As the digital revolution accelerates, you’ve probably heard that ‘the world is getting smaller.’ Technological advances (and the ongoing pandemic) have driven shifts towards globalization for many industries. Companies that once dominated their local markets now find their market share under pressure from international players. And the online behaviors of local audiences are being influenced by global trends.
So what does this mean for digital researchers?
Historically, you needed to focus your attention on your local market to stay competitive. But in the digital age, effective strategies need to go beyond local data and take into account the global picture.
To demonstrate the importance of leveraging global insights to guide your local strategy, we’ll take a look at the Fashion & Apparel industry, using Similarweb Digital Research Intelligence. We’ll even see how only focusing on local geographic data could cause blind spots in your market research.
1. Develop a more complete understanding of your industry
It’s vital to be aware of your local market’s overall health, so you can benchmark and contextualize your performance. But what happens when your local market is underperforming against the global industry? A lack of industry insight could result in missed opportunities.
Looking at Similarweb’s data, we can see that Turkey’s Fashion & Apparel industry was down a whopping 9% against last year. This could be a cause for concern for Turkish fashion retailers, especially as the traffic to many local industry leaders seems to reflect this downward trend.
But globally, traffic to fashion industry sites grew – with total visits experiencing a healthy 26% uplift over the same period.
This global industry insight may encourage Turkish retailers to expand competitively into new territories. Or they could take a leaf from the digital strategies of global winners, and look to emulate the tactics behind their continued growth.
2. Manage threats from rising international players
Many traditional barriers to entry no longer exist in the digital world, so players can expand into new territories faster and easier than ever. Robust competitive intelligence must go beyond tracking local competitors to safeguard against potential threats.
Looking at global fast-fashion trends, it’s clear Chinese eCommerce giant shein.com is experiencing a meteoric rise. It’s cementing its place as a fashionista’s favorite, and is tipped to go public soon.
Of the five top fast-fashion brands we analyzed, shein.com grew its global share by a staggering 10% over the past 18 months, eating into its competitors’ market.
But this growth hasn’t been reflected in the U.K., where asos.com continues to lead the industry.
U.K. fast-fashion retailers, like ASOS, need global competitive intelligence to identify and monitor the performance of up-and-coming competitors like shein.com. With insights into shein.com’s global digital strategy, ASOS could use this intel to go on the offensive and protect its own share.
3. Spot global trends in consumer demand before they reach your market
Global consumer trends emerge fast. And the local businesses that don’t stay ahead of them risk missing out on that coveted first-mover advantage.
Using Similarweb worldwide data, we saw demand for divisive footwear brand Crocs rise around April, but it wasn’t until June that the trend made its way to the U.K. (and other local markets).
Having visibility of global consumer trends ensures companies can anticipate and plan for new opportunities, and capitalize on them – before their competitors do.
When conducting industry and competitive research, leveraging worldwide data separates the best digital strategies from the rest.
Whether you’re competing in multiple markets or just one, to stay competitive you need a digital strategy that’s built on the broadest, most comprehensive data available to get the full view of your digital landscape. Base your analysis on worldwide data so you can better benchmark your performance, anticipate potential threats, be the first to seize opportunities, and win your market.
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