4 Best Practices for Retailers Entering Emerging International Markets
4. Localize. Global retailers need to understand that the product and service standards they ultimately have to beat are those set by local retailers. Those are the competitors with long-standing customer relationships rooted in cultural and consumer knowledge, generations of loyalty and an unflinching focus on service. Retailers need to invest in deconstructing the nuances of local culture and consumption to create a product offering that's relevant in terms of price, pack size and preference. In many emerging markets, local retailers have built a service model that includes interest-free credit and free delivery. Chain stores may not be able to match them on these metrics, but they will surely have to explore any and all opportunities to even out the imbalance.