By Kate Munro, Bamboo Rose
Blindly navigating cultural differences can land a world traveler in a sea of trouble with one wrong move. Decades of globalization have established corporate giants as ubiquitous global icons, but their global presence doesn’t mean their employees have worldly etiquette. For example, would you know better than to bring marigolds to a dinner party in Mexico (as they signify death there), give a pink onesie to a Japanese baby girl (pink is largely for men in Japan) or show your legs in an Italian church (you might just get kicked out)?
Global expansion in the retail industry is becoming mandatory, and with the pressure to expand, it’s more important than ever that retailers understand their audiences abroad. Cultural differences, along with potential financial issues such as losing revenue to local competitors and unexpected currency fluctuation, can create many obstacles for retailers who are looking to expand internationally, and may lead them to question if the hassle is worth it for their business. With the right technology, retailers today can be apprised of cultural norms and ease the expansion process, getting immediate feedback from in-market resources to make strategic decisions around what product offerings will work in which markets.
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Retail Communities: Your International Ace In The Hole
Competition in retail is fierce, and brands need ways to expand their markets — which often means selling in new geographies. The world is getting smaller, more digital and interconnected, and there is little room for misunderstanding the needs of the market and what customers want.
That said, it can be difficult to sell in new markets where the cultural norms are vastly different from your home territory. Retailers depend on their networks for insights into cultural nuances, but with the speed that retail moves these days, it can be tough to get the necessary information quickly enough to implement in product plans.
More than ever, retailers need to depend on their larger communities to leverage local knowledge, and the best way to communicate quickly is through technology. By adopting a social, collaborative framework for product development, design and delivery, teams can seamlessly get the best products to the right markets around the world and avoid embarrassing faux pas — like insulting colors or irrelevant features — that can sink a product before it even hits the shelf.
With the right technology, retailers can receive quick feedback from in-market resources and apply that information to make more strategic decisions. Diving deeper into a market and embracing the social knowledge of other members of the retail community gives brands fast, accurate information about their potential customers, so they can make smarter decisions about what products they offer.
Though growth comes in many forms — increased revenue, profitability, product lines, locations, merchandise, demographics, pricing and more — retailers face a challenge in making this growth happen quickly and efficiently. Retailers who tap into their communities and take advantage of the technology available to them are well equipped to handle international expansion.
Kate Munro is the VP of Marketing at Bamboo Rose. In this role, Munro is responsible for all marketing activities and brings more than 20 years of experience promoting and shaping technologies and markets through global programs. Follow Bamboo Rose at @GoBambooRose.
