Russia has very well improved its economic crisis. Consumer purchasing power is increasing day by day and companies are now planning more reliably. So, it is the correct time to step into the Russian market.
Today, Russian consumers are diversified and products from different areas are in great demand. There are many companies that are becoming successful because of the highly diverse range of products and services they offer. There is a huge potential for success for various products.
However, expanding in the Russian market can be very challenging. There may be high risks and that should never be ignored by companies planning to expand their clientele base. But there is always a way to enter and become successful in the target market.
In this post, we will walk you through the powerful way to enter the Russian market.
Ways To Enter In The Russian Market
1. Search & Work On Social Media
There are many things a business owner needs to keep into account when entering the Russian market to ensure there is the best possible launch and high market research values for business growth.
For example, when you are running ad campaigns the tools might look the same but there are some differences.
The Russian market is not solely about Google, it is led by Yandex, whose share is more than 50%. Adding to that, the most popular social network in the Russian language is not Facebook, but VK (VKontakte), which is used by about 46.6 million.
2. Data Localisation Requirement
Besides trademark problems connected with the selection of domain names in Russia, one should keep in mind various regulatory needs that need to be satisfied. The top-most one is the regulation related to personal data. Knowing this is one of the ways to understand how to maximize your productivity.
Because of the data localization law, the collection of personal information from Russian consumers, from placing an order to storage in a database located internationally, is not allowed.
The appropriate needs can be compiled along with locating the site database having personal data in a Russia-based data center, for example.
3. Take Benefit From Popular Products
Russian customers prefer choosing foreign products compared to domestic ones in an array of product categories.
a)- Kids’ clothes and toys: Mostly imported from the US and the EU because these places are considered to provide better quality.
b)- Luxury: The most consistent element in Russia’s fashion market
Should you make your product appropriate as per these preferences?
Not essentially, but if your offerings exclude these qualities, you need to work on them for this market. If product adaptation is possible for you, you can also develop high-end versions of your product particularly for the market you want to target through fruitful localization.
And no need to worry about prices being a hurdle. Russian customers give quality the most priority in comparison to the price because, in middle-class households, product longevity is essential.
4. Mobile Advertising Is Lacking
The mobile advertising market in Russia is expanding day by day. As per research, the market increased by around 120% last year. And out of the 94 million internet users in Russia, 62 million use the internet via mobile.
But despite this, the mobile advertising market in Russia is lacking in the global market. You can take benefit of it and make your business content mobile-friendly.
You can increase the customer experience even more by including accurate German website translation to your strategy.
5. Cater To Purchasing Preferences
Up till a few years ago, Russians were hesitant to purchase from foreign websites. But trust in foreign purchases is growing, all thanks to a rise in financial literacy and the improvement in Russia’s banking industry.
For comparison, you still require a physically strong security token to purchase online in the Netherlands, and investment to purchase offline in non-touristy areas of Germany.
In some places in Europe, PayPal is the only choice apart from debit or credit cards. But Russian takes benefit of an array of payment options- mobile banking, contactless, mobile banking- all of which you should include on your website.
Targeting the Russian market could be highly profitable, but for this, you need to work on your communication level. Here, Tridindia can come to your help. We offer an array of language services at a competitive price.
Our team assists to empower clients as they develop country-specific translation to reach new markets and improve the customer experience.
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