2020 was a watershed year for what Mexico’s digital consumer market as a wider consumer audience than ever before began using a wider range of digital payment options in the remote environment. The catalyst for this strong performance was the COVID-19 pandemic and the official response to it.
At the end of review period, cash remained by far the most popular payment method among the Mexican population, with the majority of Mexicans using cash exclusively to make payments when shopping. However, while cash remains a very important payment method, Mexicans are increasingly choosing the option to pay with a credit or debit card in both the proximity and remote environments.
One of the most notable positive impacts of the COVID-19 pandemic on Mexico’s digital consumer market during 2020 was the proliferation of online merchants that was seen over the course of the year. Much of this activity was centred on the retailing and consumer foodservice industries, where businesses that were struggling to attract consumers onto their physical premises due to social distancing, widespread fears of contagion and the imposition of quarantine lockdowns ventured into the digital realm with the aim of attracting the attention of consumers and generating online sales.
The basis of the massive surge seen in demand for e-commerce in Mexico during 2020 was the unprecedented situation that was seen in the country’s retailing and consumer foodservice industries as many people found themselves unwilling or unable to spend time in retail stores or consumer foodservice outlets due to fears of contagion and the official response to the COVID-19 pandemic. However, it is expected that demand for e-commerce will remain much higher than pre-COVID-19 levels for the foreseeable future as many of those who engaged with e-commerce for the first time during 2020 have discovered the convenience and value for money that the channel represents.
During the forecast period, the crucial factor in the advance of Mexico’s digital consumer market is set to be the further development and improvement of the country’s leading digital payment systems. A crucial step in this direction was the government’s launch of the CoDi digital payment system during September 2019 and this can be seen as a clear commitment on the part of the national financial authorities to spur the development of a thriving and sustainable digital payments ecosystem.
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