Buen Fin 2023: Guide to Preparing Your e-Commerce
On our shopping calendar, one event stands out as a crucial date for thousands of consumers and merchants: Buen Fin. Since its launch in 2011, this annual event has evolved from being a response to the global financial crisis to becoming a celebration of consumption and savings.
In this #Cubblog article we'll share the details to prepare your e-Commerce, from the dates of this event to a map of actionable steps for this peak season.
What is Buen Fin?
Buen Fin is an annual shopping event created by the Consejo Coordinador Empresarial together with the government, public and private sectors. It takes place over a weekend in mid-November and was created with the goal of promoting consumption and supporting the national economy, as well as giving consumers the opportunity to purchase products at more accessible prices.
When is Buen Fin 2023?
This year's edition of El Buen Fin will be from November 17 to 20
What happened in the Buen Fin 2022 edition?
During the Buen Fin 2022 edition, sales of 134,000 million pesos were recorded, according to estimates from the Consejo Coordinador Empresarial (CCE). And the daily sales total was 33,500 million pesos while in 2021 it was 27,400 million pesos and in 2020 it was 19,916 million pesos.
The average ticket was 1,020 pesos, increasing 12% compared to 2021.
Additionally, 104.9 million transactions were recorded, which had a 19% growth where the debit card predominated with 68% and 57% of users used it to make purchases online 32%, while 32% of people made their purchases with a credit card and 43% used it in online stores.
Buen Fin 2023 Registration
If you want to participate in this edition of Buen Fin, we share the steps so you can successfully register your e-Commerce.
The requirements to register are:
- Register your business on the official website https://www.elbuenfin.org/
- Updated RFC (tax ID)
- Your company must be legally established and promote access to formality
- Have a physical location, phone number, and tax address
- Have a website and indicate the business sector
- Have a contact person from the participating company
Checklist to come out victorious in Buen Fin 2023
Is your e-Commerce prepared to handle demand with efficiency and quality? Evaluate the following points:
1. Diversity of payment methods: as we've seen, Mexican Buen Fin shoppers use both online and in-person alternatives; in this case, your e-Commerce should provide the ability to make payments with card and cash quickly and easily.
⚡ #CubboHack to find out what payment methods you can implement here 4 challenges for ecommerce adoption in LatAm
2. Attractive discounts and offers: they're the first hook to attract the customer — who wouldn't lean toward the provider offering the same product at a lower price? The price factor, without a doubt, plays an essential role in the purchase decision.
Keep a competitive price compared to the competition; buyers tend to make comparisons between different providers. As for your profit margin, remember that higher volume sales will help you offset the discounts offered.
⚡#CubboHack If you don't know how to calculate your product selling price, here we tell you how
3. Free shipping as a sales trigger: offering this benefit generates 50% more visits on e-Commerce sites that have it. To avoid affecting your profit margin, you can include the shipping cost within the product price or offer it for a certain purchase amount or number of items acquired.
When shoppers find a product with free shipping, cart abandonment rates are lower — a characteristic that also helps attract more buyers.
⚡#CubboHack Want to know if your abandonment rate is normal or high? Visit this article
4. Security and trust: a good reputation is fundamental to generate trust — it gives the customer an estimate of the seller's quality. Show new users comments about the good purchase experiences that customers had with your e-Commerce and make sure the service provided is excellent from start to finish. Pay special attention to the customer service you provide.
5. Ease in the purchase process: the step-by-step to acquire the product should be as simple as possible — the customer should be able to complete the transaction with just a few clicks.
💡#CubboTip to speed up the process, in the product description, the more complete and clear it is, the fewer questions the buyer will have. Make sure to include the available color, manufacturing materials, functionalities, dimensions and other characteristics, as well as prices and shipping times.
The description should be as organized as possible. If you were the buyer, what would you want to know? Give that information to the customer.
6. Technological infrastructure: the worst thing that can happen is your page crashing during the sales frenzy due to the high number of visits and transactions. Talk to your hosting provider and make sure you have everything needed so the above doesn't happen. Also verify that your loading speed is optimal — as we've seen, one of the reasons to abandon a purchase is a slow page or one that doesn't load quickly.
7. Sufficient inventory: do good planning that prevents you from running out of stock during Buen Fin; a good tip to do this is to determine how much you sold during Hot Sale and calculate inventory for 20 or 35% more.
Have a daily sales projection that's aligned with the commercial efforts you'll have (promotions / discounts / campaigns / etc). Also consider that you need adequate operational management that allows proper product classification and preparation to speed up the delivery process and avoid returns.
💡#CubboTip you can ask yourself: Do I have the inventory to meet the projection? Do I need any restocking? Do I have the space, supplies, and packaging material for the demand?
8. Efficient logistics: if you're one of those who experience high stress levels due to the increase in operational load, you likely have a strong e-Commerce sales channel but not the best logistics solution.
Don't let the joy of your sales be overshadowed. To deliver all orders on time and in perfect condition, you need good operational muscle that allows you to meet the projected demand on time, properly, and without extra costs.
What alternatives do you have to increase your operational capacity?
- Overtime
- Order processing on Saturdays / Sundays
- Hiring external staff
Regarding the last point, do you have the right personnel to handle demand with minimal failures and errors? If you haven't trained them, it's better not to implement it, as operational risk will increase. It's better not to ship orders than to ship them incorrectly.
The above alternatives should be linked to contingency plans for various scenarios. Operations should be monitored frequently to identify if new action plans need to be executed.
Prepare your logistics in advance to keep your delivery times and costs within the projected range. Within this process, remember to establish clear and achievable shipping times, taking into account warehouse dispatch times and courier delivery times.
If delivery issues arise during the process, always be honest, speak directly with the customer and let them know the situation — it will prevent them from having a bad perception of your brand.
9. Advertising investment: it's a good strategy to attract potential customers to your site. e-Commerce businesses that make this type of investment achieve better sales results; make sure you're present to be relevant.
💡#CubboInsight Keep in mind that posts with good photos get 2.5 times more visits than those with poor quality photos. Finally, make sure your campaigns don't generate false expectations, or what we know as misleading advertising — be transparent in each of the product and purchase characteristics.
