The Impact of Credit Sales During Buen Fin

Buen Fin, Mexico’s largest discount campaign, promises to be a key period in 2024 for businesses looking to increase sales through effective strategies such as credit sales. “According to the Confederation of National Chambers of Commerce (Concanaco-Servytur), this event will generate an economic impact of more than 165 billion pesos, with projected growth of 10% over the previous year.” (El Universal)

Desde sus primeras ediciones, el Buen Fin ha demostrado ser un motor económico clave para los comercios mexicanos, especialmente cuando se ofrecen financing options como los interest-free installments. En ediciones pasadas, 22.4% of buyers aprovecharon las opciones de credit para financiar sus compras. Durante el Buen Fin 2023, se registró un crecimiento del 23.7% en las ventas en línea, lo que refleja cómo las opciones de digital financing se han convertido en un pilar fundamental para el éxito de las estrategias comerciales.

The impact of selling on credit in Mexico

La tendencia de credit sales in Mexico sigue en aumento, y el Buen Fin ha sido un motor clave en esta evolución. Según datos de la National Association of Supermarkets and Department Stores (ANTAD), alrededor del 60% de las ventas totales del Buen Fin se realizan a crédito, lo cual refleja la confianza de los consumidores en este método de financiamiento. Este dato es relevante no solo para los comercios, sino también para los bancos e instituciones financieras que ven en este evento una oportunidad para incrementar la colocación de créditos.

In 2022, for example, Buen Fin generated sales of 134.4 billion pesos, a considerable share of which was attributed to purchases on credit, particularly through credit cards, installment payments, and other financing offered directly by businesses. These figures underline how credit sales have become a driver for increasing sales volume and making high-priced products, such as appliances, electronic devices, and furniture, more accessible.

Advantages of credit sales for businesses during the Buen Fin

Credit sales not only make purchasing easier for consumers, but also bring businesses several benefits:

1. Increase in average ticket: Credit sales have been shown to raise the average ticket value, since they allow customers to buy higher-value products without paying the full amount in one go. According to data from the National Chamber of Commerce (CONCANACO), businesses that offer credit payment options during Buen Fin usually see an increase in the average ticket of up to 40%.
2. Higher conversion: Offering credit sales gives consumers immediate access to the products they want, which increases the conversion rate compared to businesses that do not offer this option. CONDUSEF notes that up to 35% of buyers who access credit offers consider the availability of financing a decisive factor in their purchase, especially for technology and appliances.
3. Customer loyalty: Credit payment programs foster customer loyalty, since many consumers return to the same businesses to take advantage of future events and financing offers. A report from the National Institute of Statistics and Geography (INEGI) shows that 70% of consumers who buy on credit during Buen Fin return to the same store in subsequent discount events.

Economic scope of credit sales in Buen Fin

Credit sales not only benefit consumers and businesses, but also have a positive impact on the national economy. With each edition of Buen Fin, the circulation of money increases considerably.

For example, in 2022, CONDUSEF reported an increase of up to 25% in the use of store credit during Buen Fin, which represented billions of additional pesos in circulation. This not only strengthens the economy of the commercial sectors, but also drives growth in the supply of consumer credit in the country.

The role of technology in credit sales

The use of AI and alternative data has revolutionized credit sales, allowing platforms like Finvero, which cover the credit cycle, to help businesses and financial institutions offer real-time financing through risk analysis and credit scoring platforms. These systems not only optimize loan approval, but also minimize default risk. In fact, alternative scoring platforms have been shown to reduce the delinquency rate by up to 30%.

In addition, next-generation financing solutions, such as AI decision engines that evaluate alternative data in seconds, allow consumers to get instant approval responses without the need for physical documents, which speeds up the purchasing process and improves the customer experience during events like Buen Fin.

Expectations for Buen Fin 2024

For this Buen Fin 2024, AMVO estimates that 8 out of 10 internet users plan to participate, attracted by discounts and promotions. Consumers prepare in advance, planning their purchases at least two months ahead. Loyalty to the campaign is strong, with 80% repeating every year. In addition, the digital channel continues to grow, with 7 out of 10 shoppers using both physical and online stores.

In this context, credit sales are positioned as a key factor to maximize the average ticket and improve the conversion rate. This financing model not only helps businesses increase their revenue, but also makes products more accessible to consumers, boosting the economy as a whole. Advanced technologies, such as artificial intelligence and alternative data, enable more precise and agile risk analysis, improving the purchasing experience.

With Finvero, the advanced platform that manages the entire credit life cycle, you can offer effective and flexible financing solutions. Contact us and request a demo to discover how we can boost your sales through credit this Buen Fin!

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