The Visa survey was conducted with users from Argentina, Brazil, Chile, Mexico, Peru and the Dominican Republic in December 2020
In this study it was found that up to a quarter of the population also wanted to use cryptocurrencies or the Internet of Things in retail
At the same time, Virtual / Augmented Reality does not seem to be so attractive, as it only attracts the attention of 10 percent of consumers
Although the pandemic has not yet passed, for consumers in Latin America it no longer seems to be an excuse to spend less. Through a statement, Visa released the results of the most recent study of audience preferences in the region as a result of the COVID-19 crisis. The company found that users are increasingly tired of the health crisis. This has led them to go out much more, including shopping spaces.
This is also causing a higher level of spending among consumers. 66 percent of the Latin American audience indicated that they are buying more now than in the last three months. Interestingly, you are seeing a transition in the payment methods that audiences use. The debit card and cash are still the main systems. However, about half have already started using various non-contact methods as well.
Ecommerce also remains a popular sales channel, with 71 percent of consumers in the region saying they will continue to use it frequently in the future. It is worth noting that there are other technologies that have also been growing in popularity in recent months. For example, nearly six in 10 people say they would be willing to use conversational or social shopping. 42 percent are open to the use of biometrics.
Valuable insights for Latin American brands
Visa’s findings on consumer behavior may prove invaluable to brands in the region. To start with, knowing that consumption and spending is skyrocketing is good news. Last November, El Economista warned that a good part of the audience was taking a saving mentality in the short term. Perhaps a return to normalcy is felt, reducing the urgency of emergency money.
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When it comes to contactless payments, it is not surprising that their acceptance already reaches half the population. In September, according to América Retail, 84 percent of the audience saw this system as a useful alternative to promote greater hygiene. And according to American Express, businesses that implement these mechanisms will be able to unlock greater value for customers. For example, through more secure transactions.
Finally, the opening of the Latin American population to the new technological systems of the retail ecosystem seems to be in line with global trends. According to TylerNet, on a global scale consumers are being attracted to stores that integrate innovative systems for the shopping experience. And not only by enabling messaging apps or social networks. Also with sales stations with tablets, touch screens and electronic signature.
Other strategies to attract consumers in Latam
It’s not just innovative buying and selling methods that are taking hold in the region. According to a study by Endeavor and RD Station in Mexico and Colombia, it seems that advertising in Latin America is also going through an important moment of recovery. It is digital strategies that are growing the fastest. At the same time, brands seem to have a preference for channels such as Facebook, Instagram and Google Search to capture consumers.
It is also clear that influencer and celebrity marketing is not only growing, but evolving in Latin America. A clear example is the new Mercado Libre proposal for consumers in Mexico. The platform opened a permanent section on its website dedicated to products from various celebrities and artists in the country. The intention is, of course, to drive both entrepreneurial stars and marketplace sales.