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The thirteenth edition of El Buen Fin, the most anticipated sales campaign of the year in Mexico, has concluded, and the numbers speak for themselves. Tiendanube, the leading e-commerce platform, has presented the results of the cloud stores at the close of this edition, highlighting impressive growth and revealing fascinating trends that reflect the evolution of online commerce in the country.
One of the main revelations is the remarkable 35% increase in the participation of cloud stores in this latest edition of El Buen Fin. This phenomenon is nothing more than a manifestation of the growing interest and participation of entrepreneurs and large businesses alike, recognizing the commercial benefits of joining this massive campaign. The annual upward trend in the participation of cloud stores is not surprising, considering that El Buen Fin experienced an astonishing 54% increase in sales compared to last year’s edition.
Record-breaking El Buen Fin
El Buen Fin 2023 not only surpassed its own records but also outperformed other notable campaigns. Compared to Hot Sale 2023, sales increased by a staggering 67%, and compared to October of this year, growth reached an astonishing 110%.
A noteworthy detail is that El Buen Fin 2023 established itself as the sales campaign with the most orders per hour, registering a 36% increase compared to the previous year’s edition. This data reflects not only the massive participation of buyers but also the efficiency of online stores in processing orders quickly and effectively.
The standout day of this edition was Monday, November 20, with an impressive 32.8% of the total orders and 34% of the total campaign revenue. Although sales peaks were observed at 12:00, 19:00, and 21:00 hours, the peak buying hour was recorded at 17:00 hours, demonstrating notably active buying behavior.
As for the most popular product categories, Health and Beauty, Fashion, Pets, and Toys led sales during El Buen Fin 2023. Among the best-selling products in cloud stores are body fragrances, bags, Christmas items, lingerie, and pet food, with an average of 4 products per order. Significant growth is highlighted in three categories compared to the previous edition: Services (6x), Auto Parts (3x), and Books (107%).
Juan Martín Vignart, Country Manager of Tiendanube Mexico, shared his enthusiasm about the results:
“El Buen Fin year after year is consolidating itself as an important campaign for online sales, and online business entrepreneurs are finding a date that boosts their growth. This year’s results are evidence that these types of campaigns are made for all businesses, regardless of their size or industry. At Tiendanube, we are very happy to see that entrepreneurs are breaking barriers and daring to take the leap to the next level, but this is also synonymous with the fact that e-commerce in the country is becoming increasingly solid.”
In terms of billing and sales participation by state, Mexico City, Jalisco, Nuevo León, State of Mexico, and Veracruz led, with Oaxaca standing out with the highest average ticket of MXN $2,612 pesos, surpassing even the national average ticket of MXN $1,467 pesos. States with the highest sales growth compared to the previous edition were Michoacán (3x), Sinaloa (2x), and Veracruz (1.8x).
Payment methods reflect consumer preferences, with credit cards being the main method (33%), followed by debit cards (29%), Wallet (15%), and Cash (8%). Regarding shipping methods, the courier service stood out in 87% of purchases, while in-store pickup represented 13%, with 52% of shipments made with free shipping.
In a scenario where promotions are key, El Buen Fin 2023 was no exception. 71% of orders were made with more than one promotion, marking a 9% increase compared to the previous year. Orders with percentage discounts represented 48%, and 19% of purchases included an additional discount coupon.
Finally, the use of mobile devices for shopping in cloud stores reached 70%, highlighting the growing importance of mobility in online transactions. Direct search channels in online stores (35%), social media (25%), and search engines (24%) were the main channels used by buyers to discover and acquire products during El Buen Fin 2023.
In summary, the results of Tiendanube in El Buen Fin 2023 confirm the strong position of e-commerce in Mexico and indicate a continued trend toward growth and diversification in this exciting sector, as well as the impact that the “cheapest weekend of the year” has had on Mexican society.
According to the latest projections from Statista Digital Market Insights, the e-commerce sector in Latin America and the Caribbean experienced a retail sales volume of USD $125 billion in 2022. It is anticipated that by the year 2027, this figure will experience a notable increase, almost doubling and surpassing USD $243 billion. Both amounts would represent the highest levels ever recorded in this field, demonstrating continuous annual growth and increasing influence on regional economies.
