Read the Retail Hive Live: Cracking International Markets Report 2018
Wednesday, August 22nd, 2018
We had a hugely successful Retail Hive Live meeting in July, where we discussed common pitfalls in International eCommerce.
For retailers today, going international is not an optional extra. However, when it comes to entering new markets, it is not as simple as carbon-copying your home market approach. As a retail brand, you should have a dedicated international team with a clear, diversified strategy for each market; spreading your risk to grow your brand. Furthermore, if your home market is struggling, it will be difficult to be strong internationally.
So, make sure your ducks are in a row at home before you think about entering new markets!
Here’s a snapshot of the major takeaways from Retail Hive members which are featured in our post-meeting report available to download.
- Each market needs individual consideration. i.e. the German market is security conscious and will need sufficient security reassurance before purchase. Factors such as culture, language and preferences should be considered.
- Localising is key in order to be successful in new markets. Cost of localising vs. benefit—how far do you go? Juggling authenticity while maintaining your brand identity.
- China’s EMS tracking service is well built for optimising savings and removes complexity of commercial shipments. Duties are only payable if parcels are stopped. Only around 5% of parcels get stopped and checked.
- Customers want a quicker and easier solution to returning products especially when it comes to refunds. But what about exchanges and spare parts? How to ensure customer satisfaction – customers don’t always want a refund!
- Selling on marketplaces isn’t as easy as just listing products – there is still a need to ensure that the brand value is transferred.
- Your service proposition needs to be very clear. Germany expect a localised experience and service – from website and payments to product, delivery and customer service centres.
- Don’t underestimate the importance of consumer-friendly payment methods such as WeChat and Alipay. There are many partners that can help you profitably negotiate these.
A huge thanks to our valuable partners and to all our Retail Hive members for their insights and candid contributions.
We look forward to seeing many of our members at our next Retail Hive Live in London, Collaboration for Innovation on 25th September 2018.