Digital banks and neobanks are the new fintech trend in the Latin American market. Through their online and mobile services, they leverage e-commerce in the LATAM markets and help to bring unbanked consumers into the formal economy.
Our free white paper looks in depth at the cultural, logistical and financial information you need to expand your business into Brazil, Mexico or Chile.
Like many Latin American countries, Uruguayan e-commerce has traditionally been dominated by cash-based transactions. However, a rise in the use of cards, often facilitated by installments, is changing the face of Uruguayan online purchases.
It costs seven times as much to get a new customer as it does to retain an old one. Streamlining and localizing your checkout process may be the single easiest way to keep Latin American consumers returning to your business.
Entering a new market is a challenge that must be outpaced by every business, and when it concerns LATAM countries, partnering with a local expert will determine the success of a company.
In light of the localized nature and style of card payments in Brazil, e-commerce merchants must ensure they cater to these unique payment methods to ensure success.
More than common practice, the installments payments are a strongly rooted “institution” in the Brazilian society, to the point of impacting the country’s economy. Contrary to the expected, it has enlivened the market, and the e-commerce included.
Internet provided a fast track to globalization and trends spread faster worldwide. But it also allowed consumers to turn into Big Brothers. Constantly surveilled, brands must build a business based on trust, in a fast-growing online market like LATAM.
Online merchants looking to enter different e-commerce markets around the world must ensure their business is equipped to cater to the country’s audience. Making the transaction process as easy as possible for customers can help optimize revenues online.
Comparing the e-commerce challenges from a couple of years ago until today, a lot has been done in order to match or exceed the customer expectations. But companies must be prepared to invest their marketing efforts for an ultimate user experience.