In Latin America, as a developing region, COVID-19 has translated into uncertainty, volatility but also into opportunities. Most businesses have had to adapt quickly in order to survive, and, even though we aren’t sure how long this situation will last, many companies are seeing some light at the end of the tunnel.
As we traverse the pandemic curve expectant and eager for it to come to an end, uncertainty is the most widespread sentiment in all sectors of society. However, if we take a step back for a moment from the emotional boil that prevails and observes with a cool head, we can begin to project six trends that will lead the Post Coronavirus markets in the region:
The revaluation of the local product and domestic tourism
Given the difficulty of traveling outside the country of origin and the need to activate the local economy with the greatest possible diligence, consuming the local product is, without a doubt, one of the main strategic actions to activate the economy. This becomes an opportunity for local brands and businesses to consolidate momentum, also it can be a great chance for big companies to make partnerships with these small businesses who have the operations figured out.
More hygiene, less human warmth
The assimilation of social distancing and awareness and fear of the spread of a virus, which will be lurking until a vaccine is confirmed, will make consumers demand strict safety and hygiene measures from businesses even after confinement.
This confinement experience will also take its toll on our Latin warmth and disregard of the concept of “personal space”. We will definitely be much more cautious when it comes to socializing, measuring our distances, and physical contact, for a long time.
For this matter, having in place a delivery or pick-up strategy is crucial to succeeding. Also to have sanitizing and cleaning supplies available to everyone at the physical space of the company is a must.
Total adaptation to e-commerce
For those businesses that were most resistant to fully implementing their e-commerce, it was time to bet everything. Sectors that traditionally people preferred to go see and personally evaluate products, such as the supermarket and household items, had to adapt and organize their logistics to provide efficient e-commerce, as well as consider consulting and online services.
Entrepreneurship opportunity in key sectors
This crisis will open endless opportunities for multiple sectors such as technology, with the high demand for services to optimize telework protocols, the implementation of online training, the security and privacy of online communications, or otherwise physical services like banking. Likewise, the rise of 3D printers is back, a valuable tool to optimize the development of serial materials.
Take Ualá for example, an Argentinian fintech company that has been growing over the past few years but due to the pandemic, their number of customers and investors skyrocketed as they provide almost every service that traditional banks provide without the need to go anywhere.
On the other hand, culture, leisure, and entertainment are also reinvented online, by holding live streaming events and concerts, among other cultural offerings, that we can enjoy from the comfort of our home, and that can be a long time while we return to The normality.
Global professional exchange
As has been demonstrated in this pandemic stage, the collaboration between professionals without face-to-face has been successful, which definitively opens a new working model. This panorama is an excellent opportunity where brands and companies can enrich themselves with high-level talented people, with different points of view, as well as a piece of multicultural experience, totally valuable in a definitely more global, open and interconnected world.
Health comes first, for people and for the planet
The pandemic trauma will be reflected in the high demand for products that guarantee health and sustainability systems. The awareness for the protection of the planet and its natural resources grows in generations that were not yet so aware and will be more interested in companies, services, and products that promote a healthier lifestyle.
Overall, being aware of these trends is key to develop a good market approach strategy, especially in Latin America, which conditions are very different from country to country. The truth is, every crisis opens a lot of new opportunities, this is even more accurate in developing countries.
If you need any help to plan your marketing strategy in Latin American countries, reach out! Our team at MdB is glad to help. Click below to schedule a free consultation.