Winning with E-Commerce E-commerce is the buying and selling of goods or services through the Internet or other electronic channels.
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The two main categories of e-commerce are B2C and B2B. B2B (business to business) – involves transactions between businesses. An example would be a manufacturer selling to a retailer or wholesaler online. B2C (business to consumer) – the most commonly known form of e-commerce, consists of businesses selling goods or services directly to consumers. A popular example would be Amazon.com
Benefits
Expands Your Reach E-commerce enables businesses to overcome geographical limitations. Selling online provides even the smallest of businesses with the ability to target customers not only locally, but regionally and internationally. Levels the Playing Field By not having to incur major overheads such as rent and salaries for a large number of employees, it allows entrepreneurs with small investment funds the opportunity to run an e-commerce store. Online, a small business can be as attractive and functional as even the largest e-commerce store. Operate 24/7 An e-commerce platform allows a business to permanently showcase products or services. By giving consumers access to product information 24/7, questions that may have stalled a sale previously, can now be easily answered and speed up a sale dramatically. This can be a major game-changer, especially when doing business across time zones. To learn more about e-commerce and how it can help your business contact: Maritza Bengochea, Export Officer-Services at mbengochea@exportt.co.tt or at 623-5507.
E-commerce is one of the fastest growing businesses and according to recent research by Frost and Sullivan, the estimated global market value of e-commerce will be over USD 9 trillion by 2020. E-commerce has significantly transformed the global market, with the impact being felt even within Trinidad and Tobago. According to the Central Bank, online credit card payments within the past three years have been valued at over US1.8 billion. E-commerce has become a successful solution for a number of businesses and its demand is steadily on the rise. We have highlighted few of the benefits an e-commerce solution can bring to your business.
The process of exporting a manufactured good is fairly straight forward and well documented. For those exporting intangible products, such as their intellectual and creative knowledge, the
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systems for exporting are developing as countries across the world have begun to acknowledge the socio-economic value in
Exporting your Creative and Cultural Passions: 5 Keys to International Success
supporting domestic creativity and culture. The International Confederation of Societies of Authors and Composers, through their World Creative platform, estimates that the creative and cultural industries (CCI) currently contribute 3% to the world’s GDP (US $2,250bn) employing 1% of the world’s population. Latin America and the Caribbean account for 6% of the world’s CCI revenue and 7% in employment. However, it is important to note that data collection remains a weak point of the Caribbean Region. With exporTT’s work in the creative and cultural industries, we’ve identified a few steps that creative and cultural creators can take to succeed on the international market.
Research – Understand your International Target Market While the creative impetus within you may have ultimately led to the creation and success of your business, having hard facts are especially important when you invest your limited human and financial resources. It is important to understand the taste profile and spending habits of the targeted international market to identify if there is an untapped or growing niche for your business to thrive in.
Simple – Don’t oversell yourself but let your work speak for itself The temptation to attract customers can always lead to over marketing. It is important to focus on the quality of your service while selecting the right marketing tools to attract the right crowd.
Collaboration – Get the right people on your team, you can’t always do it alone It is important to have the right Team with their own pool of strengths. Self-reliance, while meritable may not allow your business to realize its full potential.
Authenticity – Don’t over localize but stay true to your vision and brand There is always a temptation to localize your offerings to the taste and desires of the target market but authenticity has value. Over modification of a creative and cultural service can dilute or completely remove the thing that drew people to it in the first place.
Foundation – Never forget the heart of your business Notwithstanding the difficulties that may come from exporting, it is a rewarding process that can lead to the growth of both the business and its creators. It opens doors. However, it is important to remember the things that led you to the creation of this business in the first place. While plans and strategies may change, the passion within may be a sufficient fuel to maneuver the highs and lows of entrepreneurship.
By Jamila Greene, Export Officer
Chan’s Main Office, Alphen aan den Rijn, Netherlands
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The Concept of Co-Creation The prevailing discourse in the Fit 4 Europe project focuses on the concept of Co-Creation. This concept generally combines the ingredients of cooperation, knowledge and resources between or among entities to produce an outcome which is mutually beneficial to all parties. This can be in the form of a product, a service or a new way of doing things.
One manufacturing/distribution company which stands out for co-creation is Chan’s B.V. , the top distributor of Indian Spices and Caribbean products in Netherlands, with the simple goal of being the best at what they do. The company’s suppliers understand the goal and the ideals of providing a quality product at an affordable price. No corners are cut by the suppliers and in return, there is a reluctance from Chan’s to change suppliers even in the face of lower price points. Despite the existence of lower priced competition, Chan’s has been able to retain its position based on quality through its partnership with its suppliers.
Another fascinating feat of Chan’s is its relationship with its customers. The relationship is so close that retailers and customers give the company regular feedback on products which are doing well and those which are not. Feedback is also given on the demand for certain products, so Chan’s can adjust their production and distribution accordingly.
Chan’s partnerships throughout the value chain allows them to make the necessary adjustments to always be ahead of the game. Often co-creation is just seen as two companies co-producing a product, but here we see a company cooperating with both its suppliers and customers to ensure that everyone benefits. This definitely seems to be an approach worth exploring, as companies gear up for the markets of Europe.
By Dhanraj Harrypersad, Manager Export Market Research Centre
The Export Capacity Building Process Flow By Mr. Crisen Maharaj - Manager- Capacity Building and Programme Financing Phase 1: Information Dissemination
Dissemination of export specific information to potential companies Conduct an Exporter Readiness Assessment Provide Market Intelligence Information to determine trends and advise on potential markets Identify technical barriers to entry which include but are not limited to compliance to International Standards
Refer company to a specific Capacity Building programme based on results of the Exporter Readiness Assessment
Phase 2: Exporter Training, Standards Development, Exporter Intelligence Assistance The selected companies receive export preparedness training
International Standards Development
exporTT’s Capacity Building Unit (CBU) meets with the companies to share market intelligence based on their products, markets of interest and viability of potential markets (based on market research).
Pre-Export Assistance exporTT provides Technical and Financial Assistance with Testing/Packaging and Labelling Design for target export markets, for each company
First Export and Post-Export Assistance
exporTT Co- financing service offered to assist exporting activities Handover to exporTT’s Export Promotions Unit to increase export potential