El Buen Fin is the most important commercial event in Mexico. Mexico and is held every year for several days in November. This event has become a national tradition, marking the beginning of the holiday shopping season and giving consumers the opportunity to make their wishes come true without emptying their wallets.
In this post we will explain what is the Buen FinThe company's main objective is to provide a complete picture of the origin of these savings opportunities and how to make the most of them.
What is the Buen Fin in Mexico?
Consists of the promotion and distribution of products and services by various companies in order to promote commerce through offers, discounts and/or price reductions and interest-free credits.
The origin of the Mexican Buen Fin
Inspired by the "BLACK FRIDAY"El Buen Fin came about as a result of the Business Coordinating Councilin association with the federal government, private sector organizations and banking institutions. The first edition was held from November 18 to 21, 2011, but currently there are stores that stretch their discounts up to 1 month.
Its purpose was to reactivate the economy with the cooperation of the private and public sectors, so that the consumer would have access to different products and services at a relatively lower cost. In doing so, it also the aim was to reduce the level of unemployment before the end of the year.
Its origin comes from Mexico Initiativea business project formed by several national media outlets, aimed at promoting citizen participation in social improvement proposals.
What is the objective of the Buen Fin 2023?
The main objective is to promote trade, as it is a campaign of the Ministry of Economy and private initiative that seeks to promote the sale and purchase of goods and services in Mexico.
Consumers consider this date to be the start of your year-end shoppingThey take advantage of discounts or promotions to organize their expenses arising from gifts to third parties.
Some consumers have become professional bargain hunters and try to do so in an informed manner, which is why this event has become a milestone for ecommerce and business that seek to break sales records in this period.
13 fun facts about the Buen Fin
To learn a little more about this traditional event in Mexico, here are some curious facts about this initiative:
Economic data during the Buen Fin:
- In 2020, the Buen Fin achieved the goal of $238.9 billion pesos during the twelve days of offers and discounts.
- E-commerce paid 36.1 billion pesos.
- E-commerce accounted for 15% of revenue, improved 2019 results, but below AMVO's 30% estimate.
- Based on information from the Association of Banks of Mexico (ABM), noted that 12-day bank credit and debit card billing for 12 days totaled 151 billion pesos, up 9.8% from 137,000 in 2019.
- According to the AppsFlyer analysisIn 2020, Buen Fin 2020 sales on mobile apps grew 240% compared to the previous year's event.
- The Mexican Association of Online Sales (AMVO) announced in September that 4 out of 10 retailers expected their online sales channel to grow more than 50% during El Buen Fin 2020.
- November 9 was the most successful day for apps, when they generated 10.5% of the revenue collected during the twelve days of the Buen Fin. The second peak was also recorded on Monday, November 16, with 9.8%.
Buen Fin user behavior data
- The timing of El Buen Fin aligns with the time when most employees receive an advance on their year-end bonuses or "aguinaldo".
- The banks offered up to 24 months interest free in the use of credit and debit cards, either in physical or online stores.
- Worldwide, Mexico is the ninth country with the highest number of e-commerce app installations.
- 4 out of 10 users took advantage of the offers of 21 to 40%. And 3 out of 10 opted for interest-free payment, with 12 months being the most chosen period.
- In addition, consumer spending on applications increased by 80% over the average recorded in the 48 days prior to the event.
When does the Buen Fin 2023 begin?
According to The Wired, the Ministry of Economy (SE) together with Mexico's commercial sector have made official the dates of the 2023 edition of the Buen Fin, which will take place in from Friday, November 17 to Monday, November 20. The main objective is to surpass the sales achieved in 2022, which amounted to 141.12 billion pesos.
Vicente Yáñez, executive president of the Asociación Nacional de Tiendas de Autoservicios y Departamentales (Antad), noted that the commercial sector expects a 5% increase in sales revenues compared to the previous year, when sales totaled 134.4 billion pesos.
5 tips that can help you face the Buen Fin as an ecommerce:
- Professional Buen Fin shoppers compare similar products from different stores and select the one with the best price, so you need to stay competitive.
- You, better than anyone, know your customers' needs, so offer them what you know they need, like and are satisfied with.
- Consumers will expect not to spend beyond their means, so offer interest-free or deferred payment promotions.
- It is a date prior to the Black Friday and CyberMonday, keep it in mind to improve your prices and campaigns and be ahead of the game.
- Differentiate yourself from your national competitors. Mexico will be the focus of online shopping these days, look for your strengths and squeeze the potential of your business.
That is why during these dates it is advisable to make a small investment in digital marketingin case you do not already do it regularly.
One opportunity provided by the Buen Fin is to have access to new customers, since this season is well known and identified and potential buyers have prepared to make their purchases during these four days.
We currently have personnel in Mexico City that can help your eCommerce in any area of Digital Marketing. Our LATAM Country Manager, Diego Ruiz can advise you and recommend strategies to guide your business to success.
Do you want us to guide you through this process? Do not hesitate to contact us without obligation. We will help you.