Four ways retailers can be more global
Today’s retail companies have unprecedented abilities to reach wider audiences around the world.
That doesn’t mean it’s necessary easy to do — but it’s possible, with some clever planning, targeted marketing, and strategic funding, to take even a relatively small retail business and turn it into a global one.
These four tips might help some retailers to start the process.
Use foreign sales channels
In today’s economy, retail brands looking to expand more or less have to take advantage of sales channels beyond their own. That is to say, an e-commerce website, social media engagement, and a bricks and mortar store can go a long way, but to truly reach a broader consumer market, such a business needs to be selling through large vendors online.
To illustrate this point all the more clearly, we’d note that third-party sellers have taken the lead on Amazon, meaning other companies sell more goods on the platform than Amazon itself.
For a retail company specifically looking to be more global, this concept should be taken to heart with specific regard to platforms abroad. The company in question should research what platforms are most popular in target regions and then explore using those platforms as additional sales channels.
Target social platforms
There tends to be a general consensus about which social networks are best for a retail business to engage with. For the most part, Facebook, Instagram, and Twitter get the most attention in this regard. However, different platforms are popular in different regions, and by targeting social activity accordingly a business may be able to reach more potential customers around the world.
By looking into which networks are most used (or have been most used in recent years) in target markets, and making an effort to establish a brand on those platforms, a company can inch toward global expansion.
Accept a range of payments and currencies
One of the best ways for any retail business to expand appeal these days is to accept multiple types of payments: diverse credit card processing, third-party processor options, touchless pay in stores, and so on.
The more flexible a business is with payments, the more likely it is to make each and every customer happy and comfortable. For a business looking to expand globally though, accepting different currencies altogether can also be a wise move.
That doesn’t translate to allowing any customer from anywhere in the world to pay with his or her native currency; that would hardly be feasible, and it would be a significant headache for the business.
However, the most traded currencies in the world actually make up a fairly small collection: the Euro, the US Dollar, the British Pound, and the Japanese Yen more or less tell the story (though the Australian Dollar and Canadian Dollar are also more prominent than some might guess).
Making an effort to include major, widespread currencies like these can give a business broad international appeal.
Interact with other businesses
Interacting with other business can often be a strong marketing ploy, and it can help specifically with expansion. In some cases, a company may be able to use other retailers essentially as selling partners; we discussed this with regard to Rite Aid, which allows customers to pick up orders via partner retailers.
Setting up a similar arrangement with businesses abroad can certainly be a great way to reach a new market. Even if that’s not an option though, interacting with businesses local to target regions — on social media, via blog posts, or through direct cross-promotion — can put a company on the map for a whole new audience.