The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
Euromonitor International is pleased to present at Forum E-Commerce Brasil which took place on August 14 and 15 in São Paulo, Brazil. Our presentation “New Concepts in Digital Retailing” highlighted the newest and most innovative concepts in digital retailing in Latin America and around the world.
Many of the major economies in Latin America experienced significant uncertainty over the last five years, with major recessions in Brazil, Venezuela and Argentina. The crises of recent years often hamstrung consumer budgets. As economic conditions improve in some markets, purchases will be decreasingly influenced by price and increasingly influenced by other factors.
One factor that is dramatically influencing the retail landscape in Latin America is its increasing access to technology. While e-commerce sales as a share of total retail and per capita sales in Latin America remain well below rates seen in developed regions, online engagement and activity have become very relevant in the region. In fact, Latin American consumers are some of the most likely to engage with social media and frequently use the internet for a multitude of tasks. In addition, results from Euromonitor International’s Lifestyle Survey in Latin America supports the claim that many in-person purchases are at least partially influenced by online activities. Consumers increasingly discover new products, look for product information, compare prices and read reviews online before heading to stores to make their purchase.
Source: Euromonitor International
It is easy for brands to cite low levels of online sales as a reason to neglect their digital strategy; however, as evidenced by the growing omnichannel shopper research and activity, brands are sacrificing more than just the possibility of higher online sales by maintaining a lackluster online presence. Building omnichannel paths to purchase and new ways for brands to connect with consumers have benefits beyond growing e-commerce sales, such as, for example, identifying pain points in the buying process, increasing efficiency, reducing costs, and improving on traditional experiences.
Download our presentation here.