In search for Localization..

Yes, this is how important the term localization is. While as i graduated, there was more and more hunger in me to discover more on diversity, different cultures, geography.. The term Globalization was on my mind. Firms all over the world want to enter into new geographies, take their ideas into new emerging markets and i knew i will love this. But hang on, i carry my business model, may be operational excellence, rest everything is just so specific to the people, their lifestyle, their tastes and upbringing.. Glocalization is what got coined and is there to stay. When i stay in London, i long for my local food, sometimes movies, sometimes local products, so the local global business is very much there to stay and will probably never run out.
The large enterprises that entered in new markets, underwent a whole cycle of change. Mc Ds changed its menu, Pizza hut is not the same, Domino's reinvented itself with taste buds and flavours. What really worked in their favor was the brand. So, does that mean luxury retailing, high end upscale product market is what is truly global. For the routine needs, the consumer goods segment, regular food joints, companies and brands need a local hint and they will need to work with local consumers and experts to create a marketable offering which appeals to larger segment, which can give the volume to brands to sustain. I look back at Next, Debenhams and M&S back home in India and now compare with what they offer in the Indian market and why i feel i dont visit them back home. I think they need to localize their clothing, keep the colors, textures and fits unique and smart, but yet price the products to justify the labour and arbitrage cost to suit the emerging markets. If you are not luxury retailers (where you sell for your name value), you need to appeal to the taste of disposable income group, cover the right consumer needs gap and position yourself well. Most medium brands in UK and US which are trying to take their global offering to emerging markets, need to appreciate that all said and done, the consumers in emerging economy look for value for money and buying is still associated with utilization. They need to rethink on their global strategy and get local with designs, prices and variety while leveraging the quality, best styles and global supplier eco system.

The business world comes full circle. Nothing in extremes work. As much as globalization ruled the world, it is now being pushed back to localization. All large corporates entering the emerging markets, need to set the basics right to appreciate the diversity and consumer needs , and then top it up with global expertise, business influence and eco system to offer the best. B2B firms like GE is doing a good job at getting very local with their innovation and supply chain. Retail has a long way. The large brands have a learing curve before they appreciate the Lifestyle and Big Bazaar mindset of Indian consumers and create their space. Till then, there will be a searh for Localization by the Globalizaing giants..