Brands offering a deeper and more emotional added value, delivering to their customers with immediacy and executing business strategies from a more local perspective are the most likely to succeed in this new commercial reality.
The outbreak of covid-19 and the mobility restrictions imposed by this pandemic significantly changed consumer behavior and perceptions of brands.
Analyzing satellite photos to estimate the production capacity of an area or evaluating images of a product being sold on the streets to calculate its market-share are some of the business solutions that arise from the transformation of images into data.
Traditionally, when teachers or businessmen wanted data, they requested surveys. Data would be ordered, in the form of numbers or boxes checked on questionnaires.
In this context of changing behaviors and new commercial realities, consumers are expected to increase their preference for open spaces, green areas, contactless payment systems, and stores where there are no queues.
The covid-19 outbreak caused far-reaching changes in the way people behave. These changes brought about a new business normal, a reality to which companies have had to adapt rapidly.
The use of predictive models based on artificial intelligence processes and automated collections are some of the changes that companies are already applying in this new reality to reduce operating, management and risk costs.
The spread of covid-19 changed the rules in almost all markets and business models, a situation that has affected the collections departments of companies, whose work teams are currently facing complex challenges.
Although the restrictions imposed by the pandemic have been relaxed, consumers continue to show signs of mistrust in the current situation, behavior that could put pressure downward on spending on products and services considered to be discretionary.
In 2020, when the effects of the pandemic that caused the spread of covid-19 began to become evident, it was anticipated that consumer habits would change, since in a complicated economic scenario full of uncertainty, people would be more careful when spending.
In the new business reality, most Central American consumers have borrowed more than usual, spent less on snacks and personal care items, and migrated to cheaper brands than they used to before the pandemic.
Central America faced a severe economic crisis during 2020, which stemmed from the global covid-19 outbreak. The restrictions imposed by governments resulted in the rise of a new commercial reality, in which people changed their consumption patterns.
Wishing our kind readers, a Merry Christmas and a Happy New Year, we announce that from December 24, 2020 to January 3, 2021 we will be in editorial break.
On Monday, January 4, 2021 we will resume the publication in Spanish and English of our daily selection of news and analysis of interest to Central American businesspeople and professionals, and the delivery of our newsletter CentralAmericaData Express, also in both languages.
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Companies with teams dedicated to innovation, organizational structures that allow for agile decision making and that quickly migrated to teleworking, are those that have best adapted to the new commercial reality.
The pandemic brought about a scenario of changes in the business models, the companies had to apply radical changes in an accelerated way in order to successfully face the challenges represented by the changes in people's habits.
Promoting a risk management culture, defining possible scenarios by turning uncertainty into a variable and preparing to safeguard the company's operational continuity are some of the most important strategies for facing the coming year.
The pandemic that generated the spread of covid-19, caused changes in all business sectors and also generated an environment of uncertainty regarding the future of the economy.
The covid crisis forced companies to accelerate the digital transformation process they had been experiencing, forcing the implementation of new business strategies that, far from disappearing when the pandemic passes, will remain and be reinforced.
Crib economy, geolocalization, digital shopping... are terms that have always existed in the language spoken by marketing, sales and business strategy experts, but in recent months, such terms have once again echoed, and with great force, in the business strategy discussions of practically all companies in the world.
Following the implementation of the economic reopening process, in early November in some countries of the region the number of people visiting establishments identified as supermarkets was similar to the figures reported before the pandemic.
In mid-April 2020, the concentration of people in residential areas of cities reached its highest level, a situation explained by the mobility restrictions imposed by the covid-19 outbreak.
From November 25 to December 4, 2020, the "China-Central America and South Pacific International Trade Digital Exhibition" will be held, a virtual event in which more than 600 Chinese companies will exhibit their products to companies in the region.
Construction materials, hardware, light industrial products, machinery, vehicles, communication equipment, electronic products, household appliances and daily consumer goods are some of the types of products that will be presented by Asian companies.
Greater preference for private brands, less use of cash and fewer purchases but in higher volumes, are some of the characteristics of current consumer behavior when it comes to demanding mass consumption products.
In this new business scenario, market research companies continue to focus on understanding the new consumption habits of people in all countries in the region.
As a result of the fast emergence of the new commercial reality, several business models that were profitable until the first quarter of 2020, are now obsolete, forcing business leaders to rethink strategies to survive in this new scenario.
The spread of covid-19 generated radical transformations in the markets for goods and services, in the ways people work, modified several consumption habits, and even changed some tastes and preferences.