Year-end shopping dates, such as Black Friday, Cyber Monday, Christmas Eve and New Year’s Eve, are becoming increasingly relevant in the sales calendar of the retailers of Latin America and the Caribbean.
In 2020, the buying behavior of consumers strengthened a trend that is becoming increasingly prominent: the volume of payments of e-Commerce made with Visa credentials increased nearly six percent during the 2020 holiday season compared to 2019, accounting for as much as 26% of all Visa transactions, data from Visa Consulting & Analytics (VCA).
“E-commerce transactions with Visa credentials in Latin America during the end of the year holidays have been increasing in the last four years at an annual rate of approximately one percent. Due to the pandemic, and the growth in the use of digital payments, we saw an increase of almost six percent in 2020; that is, e-commerce transactions grew during the holiday season the equivalent of four or five years in a single year, ”he said. Javier Vazquez, head of Visa Consulting & Analytics for Latin America and the Caribbean.
The VCA analysis shows that Panama, Dominican Republic and Peru They are above the regional average in terms of e-commerce transaction penetration compared to year-end season transactions, with a penetration of 34%, 32% and 28% respectively.
They are followed by Colombia with a penetration of 26%, Chile with 25%, Brazil with 18% and Costa Rica with 16%.
If we combine the online world with the physical world, we see that the dates with the highest volume of purchases in the region are Black Friday, which in 2020 was November 27, and December 22 and 23, which are the days before Christmas Eve. Among the best-selling products during the end of the year shopping season are jewelry, clothing, accessories and toys.
“This data reaffirms the need for merchants to be well prepared to offer an increasingly seamless and frictionless experience in the online world. While pandemic restrictions continue to ease across the region, we believe e-commerce transactions will continue to strengthen in 2021. Consumers are becoming more confident in the online shopping experience and are looking for the convenience and security that e-commerce offers. electronic commerce ”, he added Vasquez.
The analysis was conducted with VisaNet transaction data from November 1 to December 31, 2020. The growth percentages analyzed were based on the volume of purchases in the following countries: Brazil, Chile, Colombia, Costa Rica, Panama, Peru and the Dominican Republic.