Companies that take the time to invest in market analysis will be the ones most likely to succeed in international ecommerce.
At Thrive Digital, we know that no one really likes doing hard work and we know it’s extremely tempting to look for shortcuts and ‘magic bullets’ when seeking to find new customers and new opportunities to grow your business.
As experts in international ecommerce, we often are asked if there are any ‘secrets’ to successful ecommerce and our opinion while there may not be any shortcuts to success, we believe that some elements are absolutely essential.
“Opportunity is missed by most people because it is dressed in overalls and looks like work.”
In our experience, we believe that market research is absolutely vital if you want to save time, money and implement a winning international ecommerce strategy.
Thrive’s Emil Stickland explained: “Market analysis provides the basis for everything, it is the building blocks of a successful ecommerce strategy.
“There is a tendency, or temptation, for companies to make statements like ‘I know my target market’ or ‘my target market is the same abroad as it is in my home country’. Sadly, this is not the case.”
Emil said that the chances of your international target market being the same as your current local market are “very slim” and that even multinational companies with vast marketing budgets and resources have made the costly mistake of skipping vital market research.
He said: “An example of a company that thought that their existing market (and marketing) would translate into a new culture is the House of Barbie.
“Back in 2009 Mattel, the owners of the Barbie brand, opened what was referred to as the ultimate Barbie dream house in Shanghai. Although this idea may have worked in the US or even Europe, the Chinese market was not interested in Barbie to the same extent.”
Emil continued: “Two years, and a lot of money later, the House of Barbie closed its doors. Although there were a number of reasons for its demise, the principle one was that Mattel did not understand their target market, and they assumed that it was the same market they were already engaging in the western world. Unfortunately for Mattel, this was not the case.”
Learn how we can help you to avoid the pitfalls of ecommerce here or contact us to secure your free, no obligation, consultation with our experts.