3 Keys To International Growth for Retailers
Recent data from the Centre for Retail Research reveals that online retail will remain one of the main sources for revenue growth in European markets in 2017. Featuring insights from a survey of 79 European retail executives, this data illustrates that retailers are hungry to harness the power of e-commerce to expand into other markets around the world. As the following deep-dive into our survey suggests, it’s up to retailers to identify and seize online opportunities beyond the borders of their primary markets.
Key topics include:
- Types of retailers that participated in the study
- Key markets for European retailers
- Planning and executing expansion into new markets
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Recent data from the Centre for Retail Research reveals that online retail will remain one of the main sources for revenue growth in European markets in 2017.1 For European retailers, it’s evident that digital expansion represents a compelling way to boost sales in the short-term. It’s also a powerful long-term growth strategy.
The additional research provided in this document complements those findings. Featuring insights from a survey of 79 European retail executives, this data illustrates that retailers are hungry to harness the power of e-commerce to expand into other markets around the world. Catering to customers in new markets is their industry’s most important long-term growth strategy, they say.
These European retail executives often prioritise UK, American, and German markets for online expansion, though other international bright spots include China, France, Australia and the Netherlands.
Retailers believe these new markets present lucrative opportunities. Our survey suggests they closely watch metrics from online consumers—and the patronage of physical stores—to identify compelling market openings.
They’re also methodical in addressing the challenges that come with international online expansion. European retailers must support global currencies, payment platforms and languages—all of which has been difficult in the past. Managing international fulfillment and generating demand in foreign markets remain two of the industry’s more significant challenges, respondents say.
But savvy retailers are discovering new tech-driven solutions to these problems. They’re leveraging international shipping solutions to eliminate the logistical challenges, and are offering translated and locally optimised web content as the destination for organic search traffic, targeted email campaigns, social programs, and local language PPC. But many e-commerce players still aren’t creating locally-relevant content and campaigns.
As the following deep-dive into our survey suggests, it’s up to retailers to identify and seize online opportunities beyond the borders of their primary markets. As they do so, they must utilise cost-effective globalisation technologies to deploy website improvements … and debut authentic, in-language marketing campaigns that effectively expand their business in new markets.
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Brands are pulling in revenue from more commercial channels than ever before, but there are still great opportunities to reinforce the connecting fibers between those channels. It is no longer sufficient to simply have a presence in these various channels. Rather, every channel must feel like an extension of the others, and critical capabilities like attribution analytics and cross-promotions must cover that entire spectrum.
Retail marketing is evolving right alongside omnichannel commerce; audience reach is expanding as the number of commercial channels grows, and campaigns are becoming more effective at engaging and converting. The digital age has brought consumers and brands closer than ever before, a fact that brands are embracing through campaigns that encourage direct interaction. Consumers are no longer an audience to be advertised to; they are participants to build relationships with. Today’s best campaigns are content-centered, highly personalized, and deeply measurable.
eTail’s sixth annual e-commerce outlook will assess some of the trends and technologies driving retail innovation. This paper evaluates the marketing tactics retailers are leveraging, and takes a look at how those tactics have impacted core KPIs. It will also take a close look at innovative initiatives like referral marketing and user-generated content. Finally, it will gauge how well retailers are keeping up with omnichannel commerce.