Germany is an obvious choice for those British businesses looking to expand into Europe.
Potentially a less daunting prospect than investing in an emerging market, Germany is already Europe’s most industrialised country and boasts a strong domestic consumer market thanks to its strong population and resilient economy. But it’s far from a saturated market, and provides plenty of opportunities for businesses – especially SMEs.
Whilst Germans may have a reputation for speaking perfect English, most German consumers have a ‘buy local’ attitude and are fiercely proud of their culture and language, so it’s worth looking into professional translation if you’re serious about succeeding in Germany.
Corporate hierarchy and a risk-averse attitude are prevalent in German business culture, and adapting your approach will be welcomed by your German counterparts.
What’s more, the regulatory environment is strong in Germany, so be prepared for the paperwork, but it will pay off in the end!
E-commerce is an area which currently offers enormous opportunity for online retailers and service providers alike, with Ecommerce Europe valuing the market as it currently stands at around €60 billion.
As the number of digital buyers continues to increase rapidly, experts predict that this market will enjoy a turnover of EUR 100 billion by 2020, making Germany the fastest growing e-Commerce market in Western Europe.
Amazon and eBay are popular in Germany, as well as other marketplace sites, such as Otto and Zalando. If you are considering selling online in Germany, it’s well worth keeping in mind that German consumers generally don’t share British preferences for online payment methods so it’s worth investing in some local market research to identify if your customers can pay for your product or service.
View the infographic below for more facts and figures about the German business scene.