When facing the encouraging numbers of digital buyers and of the internet penetration rates that foresee a progressive growth of e-commerce in Latin America’s markets, it’s tempting for companies to target at customer acquisition only. But are they, per se, a guarantee of new customers and, more importantly, of repurchases?
Indeed, to tap into your target audience and convert it into customers, you need to leverage the above-mentioned numbers with another element: trust. According to the surveys conducted by Ipsos and Llorente & Cuenca, trust is a key element to reach and engage Latin American consumers; credibility, transparency and integrity are the 3 drivers which generate it. Observing the trust levels throughout the main markets can help to understand how trust is perceived and why it’s important to be developed:
Consider the development of a loyalty program, aimed to reward customers for their past purchases and encourage future ones. According to Bond Brand Loyalty’s 2018 report, loyalty programs heavily influence customers: 70% recommend the brand, 77% repurchased, and 63% are willing to spend more to maximize loyalty benefits.
When designing your loyalty program examine its benefits and its challenges:
In a fragmented market such as the LATAM one, companies need to adopt local solutions when reaching consumers – the fact is that they are captivated by the recognition of their culture and values:
In order to do that, international companies must study their target markets in such a way they can find out who their customers are to know what their needs are. Companies must also be prepared to deal with e-commerce barriers, such as security and privacy policies, user experience guidelines and price localization.
Think about partnering with a payment aggregator – such as BoaCompra – whose expertise and knowledge of the Latin American markets can help to overcome adversities and master e-commerce business. Get in touch with us to learn how BoaCompra can help your company expand to this promising market: