Agility and adaptation are the keywords for businesses today. The rate of tech evolution is offering unprecedented growth in innovative solutions for businesses globally. To remain relevant, grow, and expand into global markets, brands need to empower their business structures with technology-driven solutions. This plays a significant role in evolving a business in seeking new venues to gain a competitive advantage.
When seeking to expand and grow on an international scale, the most significant aspect to consider is technology. Through this article, we will share the role of technology across various segments of business in their global expansion process. From communication, marketing, supply chain, and product development etc., technology is reshaping experiences and offering innovative solutions for expansion. Let’s learn how technology impacts the various functions of business operations during global expansion:
Market research strategies
Technology helps in bringing out data-driven insights with ease to collect and analyse data. Offering in-depth analysis of the global market. This data helps to identify trends, consumer preferences, and emerging markets in the global setup. Brands can use this data-driven research to monitor their global competitors, analyze their strategies, and make informed decisions. Technology aids brands to make the right decision when it comes to location, market entry strategies, etc.
Market entry strategies
In a global expansion, businesses make heavy investments in their market entry strategies. Technology supports evaluating market entry models such as joint ventures, greenfield venturing, wholly owned subsidiaries, franchising, etc. It helps to ensure the strategy has a localization plan that helps brands towards adaptation to the global market.
The availability of many tools like Blockchain helps brands to keep transparency in their systems during global expansion. AI and ML help brands to build predictive analysis models for their business success based on the data they have derived from market research in the specific location.
Marketing and Communication
The ever-expanding landscape of digital marketing and social networking has expanded the view of marketers from a native audience to a global one. Marketers need to adapt and strategize their entry strategies across countries based on their laws and regulations. For instance, India has banned the use of TikTok, a global social media application famous for its unique algorithm. In China, WhatsApp is banned, hence marketers must adapt to the use of WeChat.
With the help of technology marketers today can focus on personalized marketing campaigns. This is where data segmentation and data insights come to use. Technology has offered a multitude of digital marketing professionals the ability to expand their efforts to reach global audiences. It gives them communication tools to support real-time customer engagement globally. Personalized emails and notifications are already popular methods. Chatbots are a fine example of how customer service and assistance have become a competitive advantage for brands. It allows global users to reach out to brands and get assistance irrespective of locations or time of operations for the brand.
Supply chain management
Supply chain management has become easier and more defined, thanks to the introduction of many technology-led tools.
– Blockchain technology has offered brands revolutionary solutions for keeping track of their goods in real-time. It offers brands solutions of visibility into the movement of their goods and enhances transparency and traceability through the entire supply chain.
-Internet of Things (IoT) related devices enable brands with data analytics of their supply chain. It helps to streamline supply chain processes in new locations and minimize operational costs. For instance, Amazon employs automated bots in their warehouse for order picking and packing. It helps them to enhance their backend operations in new locations.
Technology helps brands in new locations to identify and engage with local suppliers. For instance, Nike used its digital platform to connect with suppliers globally. They have a manufacturing map that allows them to monitor supplier locations – ensuring that the brands have a diverse and global supply chain.
An enhanced supply chain management leads to timely and efficient delivery and effective customer management.
When brands expand to new global locations, they do so via digital storefronts and/or retail outlets. Requiring extensive market research in the retail, and e-commerce landscape, consumer preference, laws, etc. When brands are focused on moving to new locations with digital storefronts, they need technology to help them navigate the challenges. This can range from –
> Setting up a safe and secure international payments and transactions gateway system.
> A multi-language support system.
> Real-time currency conversion. This is an automated task in a digital storefront supported by different tech tools. It helps to simplify the shopping process for consumers.
> Finding global shipping solutions. Courier services that offer real-time tracking to customers.
> Marketing: Digital marketing tools like SEO, SEM, CRM, email marketing etc.
Website and application design
As we are all globally connected today, UX/UI design has key components for brands to build their digital platforms. Technology enables e-commerce platforms to offer responsive web design. It ensures a seamless user experience across devices globally like tablets, laptops, desktops, and smartphones.
As mobiles have become our everything device, brands are focused on bringing their customized mobile applications to the users. Capitalizing on mobile technology to reach customers on a global stage has become a key area of investment. Global brands like Zara, and H&M are known for their mobile application helping users to scan product barcodes to gain the product’s price, discount, and material details. It helps to also know what sizes are available in a particular store location.
Other areas where technology has become a dominant contributor:
> Technology also plays a key role in offering remote work solutions with various collaborative, interactive, and engaging meeting tools. Useful for expansion to new locations.
> Technology solutions offer compliance management software to navigate international regulations, local laws, and data protection.
> It offers brands data encryption and cybersecurity software and tools. To protect sensitive customer information and prevent data breaches.
Technology has become the cornerstone of our global industry. It helps to connect and optimize our various functions and ensures business success. It is empowering businesses to thrive in a glocal economy setup with its agile new solutions.