lais Regina Lima is an expert in integrated marketing communication strategies and cross-channel campaigns. She has more than 12 years of experience as a marketing strategist within transnational technology companies in markets such as Brazil and Mexico. She is currently responsible for leading the regional content and marketing strategy at Signifyd.