More and more companies are turning to predictive analytics to optimize their processes, achieve better business results and increase their market share.
Organizations use internal predictive analytics to forecast trends, understand and predict customer behavior, improve performance and drive strategic decision making.
After the Costa Rican government announced that they are evaluating the option of lifting as of March the sanitary measure that restricts the free circulation of vehicles on weekends, the trade union of the commercial sector considers that this would be a great relief for the economy.
On Sunday night, the government informed that it is analyzing the elimination of the traffic restriction applied on weekends.
Since 2017, commercial activity in Costa Rica has been slowing down, but with the closures of businesses due to the covid-19 outbreak, between March and July of this year, sales have fallen considerably.
In this context of restrictions on movement and social distancing measures, which began in March of this year, approximately 30% of shops were reported to have closed and it is estimated that just in July, sales in the commercial sector fell by 68% compared to the same month in 2019.
Between the end of February 2020 and Easter Week, visits for shopping or recreational activities fell between 40% and 90% in Central American countries, with Panama recording the largest drop and Nicaragua the smallest.
Since the effects of the crisis generated by the spread of the covid-19 in Central America began to be felt, and more specifically, since mobility restriction measures were tightened, visits to shops in Central American countries have fallen dramatically.
Locating customers and estimating their potential consumption, choosing strategic locations for distribution points and calculating product delivery times are some of the tasks that occupy companies in this context of changing consumption patterns.
Many of the changes in purchasing patterns resulting from the crisis generated by the Covid-19 virus in the region will not be temporary; several of them are here to stay.
Because of the health crisis generated by the spread of covid-19, shopping centers, restaurants, clothing and footwear stores, among other businesses, began to report a decline in commercial activity in Nicaragua.
Not all businesses in the commercial sector have been affected by the advance of the pandemic, as in recent days’ supermarkets and pharmacies have been crowded by consumers.
The fall in the automobile and construction materials sales was determinant in the increase of only 1.6%, which is forecast to close the year by companies in the commercial sector in Costa Rica.
Representatives of the Costa Rican Chamber of Commerce (CCCR) reported that expected growth for this year will be only 1.6%, significantly below the 3% average annual increases that have been reported in previous years.
Both countries agreed to include threads, fabrics and clothing in the batch of items that are already subject to tax relief, as part of the Free Trade Agreement in force.
The Ministry of Economy of Guatemala informed that the trade between both countries will experience a significant increase because of the recent signature of several agreements that expand the productive value chains.
On September 6, Central American companies from different sectors will meeting in San Pedro Sula to take part in business meetings with potential clients.
The event is being organized by the Chamber of Commerce and Industries of Cortés, and will be held at the Felipe Arguello Convention Center of Expocentro.
With the aim of strengthening the legal framework for electronic commerce and facilitating the management of certifications, the Electronic Commerce Association was created in Guatemala.
The new chamber will be able to affiliate all types of companies, and its main purposes are strengthening entrepreneurship, specialized training through certifications, and the promotion of rules and legal regulations for the sector.
In Nicaragua, retail companies estimate that the damages caused to their facilities and inventory, together with the drop in consumption, have already generated losses of $70 million.
In the same vien as the situation reported by companies in the tourism sector days ago, the Chamber of Commerce and Services of Nicaragua (CCSN) has reported that due to the crisis affecting the country, entrepreneurs engaged in commercial activities have recorded losses of approximately $10 million in their facilities, $26 million in damage to their inventories and $35 million in damages to consumption.
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In Nicaragua, entrepreneurs in the agricultural sector have reiterated the benefits that this technology brings in terms of competitiveness, and insist on clear rules for their use.
Fumigating at lower costs and improving surveillance of planted areas are some of the benefits that drones provide for agricultural activities. An example of this is the data provided by the Union of Agricultural Producers of Nicaragua (Upanic), whose representatives say that with a drone, the cost of spraying a manzana (7,042.25 m2 = 1.74 acres) of crops is 20 cents, well below the $3 it costs using traditional methods.
In the first six months, about $500 million was traded in agricultural products, and plans are to close the year with about $925 million.
If we reach the figure of $925 million traded at the end of the year, that would mean an increase of 7% compared to 2016, when the trade value exceeded $860 million.
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