If you have a business, El Buen Fin is an excellent opportunity to increase your sales. Here we share with you more information about what it is, how it works and some recommendations so you can get more out of your business.
This guide is for businesses, but if you are a consumer we recommend you check out the following link.
When is El Buen Fin 2024?
The 2024 Good Friday 2024 will be from November 15 to 18, 2024.
What is El Buen Fin?
El Buen Fin is a commercial event that takes place in Mexico. It is a long weekend that is generally held in mid-November, with the purpose of boosting sales and encouraging consumption in various commercial establishments, both in physical stores and online. During the Buen Fin, businesses offer discounts, special promotions and exclusive offers on a wide variety of products and services, from electronics and clothing to travel and household goods.
The Buen Fin has become a tradition in Mexico and is highly anticipated by consumers, as it gives them the opportunity to purchase products at lower prices than usual. Department stores, supermarkets, electronics stores and other types of establishments participate in this initiative, creating an intensive shopping environment both online and in shopping malls.
In addition to the offers and discounts, the Buen Fin also seeks to boost the country's economy by encouraging spending and shopping. During this period, consumers are expected to take advantage of opportunities to purchase products they may have been considering, as well as bring forward their holiday shopping, as the Buen Fin occurs just before the Christmas season.
In summary, the Buen Fin is an important commercial event in Mexico that seeks to promote consumption and shopping through discounts and special promotions on a wide range of products and services.
El Buen Fin 2023 Statistics
- Generated $151 billion pesos in total sales
- 56% of sales were made with debit cards and cash.
- Credit and debit cards are the most commonly used methods.
Online sales
- Online transactions increased 54%.
- 6 out of 10 Internet users say they have shopped on the Buen Fin 2023
- 85% of shoppers purchased in both physical and digital channels
- The 3 most purchased categories remained the same, Fashion, Electronics and Appliances.
- 9 out of 10 shoppers are satisfied with their purchases
- The majority of purchases were made through mobile devices.
Download the buen fin 2023 results report here
El Buen Fin 2022 Statistics
- Generated $134.4 billion pesos in total sales
- 56% of sales were made with debit cards and cash.
- 105 million total transactions were generated
- Credit and debit cards are the most commonly used methods.
- The average discount is 17%.
Online sales
- 23.7 billion pesos were sold in online sales
- 19.9 million transactions were generated online
- 6 out of 10 Internet users say they have shopped on the Buen Fin 2022
- 77% of shoppers purchased in both physical and digital channels
- The 3 most purchased categories were Fashion, Electronics and Appliances.
- 9 out of 10 shoppers are satisfied with their purchases
- The majority of purchases were made through mobile devices.
Download the buen fin 2022 results report here
What do I have to do to participate in El Buen Fin as a business?
In order to participate in the "El Buen Fin" you must register in their portal, otherwise you will not be able to use their logo or brand "El Buen Fin" as part of your promotions.
You must have a valid RFC in order to participate, whether you are a legal entity or an individual.
- Register an account
- Register your business information, you will be asked for information such as address, web page, logo, among other things.
- If you manage several branches, you can register them here.
Here you can see all the frequently asked questions about El Buen Fin.
Is there any cost to register as a business in El Buen Fin?
No, there is no cost, registration is free.
What companies or organizations are behind El Buen Fin?
There are several companies, organizations, that are behind El Buen Fin, here we list some of them:
- SAT
- ABM Association of Banks of Mexico
- Business Coordinating Council
- ANTAD
- CIRT
- Internet Association
- AMVO
- Secretariat of Economy
- Treasury
- Tourism
- Profeco
How can I use the El Buen Fin brand?
The trademark can only be used by companies and commercial establishments registered on the official website of elbuenfin.org.
The logo must not be modified
What is the El Buen Fin #SORTEOELBUENFIN Sweepstakes?"
The El Buen Fin Sweepstakes is organized by the SAT that seeks to promote formality, where the purchase/sale operations generated in the registered establishments are covered by the Sweepstakes in case they are winners.
General business tips for Buen Fin 2023
Prepare your promotions in advance
Organize your promotions ahead of time. We recommend you to at least prepare the following points
- Decide which products or services you are going to offer at a discount.
- Amount of discount or promotion to be applied
Communicate your promotions well
Having a promotion is an important part of the process, but don't forget to be clear and transparent with your communication.
- Let your customers know in advance if you will participate in El Buen Fin
- Once the good end of the year arrives or a few days before it communicates the promotion that will be in force.
- Have a banner on your website or online store that clearly indicates the promotion.
- If you have a physical store, make sure to communicate promotions both inside and outside the store.
- For greater transparency we recommend you to add all the legal information somewhere on your website.
- If you have an online store, make your promotions clear or show them well
We recommend being ethical in terms of price management. Do not raise your prices a few days before the Buen Fin in order to promote them cheaper during the Buen Fin.
Offers Interest Free Months or payment in installments
If your business has an average ticket above 2,500 to 3,000 pesos we highly recommend that you offer months without interest as part of your promotion of the good end. Consider that even though the customer will not be charged interest, the more months you offer the higher the transaction fee you will have to pay.
An excellent alternative is to use platforms such as Kueski Pay, which allows, without the need to have a credit card, to offer bi-weekly payments.
Recommendations for online stores in El Buen Fin
Be well prepared for this season, here are some tips that we recommend you to have ready.
- Prepare more payment options in your online store so that more people are encouraged to buy. We recommend accepting payments with debit and credit cards, Paypal, convenience stores and installment payments with platforms such as Kueski Pay, Aplazo, etc.
- Prepare a newsletter in advance so that your followers or subscribers are aware of the promotion.
- Make sure you have more than one shipping method. If you expect to have a high volume of orders, have a second or third shipping company ready to support you with deliveries.
- Clearly indicate what the promotions are on the home page, collection or category pages and product pages.
- Be prepared to answer your customers' questions via chat, Whatsapp or email.
- Prepare your social media ads ahead of time
- If you think that delivery times will be extended for a few days, let your customers know, they will appreciate it.
- If you can tag all online orders during this date you can learn more about your own business statistics during each Buen Fin.
- Don't forget to ask your customers for reviews.
If you still don't have an online store or want to have one, learn more about our e-commerce service.
Conclusion
Participating in El Buen Fin is an excellent option to make yourself known to new customers and attract more sales. We definitely recommend you to prepare for these dates with time, be aware of the official channels to make the most of these promotions.