Emerging markets offer an extensive and generous opportunity, and if you are going to be successful, you need to take advantage of what benefits doing business overseas can provide for your company.
—Ty Morse, CEO of Songwhale i
Many [companies] continue to focus on the BRICS (Brazil , Russia , India , China and South Africa ) and a few other economies. But the emerging-market growth story extends to pockets all across the globe, and offers a premium to fast movers.
—Matt Reilly, Managing Director, Accenture’s Management Consulting business across North America ii
Do you have a product or service that you could sell to nearly 3 billion people? That is a question millions of global citizens and companies alike are asking themselves, because the world is shifting its attention to BRICS (Brazil, Russia, India, China, and South Africa) in the next phase of globalization to drive export revenue growth. The BRICS countries are a major force in the world economy where a rising middle class promises a long-term customer base. Even with recent market turbulence and a slight stall on exports, the potential of BRICS is too big for companies to limit their activities to developing countries.
BRICS, a term that Jim O’Neill, of investment bank Goldman Sachs coined, currently have “combined foreign currency reserves of $4.4 trillion and account for 43 percent of the world’s population.” iii The long-range impact of this multitrillion-dollar group of countries includes: the creation of jobs, the reduction of trade deficits, and an increase in prosperity throughout the world economy. Jonathan Lemco, senior investment strategist with Vanguard Investment Strategy Group says, “The quality of life for people in these countries, with some exceptions, has never been this good.” iv It is only a matter of time before you will need a strategy that will land your product or service in BRICS, no matter how complex, remote, or tumultuous. And I’m not referring to sourcing or manufacturing there. I’m referring to a pure selling export strategy.
This chapter highlights the key growth drivers for BRICS, important market facts and products in demand in these countries, the implications for small businesses operating in them, a blueprint for export success to the countries, and other second-tier fast-growth countries to watch out for in the future. The key question to think about as you read through this section is this: do you have a product or service that BRICS want and can afford?
Caution
The markets mentioned in this chapter are not easy to enter. It takes time, knowledge, money, and patience to make headway. It took companies like Intel, KFC, and GE years to make inroads in emerging markets. They invested millions of dollars over a protracted period of time before ever seeing a dime in profit. But they did this because of upside potential down the road. One example is Coca-Cola where future growth will be fueled by emerging markets, which are naturally showing higher rates of growth. v
What Drives Growth in BRICS?
The BRICS countries are the focus of many companies when they set their sight on targeting big, fast-growth markets for exports. After all, four of the five countries (all of them except South Africa) are the world’s largest emerging economies , with China being the biggest in population.
What drives this unprecedented demand for imports by BRICS? Besides a having a hardworking group of people anxious to improve the quality of their lives, most of the BRICS countries have these characteristics in common:
A large land mass or extensive territories
A huge population. The total population for the five countries is 3.02 billion. vi
Massive infrastructure demands
Strategic economic policies in place to support rapid growth
The specific goal of expanding trade and investment with the world
The discussion of the BRICS countries and the reasons to export to them in the following sections provides important market facts for and specific products and services in demand for each market.
Note
Although the actual GDP growth rates of BRICS may appear to be modest, you must take into consideration the general outlook for each economy, including its past and present conditions and its future potential. The source for the data is the Central Intelligence Agency’s World Factbook unless otherwise noted.
Tip
I have made a point to highlight the more Internet-savvy countries, the languages spoken, and the preferred online payment methods when dealing with them. Take these factors into consideration as you prepare to tweak or build your e-commerce site. Your goal should be to satisfy consumers’ needs in each of these markets.
Brazil
The following are general statistics about conditions in Brazil related to exporting: vii
Languages: Portuguese (official and most widely spoken language); Spanish (less common)
Population: 204,259,812—making it the sixth-largest country (July 2015 estimate)
Population growth rate: 0.77 percent (2015 estimate)
Internet usage: 108.2 million, representing a 53.4 percent penetration rate (percentage of population as of 2014 estimate) Internet country code is .br
Preferred online payment method: Debit and credit cards remain the most popular method of online payment viii
Gross domestic product: US$3.192 trillion (2015 estimate)
GDP growth rate: -3.8% (2015 estimate)
Inflation rate: 9 percent (2015 estimate)
Per capita GDP: US$15,600 (2015 estimate)
Imports: US$174.2 billion (2015 estimate)
Why Brazil?
