Omnichannel has removed international barriers for retailers, and overseas markets can present enticing opportunities.
Successful international expansion requires a carefully executed long-term strategy – but, says Michael Kliger of ecommerce services provider eBay Enterprise, it needn’t be intimidating if you adopt a phased approach that balances opportunity and investment.
Taking on too many markets at once risks spreading yourself too thinly. Focus initially on accelerating growth in your established markets, while testing your brand strength in new ones.
“Market research will help you determine your readiness for expansion,” Kliger says. “Don’t underestimate social media – Twitter and Facebook engagement data can provide valuable insights into your brand awareness in different markets and any regional differences in product demand.”
Given the cost of setting up international operations, retailers should ensure they maximise the coverage they get from their spending.
Kliger notes that reaching a huge new customer base is easier than you may think: “Phased expansion reduces risk. Although there are around 50 countries in Europe, by operating in just three languages (English, French, and German), and two currencies (pounds and euros), you can access three quarters of the ecommerce market.”
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