Calling all businesses – get ready for the Mobile Wallet revolution

This could be the future of payments for your clients. In fact, in many places it’s already arrived.

KFC has just become the latest big company to support mobile wallet payments in its UK stores, joining the likes of McDonald’s and Starbucks. The latter is also introducing the technology in its 7,000 American outlets. Carrefour, the second largest retailer in the world by sales figures, has already implemented mobile payment systems in its French stores.

What is a mobile wallet?

It’s a method of paying for goods using a smartphone. Payments can be made remotely, via text message or by tapping the phone against an in-store terminal.

And while the idea is relatively new in some markets, in others it has already made a big impact. Perhaps most surprisingly, mobile wallets have really taken off in developing countries; mainly due to a lack of desktop access to the internet and online banking.

Kenyan women now worry less about being mugged for money

Since 2007, Kenya has experienced something of a mobile wallet revolution. Despite many not having a bank account, 50% of the adult population uses a mobile wallet. Users pay cash at a shop, have it loaded onto their phone and can then send money via a text message to pay for bills, items in shops or to send money to other mobile wallet users. Not only is the system simple but it has helped remove mugging worries for many people who no longer have to carry cash around.  

Haiti is one of the leaders of Mobile Wallet systems

Even though Haiti is one of the poorest countries in Latin America and the Caribbean, it has one of the most successful mobile wallet systems in the world – despite mobile phone penetration of just 35-40%.

In its first year, the mobile wallet attracted 10% of the adult population – a figure that, on average, takes most markets four years to achieve. In fact the 800,000 users made almost 10 million transactions in that one year alone.

Global growth of the Mobile Wallet

This budding concept is expected to have a similar effect in other countries, with the global mobile wallet market predicted to reach USD 1,602.4 billion by 2018, growing at a compounded annual growth rate of 30.7% from 2012 to 2018 (Transparency Market Research).

Potential benefits of Mobile Wallet systems for businesses:

•    Automatically collecting purchase data
•    Monitoring individual customer purchasing habits
•    Building customer profiles
•    Developing targeted promotions
•    Assessing the success of promotional strategies
•    Providing customers with convenience
•    Remaining at the forefront of payment technologies

If you’re keen for your company to stay ahead of its competitors it might be time to look into mobile wallet technology. Because even if you customers aren’t yet using mobile wallets, the chances are they soon will be.

Comtec is here to help companies talk global business by providing a range of language and translation services. For further information please contact a member of our customer services team on +44 (0) 1926 3335 681 or email info@comtectranslations.com.

Join the pop-up shop revolution! A cost effective way to test overseas markets

First conceived in the US around 10 years ago, the pop-up shop is now more popular than ever, the idea being that businesses can test a product or idea for little financial outlay.

With rental agreements ranging from just one day and advertising usually taking place through social media networks or word of mouth, it is easy to keep costs low.

A pop-up Post Office? Yes!

Some well-known names have embraced the idea of the pop-up shop. A few years ago, toy store Hamleys opened three around the UK during the festive season. John Lewis opened a preview pop-up shop in Exeter in 2012 prior to opening a new store. And even the Post Office opened its first pop-up shop in November 2012 to cope with increased Christmas demand.

Popping up all over the world

UK companies are not just experimenting with pop-ups on home turf. Auction house Christie’s opened its first pop-up preview in Singapore in 2012, showcasing artworks for sale at a Hong Kong auction. And fashion retailer Topshop opened a pop-up in LA last year, a taster for the opening of a main store during 2013. Even UK boy band One Direction had a pop-up shop in New York at the end of 2012, selling nothing but band merchandise.

Opening a pop-up shop in another country is a great way of determining whether a particular market is right for your business.

My top 5 pop-up shop tips

1. Major events: Opening a pop-up shop during a major event can be very lucrative. Think along the lines of the Olympic Games, Commonwealth Games, Grand Prix and Tour De France.
2. High footfall area: Think carefully about your position. You need to be in a location frequented by your target customers.
3. Right products: Consider which products are most suitable for a pop-up shop. Limited edition products or exclusive offers can often be found in pop-up shops, reinforcing the ‘catch it while you can’ concept.  
4. Social Media promotion: Remember that social media is the favoured way of advertising a new pop-up. Consider running a social media campaign using the most popular social networks in your chosen market. You may wish to think about website localisation and marketing translation to make sure you get the right message across to your overseas customers.
5. Speak your customers’ language: Your overseas pop-up shop is more likely to prove popular with native customers if it communicates to them in their own language.

