Money movements of the future: being born global
What does the future of money movements look like? With payments readily made online and on-the-go, the elimination of cash has become an area of interest. Whilst this may be exciting for some, others may not be so ready for the change. Regardless, the world is moving to frictionless transactions of money and this is rapidly shifting how companies globalise.
Many modern businesses are being ‘born global’, with their mission to drive international impact written on the wall. Enabled by the increasingly seamless movement of money, businesses can tackle the challenge of globalising with far more ease than previously experienced. Given that this development is happening so quickly, it’s a wonder how businesses can keep up with customer demand. It’s also a concern whether businesses lose focus in trying to be the best in the market.
The growth of a ‘born global’ market
Global marketplaces instantly make every person in the world a potential customer, and with the seamless way money can be moved these days, more and more businesses are emerging ‘born global’ in the market. That is, they’ve been able to find international success within a few years of opening business, and that’s been the plan from the outset.
Online sellers have made use of the fact that global currencies can be used and transferred far more easily, taking over online retail spaces like Etsy and Amazon. For many, this can be their primary form of business. For others, the allure of a side hustle can rope in the everyday working professional.
Taking the risk: how a savvy business mindset can create a global empire
For OFX customer Dale McCarthy, the mind behind luxury swimwear brand Bondi Born, the plan had always been to launch globally. While many startups launch locally, Dale dove headfirst into the fashion market in Europe.
“I’d looked at European department stores, there were lots of brands at the luxury end of the category, but none of these were Australian. It seemed strange, given our nation’s active, outdoor lifestyle and affinity with beach culture.”
The leap paid off. Bringing in $500,000 in sales during their first test season, the brand has gone on to be featured in prestigious stores around the world. Including Harrods, Selfridges in the UK, KADEWE in Germany, the Four Seasons in Hawaii, and boutiques in the Caribbean.
“I wanted to do something creative, to start something from scratch and build a really beautiful brand. I didn’t want to be in an armchair one day telling my grandchildren that I had this idea, but wasn’t brave enough to give it a go.”
Spotting a gap and taking it global
Dale knew the impact would be big after spotting a gap in the market for women’s swimwear, and this isn’t restricted to the sandy beaches of Bondi – it applies to women globally. And with a background in digital, Dale understood that customers could come from anywhere in the world.
“If you look at swimwear generally, it was obvious to me that there was a gap in the market for women aged 30 and above. When it comes to clothing in general, women still want style, but they also desire cuts that flatter them – this might be more coverage, slightly more support, or more tactile fabrics. Colour palettes also change, and women want something that will last them more than one season,” Dale explains. The growth of smarter technology has often worked to provide greater access to the resources a new business would need to understand the market, their users and the ability to hyper-personalise the user experience – as the trend dictates is essential today. The friction previously experienced by companies in gaining access has all but disappeared in today’s global world.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. UKForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.