- 24 May
How to overcome the challenges of international retailing?
In an omnichannel retail world, brands are experiencing a demand to break local borders, interacting with and selling to customers around the world, anytime, anywhere. When you open stores overseas, be it solus, a concession or franchise operation, you might face challenges translating sales data back to your central database in real time, and in a 100% accurate manner.
We can help you to break new markets with low risk, at low cost: Ra-X, Retail Assist Exchange, is our global data exchange solution developed for international retailing. Ra-X is a 24×7 monitored solution, ensuring that your sales data comprises the entirety of your estate.
A few years ago our customer, Cath Kidston, wanted to open shop in Asia, still one of their biggest markets. If Cath Kidston makes a sale in one of their Japanese concession stores, Ra-X translates the sale, product and price data, and exchanges the information automatically, back into the standard format.
This all happens in the cloud, meaning there’s no costly hardware required to set Ra-X up, and no need for maintenance of in-house systems. The sales information from Cath Kidston’s partners is then fed back in a standardised format, meaning data for global sales is 100% accurate – a critical requirement for profitable global retailing.
What else to consider when expanding internationally?
Retailers need to understand how much consumers are willing to pay for each product, in order to stay competitive in local markets. Our zonal pricing model removes manual processes, effortlessly dealing with different currencies. Multi price zones are auto maintained and synced using a zonal conversion factor.
Understanding where consumers are buying and how much they are willing to spend is equally important. For instance, online retail sales are highest in the UK, China, Finland, Norway, South Korea, and Denmark; and are estimated to lead sales into 2018. [Source: eMarketer]
International partners should also be a consideration when thinking about concession and franchise expansion. We work with over 60 partners, including Alshaya, El Cortes Ingles, Karstadt, Bloomingdales and more.