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The opportunity in expanding overseas

March 2024 - Performance • Guides

The eCommerce landscape has undergone a remarkable transformation in recent years. Because the digital world knows no borders, the potential for expansion is ripe for the picking, offering unprecedented possibilities for UK retailers to tap into international markets.

What if your next customer isn’t just around the corner, but already engaging with your brand on the other side
of the world?

Download our latest whitepaper and we’ll help you pack your bags and embark on a journey to capitalise on the opportunities awaiting UK retailers on the global eCommerce stage. We’ll ensure you’re well prepared for the challenges you might encounter along the way and help you combat them with a proven framework that has already helped many Brave Bison clients achieve significant growth through successful international expansion.

As Brexit uncertainties settle and digital connectivity strengthens, UK retailers are better positioned than ever before to explore new markets. Research indicates that cross-border ecommerce is expected to grow by 108% from 2023 to 2028, soaring from £1.2tn to £2.7tn. This presents a golden opportunity for UK retailers to expand their customer base and unlock new revenue streams.

Putting it simply, the UK is the 3rd most shopped market for international purchases, with only China and the US coming in ahead of us.

And this opportunity isn’t just for the larger players. The UK government plans to double the number of small and medium-sized enterprises (SMEs) that export by 2030. In fact, the current target is to increase UK exports to £1 trillion by the end of the decade. With only 10% of SMEs currently exporting and digital services exports projected to grow by 100,000 companies over the next decade in the UK, a revolution is imminent. The question is, will your brand be an early adopter, or risk getting left in the dust?

While the rewards of successful international expansion are plentiful, it’s a process not without its challenges. Retailers venturing into new global markets often face hurdles such as cultural differences, regulatory complexities, infrastructure, and diverse consumer behaviours. Meanwhile currency fluctuations, shipping logistics, and varying payment preferences can all add layers of complexity to the process. Additionally, the competitive landscape in each new market will require a nuanced approach to marketing and branding.

Navigating these challenges demands a clear strategy and agile process, so we've shared these common pitfalls to watch out for...

Localisation and language: A staggering 82% of consumers are more inclined to make a purchase when the content is presented in their native language. Failing to localise content can open up a chasm between retailers and potential customers.

Payments: A substantial 67% of online shoppers abandon their carts due to a lack of support for local payment methods. The importance of accommodating diverse payment preferences cannot be overstated, as it directly impacts conversion rates and customer satisfaction. In the UK we must remember that credit cards are not the norm in many markets.

Assistance and support: In a world moving at the speed of digital, two-thirds of consumers expect real-time assistance. Failing to provide timely support can lead to customer frustration and, ultimately, abandoned transactions.

Logistics: Cost and time efficient logistics play a pivotal role in the success of international eCommerce. Half of consumers abandon their carts due to expensive delivery fees, while 40% do so because of sluggish shipping. Balancing cost-effectiveness and efficiency in the delivery process becomes a critical factor for retailers to consider.

If you want to hear more about how you can prepare to expand overseas using our tried and tested G.R.O.W framework, then download our latest whitepaper and get ready to take your brand international.

Get your copy now.

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