Whether due to new financial regulations, local law revisions, or market fluctuations, Web3 is constantly undergoing changes. Just last week, the final vote on the European Union’s (EU) new set of crypto rules, known as the Markets in Crypto Assets regulation (MiCA), was deferred to April 2023 due to a technical issue where the 400-page document, which was originally drafted in English, wasn’t properly translated into all 24 official languages of the EU. And while this is just one example of how poor translation resources can create inefficiencies, many governments and regulatory bodies are beginning to recognize the importance of time-sensitive and high-accuracy translations.
2022 reminded us how uncertain the world can be, and how quickly that uncertainty renders obsolete the best-laid plans. In startups, resilience and adaptability are rewarded. We would like to thank our translators, customers, and partners for helping us make phenomenal advances toward building multilingually-inclusive global customer experiences.
And that’s a wrap! We’re closing out the year with recognition from Inc.’s Best in Business 2022, Lilt’s End-of-Year Wrap-Up, and resources to help you get started with a cost-effective localization strategy in 2023. Read on to learn more about what we were up to in December.
In 2022, we saw many companies take on global expansion in the age of digital transformation. More organizations than ever are realizing the importance of language when it comes to global expansion, and 2023 promises to see an increased prioritization of Global Experience (GX) as a key part of their expansion strategy. Here’s how Lilt has contributed to this overall mission, along with the advancements made by leaders who care about building an exceptional global customer experience.
A true global customer experience begins with language. In fact, 40% of global customers won’t buy a product or service that’s not accessible in their native language. As more companies begin to understand the importance of language, localization has and will continue to be a top priority for any Global Experience (GX) strategy. By communicating to international customers without language barriers, companies are able to expand their brand reach and engagement with global audiences. In order to achieve that goal, companies must develop a high-quality GX strategy from the very start of their globalization journey.
Expanding into new global markets often requires hiring employees from new regions. As important as it is to appeal to consumers who may speak a different language, it’s equally important to effectively communicate with your international employees as your brand grows. Training employees in new markets by localizing training content into their preferred language supports employee success and company-wide alignment.
We’re so thankful to all of our customers, translators, and partners for supporting us in our mission to make the world's information accessible to everyone. This month, we shared a new case study with the US Air Force, held a global hackathon, and announced our new Helpshift Connector. Read more about what we accomplished in November.
More and more consumers are taking their financial business online. The rapidly increasing use of digital channels for financial services and products has opened up the global market for businesses in the financial sector. That said, global businesses now face the challenge of creating fintech that’s accessible for consumers of all languages.
With advancements in technology and widespread access to the internet, the global marketplace has become accessible from almost anywhere. Global consumers can now shop for products and services from anywhere in the world, at the touch of their fingertips. With an almost endless number of purchase options and choices, consumers are increasingly discerning and are more likely than ever to choose brands that offer an outstanding customer experience in their own language. In fact, 87% of multilingual customers won’t buy from an English-only website.
