Strategies for successful e-commerce expansion in 2024

Written by Antonella Måhlen

A busy month has just gone by leaving me with tons of impressions and insights regarding the current e-commerce landscape in the Nordics. There are multiple difficulties, but also opportunities that companies experience when they want to spread their wings and expand to other markets both digitally and physically.

During this year’s very successful “Succeed Abroad” events held in Copenhagen and Stockholm, we met over three hundred e-commerce specialists from different industries seeking to launch across borders and make it in other markets. 

As I got very inspired through the many interesting speeches and discussions I myself listened to and participated in, I would like to take this opportunity to share a list of my main learnings from Nordic e-commerce experts that have already started their expansion in other countries:

• Localisation works. When you use the right language and processes, such as payment providers and delivery options, for a specific market, customers feel safe to shop on your website. A key speaker in Stockholm shared how they actually doubled their conversion rate by localising their web page and procedures accordingly.
• Just go for it! Many bigger ecommerce profiles with lots of experience recommended a hands on approach; Launch several webshops simultaneously and adjust along the way. Key take away here is to constantly monitor the signals and data you have at hand to be able to decide on your next move. 
• Resource requirements. You need many resources for a localised approach. Especially if you want to do marketing and localisation on many different markets and all at once. Your strategy matters. So does making use of AI and automation where possible. 
• Born Global. Several brands shared their “Born Global Strategy” which allows a brand to expand to many markets at once with a minimum of localisation efforts. Ongoing monitoring of performance is key to decide next steps in such a strategy, which without a doubt is more suitable for some brands than others.
• Data bias. Don’t miss out on exciting opportunities by being a slave to existing data from other markets. We are different, even though some neighboring countries might seem similar. Go there, understand how they shop, don't get biased by assumptions but explore - exciting opportunities coming up!
• Listen to your customers. Use your customer service and collected data as a growth centre. Be open to change according to the market you are trying your luck in and don’t be afraid of bad numbers as long as you learn from them and adjust.
  

Companies are different, just like people are. We have different customers, products and services, and therefore struggles are different. But you can be sure there is a solution to every single question and doubt. This is my main take away from this year’s events.

I enjoyed meeting and talking to so many skilled people within e-commerce in real life and sharing our collective knowledge on different subjects concerning expansion and localisation. I learned a lot and hopefully I can continue sharing our knowledge and support in the events and “meet ups” to come!

If you want to discuss your e-commerce expansion and strategy with me - book me in for a meeting right here 🤝