Our shopping calendar highlights one event as a crucial date for thousands of consumers and merchants: the Buen Fin. Since its inception 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 tell you the details to prepare your E-commerce, from the dates of this event to a mapping of actions for this peak season.
What is the Buen Fin?
El Buen Fin is an annual purchasing event created by the Business Coordinating Council in conjunction with the government, public and private sectors. This takes place over a weekend in mid-November and was created with the objective of Promote consumption and support the national economy, as well as providing consumers with the opportunity to purchase products at more affordable prices.
When is Buen Fin 2023?
This year's edition of El Buen Fin will be the November 17 to 20
What happened in the 2022 edition of Buen Fin?
During the edition of Buen Fin 2022 they registered sales of 134 billion pesos, according to estimates by the Business Coordinating Council (CCE). And the sum by Day in sales was 33,500 million pesos while in 2021 it was 27.4 billion pesos and in 2020 it was 19,916 million pesos.
El The average ticket was 1,020 pesos, increasing by 12% compared to 2021.
In addition, they registered 104.9 million transactions, which grew by 19% in which the debit card predominated with 68% and 57% of users used it to make purchases online 32%, on the other hand 32% of people made their purchases with a credit card and 43% use it in an online store.
Buen Fin 2023 Registration
If you want to participate in this edition of Buen Fin, we share the steps so that you can register your E-commerce successfully.
The requirements to register are:
- Register your business on the official website https://www.elbuenfin.org/
- Updated RFC
- Your company must be legally constituted and promote access to formality
- Have a physical location, telephone number and tax address
- Have a website and indicate the business line
- Have a contact from the participating company
Check list to be the winner at Buen Fin 2023
Is your E-commerce ready to meet demand with efficiency and quality? Evaluate the following points:
1. Diversity of payment methods: as we have seen, Mexican Buen Fin buyers use both Online alternatives such as physical, in this case, your E-commerce must provide the possibility of making card and cash payments in an agile and fast way.
⚡ #CubboHack to find out what payment methods you can implement here 4 challenges for the adoption of e-commerce in Latam
2. Attractive discounts and offers: they are the first hook for attracting the customer, who doesn't lean towards the supplier that offers the same product at a cheaper value? The price factor undoubtedly plays an essential role in the purchase decision.
Keep a competitive price with respect to the competition, buyers often make comparisons between different suppliers. 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 the sales price of your products, Here We Tell You How
3. Free shipping as a sales trigger: offering this benefit generates 50% more visits to E-commerce that have it. In order not to affect your profit margin, you can include the shipping value within the price of the product or offer it for a certain purchase value or number of items purchased.
When shoppers find a product with free shipping, the cart abandonment rates are lower, a feature that also attracts more buyers.
⚡ #CubboHack Do you want to know if your abandonment rate is normal or high? Visit this article
4. Safety and Trust: a good reputation is essential to build trust, it gives the customer an estimate of the seller's quality. Show new users feedback on good shopping experiences What did customers have with you E-commerce and make sure that the service provided is excellent from start to finish. Take special care in your customer service.
5. Ease in the buying process: the step by step to purchase the product should be as simple as possible, the customer must be able to carry out the transaction with just a few clicks.
💡 #CubboTip to streamline the process, In the product description, the more complete and clear it is, the fewer questions the buyer will have. Be sure to include the available color, manufacturing materials, functionalities, dimensions and other features, as well as prices and shipping times.
The description should be as neat as possible. If you were the buyer, what would you like to know? Give that information to the customer.
6. Technological infrastructure: The worst thing that can happen to you is that your page collapses in the sales frenzy due to the high number of visits and transactions. Talk to your hosting provider and ensure that you have everything you need to prevent this from happening. Also, check that your loading speed is optimal, as we have already seen, one of the reasons to give up the purchase is a slow page or one that does not load quickly.
7. Sufficient inventory: do good planning to avoid running out of stock during the Buen Fin; a good tip to do so is to determine How much did you sell in the Hot Sale and calculate inventory for 20 or 35% more.
Have a sales projection per day, which is linked to the commercial efforts you will have (promotions/sales/campaigns/etc). Also consider that you must have adequate operational management that allows the correct typing and readiness of the product 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 a refill? Do I have the space, supplies and packaging material for the demand?
8. Efficient logistics: if you are one of those who experience high levels of stress due to increased operating load, it is very likely that you have a strong sales channel in E-commerce but not the best logistics solution.
Don't let the joy of your sales be obscured. To deliver all orders on time and in perfect condition, you must have a good operating muscle that allows you to meet the projected demand in a timely manner and without extra costs.
What alternatives do you have to increase your operational capacity?
- Overtime
- Order processing on Saturdays/Sundays
- Hire external staff
As for the last point, do you have the right personnel to meet the demand with the minimum of failures and errors? If you didn't train it, it's better not to implement it, as operational risk will increase. It's better not to take orders than to place them wrong.
The above alternatives must be linked to contingency plans in various scenarios. The operation must be monitored frequently to identify if new action plans need to be implemented.
Prepare your logistics in advance to keep your delivery times and costs within the projected range. As part of this process, remember to establish clear and attainable times for shipments, taking into account the times of dispatch from the warehouse and delivery times by the courier.
If during the process there are problems with delivery, always be honest, talk directly to 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 companies that make this type of investment They get better results in sales; make sure you're present to be relevant.
💡 #CubboInsight Keep in mind that posts with good photos, They have 2.5 times more views than those with poor quality photos. Finally, make sure that your campaigns do not generate false expectations, or what we know as misleading advertising, be transparent in each of the characteristics of the product and the purchase.
