The overseas market presents a huge opportunity for most retailers, and at our recent meeting, Cracking International Markets, it was evident that expansion is on everyone’s wish list.
Venturing away from the UK market is a challenge, but one of the biggest keys to sustainable overseas success is an understanding of your local customers, with a focus on tailoring your customer journey and online experience. Without the right model and best ROI approach, a barrier could form between retailers and consumers – be it currency, culture, ease of returns or payment options.
With retailers vying for market share in sought-after markets in China, USA and Germany, the upper hand lies in developing a long-term strategy to adapt to each region’s climate. It may not be a quick win, but will offer the most reward.
At The Retail Hive’s Cracking International Markets meeting, members agreed that to maintain a successful overseas strategy retailers must:
The meeting saw retail leaders from over 80 brands come together to share their insight into their own international strategies, from first steps to full localisation. In a series of roundtable discussions, brand leaders talked through the opportunities and problems they have encountered on their journeys into overseas markets.
The full insights have been published in a post-meeting report, but here are just a few of the outcomes from the event:
The event was well received by Retail Hive Members. One commented, “Talk, listen and learn loads! You can save your business time and money by absorbing and acting on the experiences shared in The Hive events”.
Sally Green, Co-founder and Editorial Director, commented on the event: “Peer-to-peer support really is vital as retailers export their brands internationally. It was great to hear so many retail leaders doing this at today’s meeting, with retailers at every step of the journey taking part in frank, open conversations about the challenges they face, and sharing their achievements. At the Retail Hive Network, we are pleased to be in a position to open this dialogue between brands and play our part in driving the retail industry into a globalised future.”