The eCommerce Futures Conference recently brought together speakers from the likes of fashion retailers Coast and Hobbs and pure-plays such as sex toy specialist Lovehoney to discuss their latest endeavours in international expansion.
Matt Curry, head of eCommerce at Lovehoney, said that for eCommerce operations to work successfully in new territories it is important to “do the stuff a start-up would do”. Established retailers, he said, should not be afraid of looking at the basics of retailing when entering foreign markets such as are you communicating with your customers in their language.
Before you commit yourself to expanding into a foreign country, you must test the market. Travel to the country, hire a local expert and visit similar businesses and companies, try and get a feel for the tacit knowledge. Make sure that your business model will survive and even thrive in this new place and be certain that you are fully aware of any cultural differences between your way of life and your chosen country. Read more