For foreign companies, taking their online e-commerce stores into the U.S. market can seem like a daunting task. But at the same time, expanding into the U.S. is often the most obvious, and the most lucrative, overseas opportunity. It’s a market with hundreds of billions of dollars that can take your company to a whole new level of revenue earning. So how can foreign companies go about getting involved in the U.S. digital marketplace?
The U.S. Market
Breaking into new markets is always a complex goal, but entering the U.S. marketplace presents its own unique set of challenges – many successful brands have committed missteps trying to establish themselves in a foreign culture. However, many foreign brands have managed to do so successfully and staked their claim on a portion of the digital market in the U.S. Businesses need help understanding the market in the U.S. in order to break into it.
Digital technologies have made the U.S. a much more attractive target for companies looking to expand in the retail sector. E-commerce entails much less risk than a physical presence and is one of many niches for businesses to tap into. If companies can offer a strong user experience that appeals to the American consumer, they can substantially grow their e-commerce profits in the U.S. and overcome the lack of awareness about their brand. The retailers that I’ve seen do the best in the U.S. have built awesome, localized digital experiences for their customers and have been able to maintain the edginess of their foreign brand identity while meshing with American culture.
Even though the U.S. has historically been a tough country to tap into in retail, technology has made consumers much more globally conscious and eager to embrace brands from all over the world. Trends are disseminated much more easily now thanks to social media around the world and people in the U.S., like everywhere else, get a lot more exposure to worldwide changes in the retail landscape. B2B also has a huge potential if you are marketing properly online and taking advantage of the digital connectivity.
Factors to Consider
There are a number of things to consider when you’re thinking about taking your business into the U.S. Ask yourself the following questions to help determine whether or not your business is ready to expand:
Do I Have a Customer Base in the U.S.?
Your product or service might be popular in your country, but does a need for it exist in the U.S.? Make sure that your customers exist in America and that there is an official need for your offering before you take the plunge. It can be helpful to do some research into this beforehand or seek professional help to better gauge this.
Is the U.S. Market Compatible With My Existing Market?
It’s always best to look for markets that are similar to yours. You’ll want to take into consideration things like trade barriers, currency and culture to determine how well you will fare in the climate of the American digital marketplace.
Do I Have All the Resources I Need?
Juggling your current business needs at the same time as funding an expansion is difficult if you’re not prepared for it. Make sure you have the financial stability to expand your staff and accommodate for the new needs that go along with international growth.
I can help your business break into the U.S. digital marketplace and the incredibly lucrative potential you can unlock there.