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Follow on Google News | Language Translation Delivers a Significant Competitive Advantage for CompaniesMany companies have targeted the BRIC countries (Brazil, Russia, India and China) for business expansion.
By: Merrill Brink However, for many companies, the language barrier is often one of the main obstacles to establishing a successful sales channel. Numerous studies have shown that people are more comfortable buying products when information is presented in their native language (http://www.merrillbrink.com/ It would seem that most organizations would invest in language translation for this purpose, but there is much work to do in this area. For example, Forrester Research found that 95 percent of Chinese online consumers indicate greater comfort level with websites in their language; yet only one percent of U.S.-based online retailers offer sites specific to China.2 Clearly, companies that immediately invest in localizing their sales and marketing programs (http://www.merrillbrink.com/ Why the BRIC Countries Make Attractive Markets All of the BRIC countries are characterized by a rapidly growing middle class with previously unheard-of levels of disposable income. Growth aside, interest in Russia and India has been somewhat subdued due to political, infrastructure and cultural issues (http://www.merrillbrink.com/ Brazilian Consumer Market Trends Brazil is expected to be one of the largest consumer markets and a leading global economy (http://www.merrillbrink.com/ · In contrast to global trends, Brazil's population is still young and growing, with a median age of just 27 in 2006. Its population is expected to rise to 220 million by 2020.4 · Women are increasingly joining the workforce and enjoying a growing per capita disposable income. Between 2000 and 2006, female per capita disposable income rose by 7.3 percent, while the earnings of adult males rose by just 2.6 percent over the same period.5 · Consumer purchasing of non-essential and non-grocery items is rising. · Brazil’s aging population is also growing, creating a new market segment (http://www.merrillbrink.com/ Chinese Consumer Market Trends China has one of the fastest growing disposable income levels in the world, projected to grow by 7.8 percent between 2010 and 2015. The country’s economic power is expanding steadily, bringing up to 100 million households into the middle and affluent classes.6 Trends include: · Rapid urbanization is leading to increased levels of home ownership, fueling a growing demand for consumer goods. · As cities expand, a suburban population is emerging, increasing the purchase of cars. · Young consumers are more willing to spend on credit, facilitating a growing appetite for non-essential items such as second cars, consumer electronics and entertainment systems. · The middle class is becoming more open to purchasing over-the-counter (OTC) drugs (http://www.merrillbrink.com/ Online shopping represents a huge opportunity for companies reaching Chinese buyers. People of all ages, but particularly the younger population, use the Internet for social networking, e-commerce and media consumption. Businesses that translate their websites into Chinese-Simplified and Chinese-Traditional will gain a tremendous advantage. The media is filled with stories of opportunity in the BRIC countries, but it also includes stories of companies whose strategies have faltered for a variety of reasons. Language barriers (http://www.merrillbrink.com/ References: 1 “Why Localize?” Globalization & Localization Association (GALA); http://www.gala- 2 Forrester Research, Translation and Localization of Retail Web Sites, 2009 3 “Passport: 4 “Brazil: Growth Market for the Future,” Euromonitor International: 5 “Passport: 6 “Passport: Read the full article here: http://www.merrillbrink.com/ About Merrill Brink International Merrill Brink International (www.merrillbrink.com) Merrill Brink is recognized in the industry for its commitment to quality and its pioneering approach of leveraging technology to reduce costs, eliminate redundant processes and accelerate translation life cycles. Merrill Brink is certified to ISO 9001:2008; ISO 27001:2005 and ISO 13485:2003, and registered to EN 15038:2006 and ISO 14971:2007. Together, these standards provide assurance that the most stringent process and quality standards for translation are followed. Merrill Brink International is a wholly owned subsidiary of Merrill Corporation. End
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