Last week I didn’t post much because it was crazy busy, but today I want to share my opinion on why Nubank’s online ad with Leslie David Baker is pretty realistic.
Even though I don’t want to beat a dead horse, I have to say that Brazil’s e-commerce market was worth 41 billion dollars in 2021, which put it in 12th place globally. It’s expected to reach $79 billion by 2025.
Brazil is the biggest country in Latin America and in 2021, the value of its cross-border market was only 2 billion USD. For businesses that want to get into the Brazilian market, there is a lot of room for growth.
What’s the big deal? For the reason that Leslie said in the ad, Brazil is not just samba, pastel, água de coco, and feijoada. There are unique payment methods, like boleto, a payment method that represents 11% of all payments, according to Bacen, and your company needs to offer it if it sells to Brazil.
It is unavoidable to “tropicalize” your business’s payment process if you want to sell to people in Brazil. That is, you need to accept installments, Boleto, Pix, and other local methods of payment in addition to knowing how to deal with the complex regulations.
In order to do well in Brazil, you need to become part of the culture and offer localized payment methods. The video is fun to watch, but it gets the point across.
