Exports could be an interesting area to explore in terms of business development. Localisation is more than necessary in order to cross borders and reach audiences that do not have the same linguistic and cultural background as yours. In this article, we discuss the numbers of Exports for 2018 and how you can benefit from localising your website, products and other assets for your business.
During the last century, national economies have been integrated into a global marketplace, in which businesses from all around the world are able to perform their activities and interact with their suppliers and clients. International trade had already been part of the economy; however, its remarkable growth was based on several economic, political and social changes that took place during the first decades of the 20th century. The global economy continued to grow ever since. Similar to 2017, the global economy started off at an accelerated pace at the beginning of 2018, which then declined due to several factors. Likewise, exports and imports followed the same trajectory.
Let’s take a look at some International Trade Statistics.
• In 2018, the total value of global exports reached 19.2 trillion US dollars, an 8% increase on the 2017 numbers.
• China, USA, Germany, Japan and the Netherlands are the top 5 global exporters and their activities represent 37.4% of the world’s exports.
• Bermuda, Cyprus and Cape Verde had the most remarkable percentage point increase on their exports, proving that the size of the national economy is not a barrier to its exporting ability.
• China, USA and Germany also top the list of countries with the biggest value of imported goods in the world.
• Guyana, Zimbabwe and Nigeria showed the greatest increase in their imports year on year.
• China, India, Brazil along with other Asian and Latin American countries are still among those emerging economies that investors and traders keep an eye on.
It is evident that numerous entrepreneurs have identified opportunities to offer their products beyond their own borders. Exports have risen since the beginning of the 20th century and stalled only during the period of World War II. Due to the development of the World Wide Web, exporting activities have been given a boost, as all economies worth exploring can be easily approached with a globalised and then localised website. For instance, having developed a website for a company headquartered in Thailand, is not an obstacle to selling your services or products to Italy.
Exporters can be found in several countries and in companies of all sizes. Freewille in Austria, Estonia Pianos in Estonia and Chula Fashion in Vietnam are only a few examples of how small and even family-owned businesses have further developed by exporting their products. Take some time to research the markets where your products or services can be exported to, which markets import similar products to yours and where there is a market gap that you could cover. Think about the emerging markets, their needs and how they will be further developed. Always keep in mind those countries whose economies and importing rates remain stable.
In case you decide to take advantage of those exporting opportunities, it is certain that localising your assets can offer the following benefits:
1. Your brand will gain awareness through a website that can be easily and effortlessly checked by the locals.
2. Your new customers will feel safer and closer to you, as you will use their native language in your communication with them.
3. As they will feel safer, it will be easier for them to complete a financial transaction through your website or application without having to worry about conversion rates, payment methods, etc.
4. Localised products increase customer satisfaction, as you are willing to offer products adjusted to their language and culture.
5. A localised product builds customer loyalty, as customers are unlikely to turn to a competitor brand who doesn’t localise theirs.
6. Your business website will be ranked higher by Google and its partners due to international SEO.
7. Apart from awareness, your website localisation will result in sales growth.
If you decide to start exporting your products and leverage the benefits of localisation, Nexya can help you analyse your localisation needs, such as the cultural challenges of the local market, the proper presentation of your business assets as well as all the details regarding linguistic adaptation.