Saturday, February 4, 2023

5 commerce trends you should keep in mind for your business

  • 06Businesses, regardless of their size or age, want to grow.
  • To do this they need to focus on different areas of commerce, which evolve according to the needs of the market.
  • Ernest Riba, director of strategy for Wunderman Thompson LATAM, comments on this topic.
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Taking care of your business is essential no matter how big or how old it is, so reviewing business trends “with a magnifying glass” will help you make it more prosperous.

A new year is an opportunity to start or revamp projects that we have both personal and professional. Why not look at market forecasting for buying and selling of commodities and products?

Several studies indicate that commerce is expanding rapidly for the benefit of platforms and customers. But what is expected to happen in 2023?

Ernest Riba, director of strategy at Wunderman Thompson LATAM, explains this topic in an interview Business Insider Mexico,

The expected business trends in the coming months are as follows:

1. compact commerce

According to the expert, this will be the “pivot” to define the way business is done globally.

The concept is about “the desire (of people) to buy and trying to reduce as much as possible the distance between the moment of inspiration and the moment of (acquisition) and delivery. It is the reduction of these journey, which we drew on the blackboard; You were doing stadiums, moments of thought and active searching,” he details.

from there compact commerceThe rest of the strategy emerges for this area, Riba admits.

2. the markets as an inspiration

Although this is a trend seen in Latin America, the prevalence is even higher in Mexico. according to the study Future Shopper LATAM 2022we chose to acquire the marketsAs seen during the most stringent restrictions due to COVID-19.

« People who buy these remedies online do so through retailers Or directly to the sites of the brand they are looking for. Online sales giants like Amazon and Mercado Libre are far behind as a preference for (it),” the text refers.

Wunderman Thompson LATAM Director of Strategy comments that the area to focus on is the moment when the person already has the idea to buy something.

« Los the markets They have already ‘overrun’ traditional search engines. It’s a ‘leap’ that avoids you (hours surfing the internet to find what you want), he adds.

3. retail hey commercial media

Riba explains that in the short term, we’ll see an “explosion” commercial media,

« This is the piece of advertising investment that travels markets, Approaching the conversation. (There is evidence of) the incident with Amazon or Mercado Libre with Mercado Ads,” he says.

This is essential, as there is a balance between brand and conversion in the marketplace, as delivery times are getting shorter and shorter.

4. social commerce

Riba says this business trend is still forming, but we’ll soon see a “push” of it.

«It is given from social networks. In this sense, it is interesting: Latin America leads the ranking for the use of platforms. Even when you ask people if they have bought through them, the response in Mexico is above the Latin American average (over 75%).

In the case of Mexicans, he details, the preference is via Facebook (61%) and Instagram (17%). Follow TikTok and Pinterest.

“As the shopping unfolds on the platform, that in all applications you can perform that action without leaving them, (it will have more bounce). There are still hurdles, but we anticipate that this will be one of the trends that ‘leap'”, he stressed.

5. Trade in Digital Goods

Wunderman Thompson, director of strategy at LATAM, takes NFTs as an example.

However, this goes beyond the technology that underpins them. This would include subscription to services (such as streaming, for payment of telephone and telecommunication services; For the acquisition of digital objects (…). This is something that grows a lot. Many brands take advantage of this ‘wave’ to think about what they are selling that they can deliver digitally,” he says.

How do I apply business trends to my business?

Riba is clear: it will depend on each case, as factors such as maturity of the product, type of item, category and more play a role.

« I believe in the omnichannel model. Solutions are not one way. When you look at the fragmentation of buy preference, if you are not in all channels, you will lose significant space”, he refers.

The second way is “trial and error”. «It is not about making big plans, but about nailing down action models. It’s about letting go, trying and improving what’s working,” he recommends.

The final step, the expert concludes, is to be aware of how the market tends to trend, in order to make as many profits as possible.

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Nation World News Desk
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