As part of our international e-commerce campaign to help businesses get ready for the Christmas shopping season, OC&C Strategy Consultants have shared their five top tips to help you understand how to choose target markets. OC&C Strategy Consultants have published key insights into the e-commerce sector such as ‘The global retail e-mpire’.
Tip 1: Review data and trends when deciding which markets to enter
‘Mature’ markets like the US, Germany, the Nordics, the Netherlands and France make up half of all global e-commerce volumes.
This has two implications for e-commerce: the markets have the sufficient infrastructure and experience with e-commerce to make them attractive destinations While this makes them strong destinations in terms of each, they also are still considered ‘emerging’ markets in terms of e-commerce: they offer plenty of growth potential.
Tip 2: Balance localisation with cost-effectiveness
Local insights can be key when it comes to making your seasonal offers relevant to customers in specific markets.
However, remember to find the right balance between making adjustments for your target markets and the costs of doing so!
Tip 3: Consider using online marketplaces to complement your website
Marketplaces like eBay offer great ways to research consumer behaviour and test your online offering. This can be especially handy when it comes to assessing seasonal demand!
Tip 4: Take target market currency fluctuations into consideration
When you’re considering which market to enter, make sure you understand how fluctuations in currency can influence price points.
Tip 5: Assess which markets are favourable for expansion based on their individual circumstances
China is an example of a market which offers a huge potential customer base. However, to actually successfully navigate the Chinese market, most retailers rely on local partnerships. Also note that in China, retailers are often required to tailor their shipping to offer ‘cash on delivery’.
So here are OC&C Strategy Consultants’ tips – you can also catch up on previous week’s tips through our lead article.
Next week we’ll be looking at ‘Getting your online store ready for Christmas’ with Sarah Hurley. Don’t forget to follow our daily tips and share your own experiences – and if you have any questions about planning your Christmas 2014 e-commerce strategy, just post them in our forum, e-mail firstname.lastname@example.org or tweet us @OpentoExport (#XmasEcom).