Global expansion is one of the main emphases for traders, but they fail to explore due to cultural, geographic and language barriers, varying practices and unique online behaviors making the daunting task seem like a difficult challenge. To make the business successful one should think beyond the usual.
Global retail sales have surpassed $23 trillion including both in-store and online purchases, and overall international retail sales are projected to strike at almost $28 trillion by 2020.
According to surveys, over 90% percent of Japanese customers make credit card payments, whereas 70% of Germans prefer Direct Debit or Bank Wire Transfer, customers in foreign prefer to buy clothes and shoes in person whereas Chinese customers mostly prefer online purchases.
The biggest challenge to expand market globally is to think and design things locally to provide a better shopping experience for each country.
On a global market scale, it’s all about bringing the local aspect in terms of online ads, email campaigns, social media posts and appeal to local insight, norms, and tendencies.
As a new competitor in the global market, investors need to spend considerable time and resources to acquire new customers, building assurance amongst the local consumers and truly get through the local market. Magento’s accomplished in-built functionality is one of the best features which explicitly allow the creation of multiple regional storefronts around a centralized back end, providing the best platform for growing business.
To gain access to the global market, speaking the local slang is requisite. Multiple language support is an important part of entering new markets, as such translating your text into the local language is the best way to maximize your customers and Magento’s multi-store view feature makes it possible, where you can localize a website by displaying translated text and local currencies for each of your markets.
Localized brand experiences can authentically create great experiences across multiple websites and administer mundane tasks easily with Magento’s drag and drop categorization that helps you to stage and preview content quickly by customizing your product by location.
Having all of these abilities in one platform is very cost effective and consuming much lesser time, with new functionalities being updated regularly and extensions that are available in the marketplace.
FASTER GROWTH IN NEW MARKETS
Gaining opportunities in the global market are all about market timing and commotion. With its unique multi-site architecture, Magento E-Commerce platform makes it possible to project faster, market shifts respond and capitalize on new developments.
CUSTOMER EXPERIENCE GLOBALLY
Providing local currency requirements, language support, and payment methods may not be enough regarding your store set up configuration. Hence you have to tailor the whole experience to local customs and shopper expectations-from site design and product mix to supporting regional technologies and suppliers. Magento’s vast global ecosystem ensures visibility to maintaining all products, knowledge to local language and orders in one instance and integrate about 150 plus language packs to local system integrators and regional extensions within the proposed budget.
Each level affords some flexibility be it tax, language, custom pricing or shipping. The multisite architecture in Magento uses common code and database for all versions of your database, enabling you to quickly configure and stimulate in global markets without developer intervention.
BUILT IN B2B FEATURES
With each new country, a new system of shipping and delivery infrastructure must be arranged, Magento’s dynamic features can streamline the shipping process and fulfill customers demand across multiple locations, it also helps you to manage everything right from the basic import to regulating the delivery rates, briefing the time and the resources needed for setting up of logical services for your E-Commerce store.
Negotiating the prices with an ideal request for quote workflow can be entirely managed within Magento or through external systems using APIs. The advanced workflow system of Magento helps in the improvement of quote responsiveness subsequently leading to higher conversion rates for your B2B E-Commerce business.
The requirement for global E-Commerce is a global solution for product information management to eliminate multiple silos, without any interventions in the market expansion and achieve a vast customer experience.
Magento platform makes it possible with its key to designing a single, flexible, innovative global process. That helps to add multiple channels and enrich customer’s requirements and to expand its business to global markets with emerging opportunities.