5 Digital Innovation Tips for Exporter
Many exporters are still unsure of how to utilize technology to boost growth and improve business. Here are some easy-to-implement but highly effective digital innovation strategies to get you started.
The first things that come to mind for exporters when they think of innovation are groundbreaking new inventions and disruptive technologies. However, the most significant innovations in the shipping and international trade sectors are usually evolutions rather than revolutions.
Thus, a shift in process, delivery method, or even marketing strategy can yield as many returns as the latest tech solution or product. Here are five tips exporters in today’s business world can use to drive growth through digital innovation:
Process Innovation
Innovating the process even at the grassroots level can produce instant results by decreasing operational costs, increasing speed to market, and improving customer service. In this regard, it is vital to automate and streamline every relevant internal system to boost efficiency at every level of your exporting organization. For instance, directly integrating an online ordering platform into your stock control, accounting, and order management system can significantly cut down data errors, increase delivery speed, and reduce administrative overheads.
Business Model Innovation
New business models have the potential to upend mainstream players and transform entire industries. Innovators like AirBnB and Uber are believed to have reshaped their respective sectors. Consequently, they have successfully built a global presence in no time by sidestepping long-established operational models.
Financing Innovation
Launching a successful export initiative can come down to a matter of financing for many SMEs. Nevertheless, the recent increase in innovative financing methods can prove instrumental in leveraging opportunities previously out of the reach of exporters. One example of such innovative financing methods is crowdfunding. So consider alternative sources for funds that will enable you to secure your business and increase your global presence without losing control or equity.
Delivery Innovation
The logistic aspect of shipping goods worldwide is among the most challenging parts of the exporting industry. Therefore, devising innovative ways to distribute products and services can make or break an exporter. One of the most resourceful ways to address delivery challenges is collaborating with an established overseas partner through digital platforms and product tracking solutions. This collaboration can help give exporters a head start, especially upon entering a new market.
Marketing Innovation
The ability of the exporter to adapt marketing tactics and strategies to different markets is pivotal to gaining and retaining paying customers. As with any marketing endeavor, the first step is to know your audience. This move needs assistance from innovative analytic tools like BuzzSumo to examine distinctive tastes, purchasing tendencies, and customer behaviors of vital segments of each target market, both home and abroad. With the insights from your analysis, you can adapt your marketing and branding efforts accordingly.
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