Annexa recently had the opportunity to co-host a webinar with NORA: “Unpacking Tiger Mist & MAAP's tech strategy for global growth”. Hosted by Lydia Bertini, Head of Customer and People for Miss Amara, the panel included Michael Ciavarella, Chief Technology Officer at A&S Labels (Tiger Mist & I.AM.GIA), Matthew Nott, Chief Finance Officer at MAAP and our own Matthew Owens.
Over one hour, we dissected:
Best practice tech strategies for international growth
Explored the importance of understanding local markets
The challenges of managing different languages and customer expectations
The role cloud ERP Oracle NetSuite has played in scaling these two fast-growing retailers
You can catch the on-demand recording here, or read on for a distillation of all the juicy key learnings from the one hour session.
Understanding local markets
When preparing to scale, understanding local markets should be right up the top of your list. Each new market has its own cultural, economic, and regulatory nuances, and conducting thorough market research to grasp these differences will dramatically affect product offerings, marketing strategies, and operational logistics.
Key takeaway 1: Tailoring approaches to fit local preferences will help you better resonate with new audiences.
Overcoming language barriers and customer expectations
Expanding internationally requires the careful navigation of multiple languages and diverse customer expectations. This involves both translating content but also localising it to reflect local idioms, cultural references, and shopping habits. There’s also customer service expectations to consider. For example, you might need to adapt return policies, payment methods, and delivery options to meet local norms and preferences.
Key takeaway 2: Failure to tailor your product offerings, marketing efforts, and customer service to each specific locale will cause a disconnect with the market and impede your brand's ability to build trust and loyalty.
Supply chain complexity
Expanding internationally introduces complexity into the supply chain. Managing logistics and warehousing, customs, and delivery across borders can requires sophisticated coordination and planning. Forming alliances with local entities is a great way to better understand and navigate regional regulations and market nuances. But when it comes to the nitty gritty of logistics, integrating advanced logistics platforms that provide real-time tracking and inventory management will provide much-needed transparency across the supply chain.
Key takeaway 3: Taking a dual approach by forming local alliances and integrating advanced logistics platforms will simplify operations and support your expansion.
Readying payment systems and financial management
Integrating local payment systems and managing financial operations in multiple currencies adds yet another layer of complexity to international expansion. In preparation for trading over boarders, be sure your systems can facilitate local payment methods and allow you to maintain financial control and compliance.
Key takeaway 4: Ensure your systems support local payment methods and are able to manage multi-currency finances.
The role of tech and ERP platforms in Tiger Mist & MAAPs growth
If it’s not yet clear, expanding any sized business requires a right-fit technology foundation. If you rely on siloed, disparate software systems or rudimentary accounting applications (like Xero or MYOB) you won’t have the capabilities to handle multi-currency transactions, tax regulations, and compliance issues across different countries. Unified systems like cloud ERP are built for growing businesses, they include advanced features like integrated financial management, supply chain optimisation, and customer relationship management (CRM) tools. These comprehensive systems facilitate seamless operations by automating and centralising critical business processes. It will be exponentially easier to streamline operations, making it easier to manage inventory, supply chains, and customer relationships, and understand and react to market trends, consumer behaviour.
Key takeaway 5: Unified cloud ERP systems are non-negotiables for streamlining those more complex management scenarios that stem from global expansion.
This is just a small taste of the full webinar discussion, we highly suggest taking the time to listen to the full on-demand session to hear the specifics of A&S Labels and MAAP’s individual global expansion journeys.
You can also learn more about NetSuite for retail in our definitive guide to NetSuite for retail companies.
