Beauty Store Business

AUG 2019

Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.

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20 August 2019 | beautystorebusiness.com Westend61/gettyimages.com IS GLOBAL EXPANSION RIGHT FOR YOUR BRAND? Businesses with experience and know-how oer the insights and savvy you need to take your brand global. by Manyesha Batist M odern technology has made the globalization o• products, services and even human resources a natural progression •or many businesses. In •act, the internet's expansive •ootprint has thrust some businesses into the international spotlight and subsequent expansion much earlier than expected. Whatever their circumstances, they're not alone. International trade is growing exponentially. According to the 2018 World Trade Report, trade growth is expected to culminate in as much as 34 percent total growth (over a projected 15-year span) by 2030. The cause being new technologies, which have reduced the cost o• international trade by about 15 percent since the mid '90s. Interestingly, the biggest bene•actors have been small and medium-sized businesses (SMBs). According to recent assessments by the U.S. Census Bureau, SMBs make up nearly 98 percent o• identiied exporters and 97 percent o• identiied importers. Don't let the numbers •ool you, expansion is still a he•ty task–one that requires innumerable considerations. Many businesses that take on the endeavor will •ail, and all will •ace challenges. O• their many tasks, they'll need to navigate the •inancing, shipping, pricing, distribution, tax codes and regulations o• another country. But one o• the most critical components o• their endeavor will be their ability to grasp and navigate the country's cultural nuances.

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