Unlocking New Markets: Insights from BGA Founder, Björn Andersson
Written by Lotte Andkjær Christensen on 04, 2024
At Succeed Abroad 2024 in Stockholm, we met up with Björn Andersson, founder and CEO of BGA. We spoke to him about some of the learnings from expanding BGA's e-commerce business into new markets. BGA has established its presence in many markets and is set to pursue further expansion efforts this year.
In today's business landscape, expanding your business to new markets is often a crucial step for growth and success. We had the opportunity to speak with Björn Andersson, who shared some invaluable tips and tricks on how to navigate and thrive in new markets.
- Unlocking Global Markets
One key piece of advice that Björn emphasized is the importance of having a robust platform for online sales, even for smaller e-commerce businesses. He highlighted the significance of ensuring that your platform is capable of seamless translations via AI technology, enabling swift entry into multiple markets. According to Björn, this approach can significantly accelerate the expansion process and maximise reach.
"Our experience is that market expansion is very similar whether you choose to expand to one or twelve markets, therefore we choose to launch in several different markets simultaneously.
- Lessons Learned
However, breaking into new markets is not without its challenges. Björn recounted BGA's experience in France, where they initially faced hurdles due to the absence of a certification in the checkout process. This oversight resulted in French customers abandoning their purchases—a valuable lesson learned. Björn stressed the importance of thorough market research and understanding local regulations to avoid such setbacks. - Reevaluating Retail Strategies
Interestingly, despite BGA's success in the digital sphere, Björn shared insights into BGA's experience with physical retail stores. Contrary to their initial expectations, the presence of physical stores hasn't necessarily boosted their online sales. This phenomenon was particularly evident in countries like Denmark, where online shopping dominates due to the lack of physical outlets. As a result, Björn indicated that expanding into additional physical stores is not a priority for BGA in the foreseeable future. - Final Reflections
In conclusion, Björn's insights shed light on the intricacies of market expansion and the importance of adaptability according to learnings. By leveraging technology, understanding local nuances, and reevaluating traditional strategies, businesses can effectively navigate new markets and pave the way for sustained growth and success.
Thanks for sharing your experience, Björn.
This is the latest story in our series where 50+ top e-commerce professionals share their learnings on market expansion tactics, localisation and technology across markets with our learning community. Check out the full collection for more tips.
