The global pandemic has accelerated eCommerce growth overnight. Where the industry thought eCommerce penetration would be in 2030, we're here today. Industry analysts believe that by the year 2022, underpenetrated eCommerce categories like alcohol, groceries, CPG will reach a tipping point of significant revenue contributions to total sales. That information should be enough for you to scream, “MikMak please support all of my brands globally!
Today, we’re proud to announce that MikMak is expanding internationally into Canada and Europe. If you’re a brand determining your global eCommerce strategy, here are a few tips to get started:
Select the low hanging country opportunities
Before investing eCommerce resources into every market, pick a few countries to start with. Begin by looking for countries where your brand has high organic eCommerce market share, or countries where your category is growing rapidly at an organic rate. Once you have that list of opportunity countries, edit it down by countries that will be receptive to your existing SKUs, creative and copy, making it easily transferable to a local market.
For some verticals, like groceries, the pandemic presents a global market entry opportunity for many brands. Take advantage of the high correlation between lockdown measures, social distancing practices, and out-of-stock rates of competing products to expand into the eCommerce market. Consumers today are more willing to buy a competitor’s brand if the initial product they are looking for is out of stock and then from there they are more likely to simply replenish that same brand’s products when they run out again. This provides brands a perfect opportunity for market entry and increased international market penetration via eCommerce.
Globalize the approach
To ensure market expansion success, verify that you have the capability and resources to deliver the same quality shopping experience abroad. Start by identifying which markets have the same digital channels, retailers and technology partners that you’re utilizing right now. This synchronization in existing systems and partnerships will allow you to smoothly roll-out across multiple markets at once.
Additionally, make sure you encourage your internal teams to work with partners with global capabilities to maximize efficiency in training and processes. Just as breaking down internal silos is important to deliver consumers a seamless digital shopping experience and grow your eCommerce capabilities, collaboration with global partners is equally important to operate smoothly abroad.
Find the cross-border whitespace
Why do people like to visit McDonald’s around the world? Because there’s a shared delight in consuming local menu items no matter what country you come from. The same principle of shared delights can apply to your eCommerce business. When expanding your brand internationally, ask yourself “Which of my products in one market can make a splash in another?” This cross-border spirit will create global customer loyalty and savings internally.
How can MikMak help you abroad?
Whether you are a brand with an established international presence or you are just now beginning to expand abroad, MikMak can help your brand :
- Gain insights on international consumers and their online behaviors across platforms, retailers, and campaigns
- Build and segment qualified shopper audiences to improve media targeting, in a fully GDPR-compliant way
- Shorten the path to purchase by allowing consumers to choose where they want to shop, with checkout options at retailers such as Aldi, Amazon, Carrefour, Loblaws and Tesco
With MikMak you get real time data on your consumers that you can use to make informed and impactful decisions about how you go to market. Want to learn more about how to integrate MikMak into your international strategy? Contact us today.