6 must do’s for a successful retail expansion strategy into Latin America
Do you guys know what is the reason of the global expansion??
No right… it’s because 96% of consumers live outside U.S. The suggestion of Latin America is because there is a infrastructure and big trade ties with good economic stability. It is referred as a rich talent pool which is attracted by everyone particularly by retailers. Latin America has 267 million digital buyers in 2019.This is when it comes to online purchase and $70 billion in online retail sales. By 2023 Latin America is expected to reach $16billion and by reaching 339 million digital buyers.
Do you know how Vitra can help in influencing the consumers/customers??
The 6 do’s for a successful retail expansion strategy in the Latin American market.
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· Market with social media
More consumers in Latin America are using social media to inform themselves about their purchase. During pandemic changing consumers habits and pushing people online. In Mexico 40% of the people in their make decisions based on influencers. In a strong social media strategy, you’ll get more product’s in front of more consumers increasing your opportunity for sales.
· Educate yourself on cultural specific
Don’t assume that everywhere in the world follows traditional western holidays. For example, Brazil celebrates Valentine’s Day on June 12.
Plus, there are also holidays that you probably haven’t heard of. For example, Mexico celebrates Buena Fin, which is a national shopping holiday in November. And last year, it reached MXN$118 billion in sales.
By educating yourself about Latin American holidays, you’re not only respecting the culture, but you’re making sure your sales and messages are relevant. A cultural consultant can help you understand specific slang and cultural differences so you’re properly communicating with your audience.
· Price strategically
Since the US dollar is more grounded than Latin American monetary standards, it's basic that you sort out a fitting cost for your items dependent on the nation you're hoping to dispatch into. Examination the market you're keen on and contrast your contribution with nearby sellers. Portion alternatives are exceptionally well known in Latin America and unquestionably something worth considering.
· Provide stellar customer price
Client support issues can harm your standing in the event that you don't deal with grievances and enquiries rapidly. Truth be told, Brazil and Mexico have set up survey sites for shoppers to give input about transportation or administrations. The majority of these audits are negative, and since a ton of buyers utilize these stages to advise their buys, this could represent the deciding moment another business coming into the market. By putting resources into quality work force to give fantastic client care, you'll fabricate a client base that will continue to return for additional. In October, we cooperated with EBANX, the main instalment arrangement that interfaces worldwide organizations to business sectors in Latin America, to examine the tips referenced in this article. You can watch the online course recording here. Furthermore, in case you're keen on venturing into Latin America, our group of specialists can help you launch your procedure.
· Use a cross-border payment solutions
Every nation in Latin America has an alternate method of handling instalments, and the purchasers in those nations have favoured strategies for paying for items that change. Just 19 percent of Latin Americans have a Visa, and 6 percent of those cards can deal with global instalments. This implies having a worldwide instalment alternative is critical to effectively venture into this locale. Likewise, it's inconceivably significant that you know the intricate details of the diverse instalment cycles to stay away from extortion and grow a faithful client base.
· Research New Markets
With your objectives close by, search for global business sectors where you can meet or surpass those objectives. Cast your net wide by taking a gander at a few business sectors. Numerous administrations and exchange affiliations offer assets to assist you with understanding unfamiliar business sectors. Peruse their reports to perceive how your item/administration will reverberate with the neighbourhood purchaser base. While you should have somebody pour over reports and insights, you can't genuinely comprehend an unfamiliar market distantly. Go to expos in your objective business sectors to make new contacts and find out about the neighbourhood business culture. You can get familiar with a great deal about how to advertise your item/administration contributions by encountering the nearby life and culture. Statistical surveying ought to likewise incorporate the nearby administrative climate. Each market has its own arrangement of legitimate necessities to secure labourers and customers.
