Steady the banner of trust in the LATAM's fertile e-commerce
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?
Sow trust, take advantage steadfast customers
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:
Run the extra mile: develop a loyalty program
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:
Adopt local solutions
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.