Introduction

2021 Introduction

All industries in Mexico have gone through a monumental shift following the pandemic. COVID-19 marked a turning point for consumers and businesses in the country, forcing the latter to adapt their processes to a market that was unknown at the time. While some services and products have seen positive outcomes from these changes, others have not. Companies were forced to innovate, accelerate their digitalization processes and think outside the box to avoid lagging behind.

Intermittent lockdowns changed customer behavior, leading all brands to innovate and think creatively to sustain their business. Business diversification was a common practice for the hardest-hit sectors seeking to maintain an income, while those benefiting from the acceleration in technology adoption looked for the best ways to capitalize on the momentum. While the outside world demanded new skills and ways to innovate, companies had to simultaneously look inside. Businesses and leaders who previously did not believe in remote work had to adapt and learn how to manage and motivate their teams remotely. As months went by, workers’ mental health also became a corporate priority. As more countries transition to a new normal, more regulations on remote work have been brought to the table, making it clear that this is a trend that is here to stay.

By looking inward, companies also became aware of those elements that were being taken for granted. Leaders of the world’s largest companies noted that what helped them keep their businesses afloat during the toughest months of the crisis was returning to their core values, building authentic relationships with customers, supporting their team members and finding a balance between professional and personal life.

The road has not been easy for anyone. Limited budgets, uncertainty over the course of the pandemic and even a lack of legal clarity are some of the hurdles that companies have faced and that remain a barrier in the medium term to investment and expansion in the country. However, opportunities for growth remain. Investors continue to eye the region and business leaders agree that the country still has time to take a different direction to become a more globally competitive nation.

Mexico Business Review 2021, now in its first digital edition, presents a general overview of some of the country’s most prominent industries and the strategies that their leaders have implemented to not only survive but thrive in an uncertain environment.