The world is facing a reality unprecedented in history that requires an adjustment to the usual paradigms of lifestyle, work and business. Social isolation and mandatory forties force families to stay at home, and only outings to supply essential goods and medicines are allowed.
One of the most obvious and immediate changes triggered by the coronavirus pandemic is the shift on consumption habits and online behavior.
How COVID-19 is affecting online traffic
The latest numbers already reveal that consumers worldwide are quickly diverting their time and money away from the usual websites to others of different categories. In comparison with January and February, in March the business that registered a huge online traffic increase were supermarkets (161%) and media (80.1%), followed by telecom (32.5%), and marketplace/tech retail (15%). In turn, those being tremendously affected are tourism (-56.8%), and events (-57.3%).
Concerning Latin America, Argentines are purchasing more online (44%) and using home banking to manage their finances (63%). As for Brazilians, 14% of the consumers already purchase more online, and 24% are planning to do so meanwhile. 12% have already adopted cashless payments, while 25% are planning to do so. Overall, Brazilian e-commerce has increase 40% compared with March 2019.
A golden opportunity for media, gaming, and streaming services
For some businesses, such as media, gaming, and streaming services, changing consumer behavior is an opportunity to intensify the relationship with their customers and attract new ones.
In Latin America, Netflix is at the top of Google keyword searches (47%), and in markets such as Argentina, consumers are increasing their visits to content platforms (82%) and using more streaming services than ever (76% in March, against 47% in January). And Brazil is ahead for increased gaming (41%).
If this consumption trajectory continues to increase, certainly revenues will exceed growth forecasts:
- Streaming services: 22.87% in Argentina, 19% in Peru, and 15.72% in Brazil
- Gaming: USD 1566 million in Brazil, UDS 1172 million in Mexico, and USD 147 million in Peru
However, to fulfill this consumption trajectory, companies have to adapt immediately, meaning producing more content, developing new products, adjusting prices or providing free services. And, of the upmost importance as it abides with health measures, providing for cashless payment methods.
Adapting payment methods to COVID-19
Since the coronavirus outbreak has intensified online traffic and increased demand and purchase of goods, services and digital content, it’s crucial that companies provide a wider range of cashless payment methods at checkout point.
Now, and more than ever, you should partner with local expert, such BoaCompra that has several payment methods available for Latin American markets, and with a simple integration, especially if you only offered cash payment options so far. Next week, our article will show you that by integrating alternative payment methods into your business, such as bank transfers and e-wallets, you’re ensuring not only sales, but also new customers. Don’t miss out!