For the dynamic world of Mexican ecommerce, The year 2024 promises to be a period of adjustment and constant struggle to maintain business profitability. In a recent study conducted by Signifyd and Adobe, retailers in Mexico indicated that one of their concerns for this year is maintaining profitability, an even more complex task in the face of current macroeconomic pressures (which worries 28% of businesses). strong competition within the industry (37%) and fraud and/or abuse by consumers (23%).
The challenges of Mexican ecommerce in 2024
Faced with this challenging scenario, customer experience, artificial intelligence and the acceleration of the payment process emerge as fundamental pillars that will drive growth in the sector during the coming months, according to Signifyd experts.
Immediate profitability: stop “expelling” customers from the purchasing line
According to the study “The future of ecommerce in LATAM: How are businesses charting the path?”33% of the country’s businesses consider the profitability of their operations as one of their main challenges.
Therefore, it is of utmost importance to close as many transactions as possible and eliminate any obstacles that interrupt them. Among the main reasons why retailers reject online orders in the country are unauthorized payments (46%), disparity between the invoice and delivery address (28%) and the lack of information to identify the user (33%).
Analyzing the previous figures, it is notable that many of these rejections occur as security and fraud prevention measures. Luckily, AI applied to modern anti-fraud solutions can help businesses reduce rejected orders by providing and analyzing hundreds of variables to identify the buyer. The data analysis and cross-checking capacity of these AI-powered solutions allows for greater precision in fraud detection, fewer errors and, therefore, more approved transactions.
Customer Experience 2.0: streamline the payment process
Customer experience has become a key differentiator in global ecommerce, so this year it is anticipated that companies in Mexico will focus much of their efforts on offering better services that guarantee the return of their buyers.
Signifyd found that customers of online businesses in the country buy again thanks to a good customer experience (45%), speed of delivery (40%), greater variety of payment methods (37%) and speed of the process payment (26%), among other factors.
If consumers want fewer steps and greater agility when making their purchase, strategies such as simplifying the number of clicks and forms available on the site, providing a clear estimate of shipping costs, and using advanced tools to analyze each step of the customer’s journey and Improving it makes the difference in providing customer experience 2.0.
Artificial Intelligence: raising the potential of Mexican ecommerce
AI will continue to play a central role in the evolution of Mexican retail and ecommerce in 2024, according to data obtained by Signifyd and Adobe.
When asking more than 700 Mexican and Brazilian ecommerce decision makers about their investment plans for the coming months, the main tools of interest in Mexico were technological: mobile applications (50%), digital wallets (39%), chatbots ( 34%) and fraud prevention solutions (28%).
Each of the mentioned solutions involves the integration of Artificial Intelligence, which supports human talent to accelerate problem resolution, provide timely information and automate daily processes. In 2024, the importance of technology adoption, customer experience and security in the commercial sector will be evident. Given this, the suggestion for businesses in Mexico is to look for reliable suppliers with updated solutions, which guarantee the protection of consumer information and provide valuable data to decision makers to improve operations in the short and long term.
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 regional marketing and content strategy at Signifyd.