To learn more about how to overcome the language barrier in business, why not read our free guides?  Click here to find out more and download our guides.

If you have any questions regarding translation or localisation, or would like support in developing an effective communications plan to break into new markets, please contact a member of our team on + 44 (0) 1926 335 681 or email info@comtectranslations.com

Speak the language of business and see how far it can take you

There’s no mistaking that getting your business over the language hurdle will help your message be heard overseas. So when you decide to learn a new language in business, which one of 6,800 spoken languages do you choose? As always, we’ve got some great insights and stats to help you make that decision…

Which of the 6,800 languages are right for your business?

This depends on a lot of factors, such as the markets you intend to target, the industry in which you operate and the extent to which you’re prepared to be challenged (some languages are much harder to learn than others!). It’s also worth considering which languages are the most widely used among the global business community.  

Mandarin, for example, is one of the fastest growing languages. Currently over a billion people speak Mandarin (in China and other countries) and it is becoming extremely popular as a second language, especially amongst business people.

Russian is another language experiencing a surge in popularity; and considering that Russia is the UK’s fastest growing export market, this could be a good choice for UK business people.

The 9 languages businesses find most useful

A survey of UK firms carried out by the Confederation of British Industry (CBI) in 2012 discovered that the languages rated by managers as most useful to their business were:
1.    German (50% of respondents)
2.    French (49%)
3.    Spanish (37%)
4.    Mandarin (25%)
5.    Polish (19%) and Arabic (19%)
6.    Cantonese (12%)
7.    Russian (11%) and Japanese (11%)
8.    Portuguese (6%)
9.    South Korean (3%)

Pick me! Pick me! Which languages are growing fastest and are the most popular?

With the growth of the global online marketplace it is also worth noting which languages are most commonly used online. Recent research from the Common Sense Advisory found that Chinese (513 million online users) had overtaken English (489 million), with Spanish coming in third (over 200 million). Other languages with a strong online presence include Japanese, German and Portuguese, while Arabic is the fastest growing internet language, with 150 million online speakers predicted by the end of 2015.

Whichever language you choose to learn, the addition of foreign language skills to your organisation is sure to help put your business firmly on the world map.

Comtec supports businesses with expansion overseas by providing a full range of language translation and interpreting services. Covering a wide range of requirements, from translation of websites and marketing material for print, to translation of technical manuals and training content, Comtec provides a high quality service covering over 150 languages.
If you have any questions regarding translation or localisation, or would like support in developing an effective communications plan to break into new markets, please contact a member of our team on + 44 (0) 1926 335 681 or email info@comtectranslations.com

To learn more about how to overcome the language barrier in business, why not read our free guides?  Click here to find out more and download our guides.

There are potential customers all around the world! And the benefits of seeking out overseas customers are endless.

In fact, companies which export are more productive than non-exporters, perform better financially and are more likely to stay in business. For companies new to exporting, UK Trade & Investment (UKTI) is a great place to start.
Even if you already export and are an expert at the dos and don’ts of exporting, there are always new markets to consider. To help UK companies make the most of new trade opportunities such as these UKTI has launched a programme of Export Insight Visits, offering ‘new to export’ companies the chance to visit a new market for just £99 + VAT.

WEST MIDLANDS EXPORT INSIGHT VISIT TO DENMARK
COPENHAGEN, 4-5 MARCH 2013

Have you considered Denmark as a potential new market?

Report on Denmark from the UKTI:

Denmark is an innovative, open and robust economy highly dependent on international trade. The UK and Denmark have a strong and friendly trading relationship. Overall trade in both directions is worth approximately £4 billion annually. The UK is Denmark’s 5th largest trade supplier. Denmark is ranked as the UK’s 23rd largest export market.
Denmark has world-class competencies within renewable energy, life sciences, shipping and food & drink. Global leaders such as Novo Nordisk, LEGO, Arla, Maersk, Carlsberg, Lundbeck, DONG Energy and Vestas Wind Systems have all emerged as market leaders from a base in Denmark.

