Global Retail Insights Network Launched
Payment service provider GlobalCollect has announced the formation of The Global Retail Insights Network (GRIN), an integrated coalition of companies seeking to reduce the complexity for retailers wanting to rapidly expand beyond their domestic borders into global markets.
Other participating companies in GRIN currently include E4X; Kount; Pitney Bowes; Edgar Dunn & Company and Translations.com, all bringing specific expertise on advising companies on international expansion and offering many of the technology and services required to do so. Other organisations will be added in the future, said GlobalCollect, based on retailer needs.
According to figures from eMarketer, the global business to consumer (B2C) electronic commerce (e-commerce) market surpassed US$1 trillion in 2012, and is expected to grow 18.3% this year reaching US$1.3 trillion. The global market is expected reach US$2 trillion by 2016. In the so-called BRIC countries (Brazil, Russia, India and China), even greater rates of growth are forecast, with the total market growing from US$153.7bn in 2012 to US$522.3bn in 2016.
“Selling overseas is a huge and very real opportunity, but it brings real challenges with it,” said Carl Miller, GlobalCollect’s global market director for retail. “Localised marketing, payments, logistics, currency exchange and tax and duty compliance are just a few of the issues cross-border retailers have to deal with, and GRIN was formed to create a strong coalition of proven experts to help retailers address those challenges.”