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Companies are vying for 160 billion dollars

By Sergio Naylor
Managing Director, Products
Accenture Mexico

Companies are vying for 160 billion dollars in the Mexican Market.

This represents 19% of consumers’ annual disposable income.
The global Strategy, Digital, Technology and Operations consulting firm, Accenture, estimates that theMexican consumer, through their digital interaction, will be the axis that determines the differentiation of suppliers in capturing more consumer spending and thereby gaining greater market share.

The Global Study on Consumer Behavior reveals that the economics of change in Mexico has an annual value of 160 billion dollars. The economics of change comprises potential revenue at stake, which is controlled by consumer changes. It calculates the change in potential costs resulting from customers that switched from one supplier to another ("complete change") as well as those who may potentially do so, given that they have begun to direct part of their budget towards new suppliers ("partial change").

This situation implies both greater risks and potential opportunities for companies. The report explains that in order to get ahead in the economics of change, companies need to be digital and differ. Mexico is, after Brazil, the largest changing economy in Latin America.

"The basis for sustaining a country's growth is stability; this point of departure has been recognized in Mexico and has been maintained. However, stability is not enough for growth, but rather an indispensable condition. A further step would be a generalized taxation system, moving away from specific taxes," said Jaime Zabludovsky, CEO of CONMéXICO. "There are two Mexicos. In one, we have superior productivity, a modern Mexico embedded in the global economy that exports and competes as a world-class player; the problem is that there is a part of the country that lags behind, where not only has productivity not increased, but has actually decreased. This has brought country-level growth to a halt."

In order to create a competitive advantage in the digital realm, companies must be able to offer experiences that are perceived and valued in five key elements, while at the same time undertaking a digital strategy at full speed. The basis for creating a customer-centered digital experience involves 5 experiences:

(Meet me!)
– Predict their behavior by placing yourself one step ahead.

Inherently mobile
(Enable me!)
– Surprise customers wherever they are.

Naturally social
(Value me!)
– Be sure that they want you to be with them.

An uninterrupted experience
(Delight me!)
- Integrate everything; avoid interrupting the flow.

To-scale relationships
(Show me that you know me!)
– Without breaking promises and respecting confidential information.

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