Interested in applying to go on the Insight Visit?

Please go to www.embltd.co.uk/ukti to register your interest. Once you have registered on the main site, complete the application form (click here to download) and send to Mick Page, International Trade Advisor at mickp@cw-chamber.co.uk. For more information, please contact Mick on 024 7665 4272.
Find out more about the WEST MIDLANDS EXPORT INSIGHT VISIT TO DENMARK. Click here to download the full programme.

Top Five New Year’s Resolutions to Bring Your Company Exporting Success in 2013

January is traditionally the time to set out your good intentions for the coming year.  So what better time to make plans to drive forward the success of your business during 2013?
With business confidence at its strongest level since the economy came out of the initial recession in 2009 (Business in Britain Report, Lloyds TSB Commercial) and a prediction that UK firms are set to benefit from the growth of emerging markets (Global Connections Report, HSBC), business leaders would do well to start thinking of how to benefit from this positive economic shift. 
At Comtec our focus is on helping companies to communicate effectively in order to do business around the world. And we have devised our top five New Year’s resolutions to help your company get ahead in 2013.

1.    Target a New Market!

There are potential customers all around the world! And the benefits of seeking out overseas customers are endless. In fact, companies which export are more productive than non-exporters, perform better financially and are more likely to stay in business. For companies new to exporting, UK Trade & Investment (UKTI) is a great place to start.
Even if you already export and are an expert at the dos and don’ts of exporting, there are always new markets to consider. A recent report claimed that the UK was set to benefit from emerging market development and experience a boost in trade activity, with Vietnam, Indonesia, Egypt, Turkey, Mexico and Poland named in particular as rapid growth markets. To help UK companies make the most of new trade opportunities such as these UKTI has launched a programme of Export Insight Visits, offering ‘new to export’ companies the chance to visit a new market for just £99 + VAT. Visit www.embltd.co.uk/ukti for full details.

2.    Set up a microsite in a different language

Wherever your customers are it is important to communicate effectively with them. Research shows that customers are more likely to buy from websites in their own language (www.idc.com) and also likely to pay more for goods if they are able to buy them in their own language (Common Sense Advisory). So if you are considering selling overseas it is well worth looking into website and marketing translations.
With this in mind, you may like to consider setting up a landing page or micro site for your company in one or more languages. This is a highly cost-effective option to test your new markets and increase your web presence. The site can include key facts about your products or services with a form to request more information. Based on its performance, you can then make an informed decision about whether to translate your complete website into the language of your target market.

3.    Find out what language skills you already have in your team

You may be surprised to find a number of linguists in your team! Complete an audit to find which language skills are available amongst your staff. Even dormant language skills can be developed quickly and focused for business. A member of staff doesn’t have to be fluent. A little goes a long way in at least facilitating initial contact with a market. Just a point here though, it is crucial to use a professional, native speaker to translate marketing and technical material to ensure complete accuracy and 100% quality.

4.    Innovate

Businesses can no longer stand still. Those that do will be left behind. Especially in today’s globalised marketplace, the companies that are best placed to get ahead are those which are able to respond quickly to demand, driven in part by their innovative thinking. A great deal of research shows that innovative companies are faster growing, deliver higher returns on investment, are better at responding to changing circumstances and are more able to find solutions to global challenges. With UK businesses having the distinct advantage of access to excellent universities and research institutions, there is no reason not to innovate in 2013.

5.    Boost Your Social Media Presence

Do not underestimate the importance of social media in reaching more customers. Social networking reaches an incredible 82% of the world’s population, representing 1.2 billion users around the globe (comScore). And there is no denying the influence it has on potential customers. In fact, social media has made such as impact in China that Chinese consumers say they are more likely to consider buying a product if they see it mentioned on a social media site.
For companies new to social networking the whole thing can seem a bit daunting – but the ones that put in the effort are the ones that will really reap the benefits of the social media boom in the coming years.
So if you’ve previously played it safe when it comes to selecting an export market, or have made a success of your previous international expansion plans, 2013 could be the right time to look further afield. Who knows where it could take your business?

Comtec supports businesses with their international expansion plans by providing a full range of language translation and localisation services, including website translation, technical translation, marketing translation, legal translation, software localisation and interpreting.