Generating comprehensive information on consumer tastes and preferences using artificial intelligence systems is the main challenge faced by companies, which must increasingly make faster and better decisions.
No company or industry seeking to continue operating in these new times can avoid these challenges. An example of this is the entertainment sector, a market that with the arrival of new platforms such as Netflix, Amazon Prime and Spotify, has become increasingly competitive. Companies like Warner Bros. have reported that they are beginning to use advanced technological systems to decide which films to produce.
The saturation of the public platforms, combined with a greater awareness of preventive health, explains the better disposition that consumers are showing to pay for private services and health insurance.
Businessmen in Costa Rica say they are working on reengineering their medical service companies, because with the new trends and demands of consumers, they must focus on diversifying their services and products.
6% of Costa Rican consumers express interest in French cuisine, and about 85% of them are between 21 and 45 years old, and have a high level of purchasing power.
An analysis of the interests and preferences of consumers in Costa Rica, prepared by the Trade Intelligence Unit of CentralAmericaData, provides interesting results on the characteristics and people who show interest in the cuisine and gastronomy of different countries and styles. [GRAFICA caption="Click to interact with graphics"]
Given the rise of online commerce to the detriment of traditional channels, the contact point between customers and brands is packaging, which must meet the demands of consumers, who are increasingly responsible for the environment.
Studies carried out by companies that provide courier services, detail that in a context of booming e-commerce, 90% of companies believe that in the coming years packaging will be more important, in the area of sustainability and in reducing carbon emissions.
In the context of the economic slowdown that Costa Rica suffered for much of last year, 4 out of 10 families restricted their purchases of clothing and footwear.
Thirty-three percent of households reduced their spending on meals outside the home, and in the area of other recreation or entertainment expenses, 29% of households consulted said that during 2019 they restricted their spending, details the "2019 News Survey ", prepared by the University of Costa Rica (UCR).
In the retail business, the closeness and proximity of sales channels is becoming increasingly important for consumers, and may even be more decisive than product prices.
Consumer behavior has been changing in recent years, with increasing access to the Internet and the growth of tools and applications that allow not only searching for information, but also making online purchases. Over time, buyers have confirmed their preference for looking for sales points that offer promotions and good prices, but also close to their homes or workplaces.
Appliances that connect to the Internet and can be controlled remotely using a cell phone are gaining ground in the Costa Rican market because they can help improve consumer habits.
According to distributors, customers decide to buy this type of appliance because its frequent use generates information that serves consumers to get the best out of the appliances.
Although between August and November 2019 the confidence index grew 13% in Costa Rica, consumers still have a significant degree of uncertainty.
El resultado muestra que, aunque la confianza se incrementó significativamente en los últimos tres meses, lo hizo en una magnitud moderada. Esto significa que, pese al aumento de la confianza, los consumidores todavía conservan un grado de incertidumbre importante.
The business models operating under the concept of a subscription, such as Netflix, Amazon or even PriceSmart, can have great advantages over their competitors if they manage to properly manage the large volumes of data they handle.
The payment of subscriptions is not only for modern online services, as retail companies apply it in the region, as is the case of the supermarket chain PriceSmart.
The growing tendency to order food from home through digital platforms is causing a decrease in business profits, as they must assume the cost of service delivery commissions and sometimes those of additional promotions offered by the applications.
Digital applications such as Uber Eats, Hugo App, Go Pato, Glovo and Rappi, which offer in Costa Rica the service of home delivery of food and other items, have gained much popularity among consumers, so restaurants have had to adapt their internal processes to this new trend.
Because between 2018 and 2019, the consumer's fixed expense free budget in Costa Rica is estimated to have decreased from 18% to 14% of total revenue, four out of ten buyers made the decision to change brands, and two are considering doing the same.
A study presented by Elfinancierocr.com, explains that women are the most affected by the economic situation of the country, since they said that after subtracting all their fixed costs, they only have 12% of their budget.
If brands want to take advantage of the 6 hours a day that Central American consumers connect to their cell phones through the creation of apps, it is recommended that they have clear objectives that are agile and quickly updated.
The study "Engagement República 2020", carried out by the social networking company Ilifebelt, reveals interesting data on consumer behavior when they connect to the Internet.
On average, consumers who belong to 30% of the group of people with the highest consumption capacity in the Metropolitan Area of San Salvador travel through the streets of Antiguo Cuscatlán, and 4 out of 10 are between 21 and 30 years old.
An analysis of the floating population in El Salvador, elaborated by the Trade Intelligence Unit of CentralAmericaData, gives interesting results on the characteristics of the people who every day move from place to place on the streets of the Metropolitan Area of the capital of San Salvador.
Between February and August of this year, the Consumer Confidence Index decreased six points, as a result of people not perceiving effective and short-term measures that tend to revive the national economy.
The current level of confidence reflects consumers pessimistic about the economic situation, a condition that has been present for a year, according to the report prepared by the School of Statistics of the University of Costa Rica.
In the retail business, large distributors boost the sales of their own brand products through strategies aimed at consumers who prioritize the price factor over other elements when buying.
Globally, the tendency to buy private label products is becoming more and more evident in markets, as companies engaged in the retail trade of other products, such as supermarket chains, are capitalizing on their experience by placing their own products and competing with their suppliers.
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