Expanding Into Global Markets
The global cross-border eCommerce market is set to grow by 25% annually, so for retailers, their opportunities to grow often lie outside their immediate borders.
Driven by the demand for better prices and reliable product quality in countries such as China and across South-East Asia, retailers can no longer rely on their local customer base, with the need to view regional and global markets as the “new local”.
Out With The Old, In With The New
While traditional approaches to payments, fulfilment and customer service may still work for local customers in bricks-and-mortar stores, if retailers want to break into the international market, it’s out with the old and in with the new.
Retailers of all sizes and sectors need to harness the power of new technologies and processes that can effectively launch customer-facing channels anywhere in the world.
Challenges that retailers often face span across the following areas:
- Managing inventory and fulfilment.
- Currency and tax management processes to comply with regulations across different countries.
- Customer service and managing relationships with global buyers.
It’s Time for New “Tools of the Trade”
One in four Australian customers expect their orders to arrive from another country within three days. And, while deliveries must be fast, the post-sales services like returns and repairs must be equally as efficient.
To cope with the above challenges, complexity, and demand that cross-border markets bring, it’s time for new tools of the trade.
So, if retail businesses want to succeed, it’s critical that they take advantage of what’s available to them in order to fulfil their customers and continue to expand the business.
This includes automating current processes, scaling to fit emerging opportunities, delivering real-time visibility and gaining insight into where future opportunities lie.
Retail ERP Software
In order to manage the many complexities that lie within managing a retail business, along with ensuring that cross-border customers are kept happy, an increasing number of companies are seeking retail ERP software to help them stay competitive.
Real-time visibility into inventory levels, delivery performance, order management, CRM, multiple currency management and eCommerce all contribute to why retailers choose ERP software – but above everything, retailers must adopt an open, agile mindset about their overseas opportunities.
To find out more, download the white paper below or get in touch with an expert.