Local businesses have a great chance to reach a worldwide audience by promoting their products as environmentally conscious, socially responsible, and financially feasible. A report by The Economist Intelligence Unit, commissioned by WWF, indicates a remarkable 71% increase in online searches for sustainable goods worldwide in the last five years. The global market for green technology and sustainability is also projected to expand from USD 35.5 billion in 2021 to USD 417.35 billion by 2030.[2] By making your locally produced items available to a global market, you can expand your customer base and boost your revenue. Additionally, you’ll be contributing to sustainable development, reducing environmental impact, and supporting local communities.
Business owners may need to adapt their products to each country’s different preferences and formats while maintaining their local identity and quality. This could involve changing packaging, labeling, pricing, or features of their products to suit the new markets.[3] They might also face skepticism or resistance from new markets questioning their credibility or reliability. This might require them to invest in marketing, branding, customer service, or partnerships with more established companies to build trust and loyalty.[4] Moreover, they might have to balance their global sustainability goals with their local operational realities and deal with various trade-offs or constraints. For example, they might have to comply with different tax systems, regulations, or standards in each country that affect their profitability or competitiveness. They might also have to consider the environmental and social impacts of their production, distribution, or consumption processes in different regions and cultures. The challenges are not insurmountable, but they require careful planning, research, and adaptation.
Dell is one of the world’s largest computer manufacturers and technology companies. Dell sells a wide range of IT hardware and software products and services for enterprise, government, small business, and consumer markets. For Dell, sourcing postconsumer recycled plastics from the market and building a new, stable closed-loop supply chain for plastics from used electronics collected through takeback programmes are viable and affordable alternatives to using virgin materials. The Dell Recycling programme has recovered 1.76 billion pounds of electronics since 2007. Since mid-2014, their closed-loop recycled plastic supply chain has used plastics recovered from recycled computers to create nearly 5,000 tonnes of new parts for more than 90 products across millions of units. Through collaboration with TruCost, Dell has taken a multi-capital approach to quantify the natural capital benefits of the closed-loop model as well as explored the possibility of measuring the social impact associated with this approach. Financial and environmental savings were also identified in this collaborative work.[5]
There are many benefits of globalizing your local products, especially in the context of sustainable technology. Sustainable technology is the use of technology for eco-friendly purposes, such as reducing energy consumption, waste, and environmental impact. One of the benefits of making your local products globally available is that you can increase your market share and revenue by reaching new customers and regions. Another benefit is that you can enhance your brand reputation and customer loyalty by demonstrating your commitment to social and environmental responsibility. A third benefit is that you can reduce your production costs and improve your product quality by sourcing raw materials and labor from regions where they are cheaper and more abundant. A fourth benefit is that you can innovate and differentiate your products by adopting new technologies and solutions that can solve global challenges and meet customer needs. Making your local products globally available is not only good for the planet, but also good for your business. By embracing sustainable technology and globalization, you can create a positive impact on the world and gain a competitive edge in the market.
As a visionary business owner, you may have a passion and a mission to create a local sustainable technology that can solve a problem or create an opportunity in your community and beyond. You may have developed or applied a solution that is environmentally friendly, socially responsible, and economically viable, using your values, resources, and challenges as inspiration. But you may also have a bigger goal: to make your local sustainable technology global and to reach more people, markets, and impacts with your innovation. Market leaders understand the needs and expectations of the global consumers, and how they differ from the local ones. Adapting their products to meet the legal, cultural, and environmental standards of the target markets, they are innovating their products to create a unique value proposition and a competitive edge. They are also promoting their products effectively, using both traditional and digital channels, to build awareness, recognition, and loyalty. By making their local products global, market leaders create new opportunities for growth, differentiation, and social impact.
