In the last ten years, the retail industry has undergone a significant change.

Consumer
behaviour changes, quick technological advancements, new media, social networking, and
product saturation drive companies to look for new markets that can support the costs of
staying competitive. Additionally, a lot of retailers view international growth as a key sign of
their success. However, internationalisation or worldwide expansion must be based on a
management plan or be the strategy itself. If it is a management plan, it must be included or
included in order to gain a sustained competitive advantage on a global scale. If it's a strategy
in and of itself, it might also be an effort to survive the market as a whole. Today's most
prosperous retailers view international development as an essential growth platform.

1. Competition: When choosing to enter a new market, you will absolutely want to research
the competition. Do your competitors already have established relationships with potential
customers? If so, it may be harder for you to break into the market. Additionally, if there are
fewer potential customers, it may not be lucrative to enter the market at all. However, if you
offer something extra your competitors don’t, or feel like you are well-positioned to compete,
it may be worth it. It could be worth reaching out to potential partners to see if there is
interest in working together as well. Careful research will help you determine if a new market
is right for you.

2. Growth rate: You should think about how quickly you'll probably develop in the new
market. This can help you maintain client satisfaction and effectively prepare for rapid
growth. You don't want to run out of merchandise and miss out on possible sales, but you
also don't want to have excess unsold stock. You will need to take into account a number of
elements, like the size of the market, demand, rivals, and current infrastructure, when
determining how quickly you might grow. For instance, are you prepared to accept a range of
payment types? You should plan appropriately, for instance, if demand will be slower at
initially. Another area that will benefit from diligent examination is this one.

3. Timing: When entering a new market, timing is everything. The timing of your entry into
the market will affect demand, competitiveness, and more. Being the first company to sell
your goods is very different than entering the market after the competition. In each case, there
are advantages and disadvantages. Being the first enables you to establish a firm foothold in
the market, erecting obstacles that make it difficult for competitors to enter and elevating
your standing among clients to the point of being needed. But coming in later gives you the
chance to innovate and explore what your rivals aren't providing that you can, upending the
industry and attracting new clients. Timing is a key component in planning.

Is the target market for the expansion in an existing market, an adjacent market, or a new
market? When expanding from existing markets to nearby and new markets, the cost of
bringing a product or service line to market can soar, and the risk and likelihood of failure
also rise. To ensure that you make the best choices, you should weigh these factors against
the market potential for this growth line. 

References:

Nguyen, H. V., Nguyen, N., Nguyen, B. K., Lobo, A., & Vu, P. A. (2019). Organic food
purchases in an emerging market: The influence of consumers’ personal factors and green
marketing practices of food stores. International journal of environmental research and
public health, 16(6), 1037.

Bianchi, C. (2009). Retail internationalisation from emerging markets: case study evidence
from Chile. International Marketing Review.

Akhmetshin, E. M., Ilyasov, R. H., Sverdlikova, E. A., Tagibova, A. A., Tolmachev, A. V., &
Yumashev, A. V. (2018). Promotion in emerging markets. European Research Studies, 21,
652-665.