The convergence of the physical and digital worlds
The integration between the digital and physical worlds is one of the most challenging and fascinating trends in current business.
Mexican e-commerce has grown significantly, with double-digit percentage increases in recent years. In Latin America, in terms of buyers and digital transactions, Mexico is in second place, just behind Brazil. The situation for our country is very positive, given that studies of industry trends indicate that our market still has low penetration and shows the highest expected growth rate in e-commerce for the next five years in the region. The business potential in Mexico is huge.
Clients have clearly already changed and will continue to change; they no longer look for products but rather solutions to their lifestyles, meaning innovation and creativity are key to winning them over
In light of this, consumers challenge us to constantly innovate. They currently use multiple ways to purchase and receive their products. For example, it is possible for them to buy from a store, online or through mobile applications, and receive purchases at their home, office or business. They may also prefer to pick up their purchases at a place that is convenient for them.
This convergence is happening in the industry thanks to strategies such as those of Wal-Mart in Mexico and Central America, which focus on omnichannel purchase experiences. This means customers can buy what they want, when they want, how they want, from anywhere, with a value proposition that matches their needs.
Consumers are seeking shopping experiences across multiple channels, both in physical stores and various digital media, including mobile media that facilitate communication and interaction with companies.
Clients have clearly already changed and will continue to change; they no longer look for products but rather solutions to their lifestyles, meaning innovation and creativity are key to winning them over. They also seek payment methods that give them greater security and confidence. Given that by 2019 more than 8 million digital buyers are expected to join the current 16 million on the Internet, a growth of 50 percent in just three years, it is essential to consider the needs and desires of consumers at all times.
On the other hand, e-commerce faces two major challenges in Mexico. The first is preparing work teams for continuous innovation and rollouts, with a great sense of urgency. The second is developing solid foundations to be able to grow business exponentially. Customers want an omnichannel experience, whether they are searching for information, comparing, buying or being served across multiple channels.
In this regard, in the case of Wal-Mart in Mexico and Central America, we seek to continue our growth plan for new stores, maintain the growth of stores that are at or above market level and leverage physical and digital stores in order to offer an omnichannel business. This will allow us to create a unique shopping experience, maximizing our strengths in order to offer our customers new solutions and an expanded catalog.
Customers want an omnichannel experience, whether they are searching for information, comparing, buying or being served across multiple channels
Constant change, innovation and efficiency in operational processes are key for e-commerce to grow exponentially and for the industry to exploit the great potential that exists in Mexico. This sector is highly competitive, and businesses need to be continually transformed if they are to meet customer needs.