There is no doubt that Covid-19 has significantly impacted consumer spending and business conditions. However, according to Mckinsey & Co most consumers are showing signs of cautious optimism, and to thrive in a post-Covid era brands will need to embrace digital and marketplaces to capitalize on new spending habits, along with traditional touchpoints such as bricks and mortar.
Now more than ever, brands must consider and invest in export markets; be it via traditional methods (sales agents and department stores) or digital (WeChat, standalone websites, and international marketplaces). Whatever your strategy for growth, it is strongly advised that you consult an expert to ensure you optimize any investment you make. EMDG makes the business case even easier with overseas marketing costs up to $200,000 and marketing consultants up to $50,000, claimable under the scheme.
To ensure your strategy has the best chance of success, you must first ensure your product is fit for purpose. For example, companies like Alvanon work with fashion brands looking to go global. As global fit experts, they optimize your pattern and grading rules to ensure your garments fit the greatest percentage of population for each market you are targeting. Omnilytics is another good solution for brands seeking to better understand real time trends of their competitors, including pricing strategies for different markets as well as range size, option count by price, product sell-out (best sellers), discounting (poor sellers), and deliveries into store.
Covid has forever changed the rules and global landscape, and now is the time to review your strategies and consider innovative ways to reach new markets and customers. At Vebiz we partner with a number of consultants who have extensive experience and success launching Australian brands into new markets. We are happy to make the necessary introductions, should you wish to discuss further.