According to the Office of the United States Trade Representative, U.S. goods and services trade with Brazil totaled $95.4 billion in 2015 (latest data available for goods and services trade). U.S. goods exports to Brazil in 2015 were $59.5 billion, imports were $35.9 billion—making Brazil the United States’ 12th largest goods trading market in 2015 and the 11th largest goods export market in 2015. ix
Brazil’s primary trading partners are the United States, Argentina, Germany, Netherlands, Nigeria, and China.
A hot tip for exporting to Brazil: You need patience, persistence, and an understanding of the market to enter into Brazil. Brazilians are known to be enthusiastic, confident, innovative, and adaptable. They enjoy dealing with foreigners. Learn how to leverage this in your favor. Be open to developing relationships with Brazilians from the outset, and dedicate time to growing the relationship.
The best prospects for general exports to Brazil are: Footwear, coffee, machinery, electrical, and transport equipment (including airplane and helicopter parts); chemical products, oil, automotive parts, and electronics; pharmaceutical drugs for humans and veterinary medicine; and so forth. Specific to United States, the top export categories in 2012 include: Machinery, mineral fuel, aircraft, electrical machinery and optic and medical instruments. The leading agricultural categories include: wheat, dairy products, prepared foods, chocolate and cocoa products, and feeds and fodders. (Note: Brazil is preparing for the Olympics in 2016, which can be promising for US exports.) The top US exports of private services to Brazil are in the following areas: transporation, telecommunications, computer, travel, and information service sectors.
Russia
Russia’s general conditions relative to the export process are: x
Languages: Russian (official); many minority languages
Population: 142,423,773—the tenth-largest country (July 2015 estimate)
Population growth rate: –0.04 percent (2015 estimate)
Internet usage: 84.4 million, representing a 59.3 percent penetration rate (percentage of population; 2014 estimate); Internet country code is .ru
Preferred online payment method: e-wallets such as QIWI xi
Gross domestic product: US$3.718 trillion (2015 estimate)
GDP growth rate: -3.7 percent (2015 estimate)
Inflation rate: 15.5 percent (2015 estimate)
Per capita GDP: US$25,400 (2015 estimate)
Imports: US$197.3 billion (2015 estimate)
Why Russia?
Russia is the world’s eigth-largest economy by population and has undergone significant changes since the collapse of the Soviet Union. A combination of falling oil prices, international sanctions, and structural limitations pushed Russia into a deep recession in 2015, with the GDP falling by close to 4%. Yet Russia is still considered a high-income country, with a highly educated and trained workforce and sophisticated, discerning consumers. One should, however, proceed cautiously because conducting business there currently might be impeded. According to export.gov, “The recent events in Ukraine have changed the landscape of the bilateral trade and investment relationship between the United States and Russia.” xii
A hot tip for exporting to Russia: Personal relations are vital to build trust with Russian businesspeople. Business discussions can often be slow and detailed, so patience is required, along with punctuality at meetings. Russians are tough negotiators (with interpreters who speak both Russian and English and provide information in both languages) and rely on fact-based information on hand at meetings. Plan on developing and maintaining long-term relationships when traveling to Russia.
The best export prospects to Russia are: Machinery; vehicles; pharmaceutical products; plastic; semifinished metal products; meat, fruits, and nuts; optical and medical instruments; and iron and steel. Note: Russia’s biggest import trading partners for 2015 are Netherlands, China, Germany, and Italy.
Tip
Just as there is Tmall ( http://www.tmall.com ) in China—the country’s B-to-C shopping destination for brand-name goods letting companies sell directly to the public (review chapter 7)—there are Ozone Holdings ( http://www.ozon.ru/ ) and Ulmart ( http://www.ulmart.ru ) in Russia, two of the country’s largest e-commerce companies. Although e-commerce is in the early state of its development in Russia, it is very much alive and flourishing. The trick for small businesses in that country is to partner or collaborate with companies such as Ozone and Ulmart. That can only happen with the appointment of a good on-the-ground person to stay at the pulse of consumer action.
India
Here are the conditions for India that relate to exporting: xiii
Languages: Hindi, Bengali, Telugu, Marathi, Tamil, Urdu, Gujarati, Kannada, Malayalam, Oriya, Punjabi, Assamese, Maithili, and others, including English (considered a subsidiary language but nonetheless an important language for national, political, and commercial communications)
Population: 1,251,695,583—the second-largest country (July 2015 estimate)
Population growth rate: 1.22 percent (2015 estimate)
Internet usage: 237.3 million, reflecting a 19.2 percent penetration rate (percentage of population); Internet country code is .in
Preferred online payment method: Direct debit accounted for more than a half of B-to-C e-commerce payment transactions in 2012 xiv
Gross domestic product: US$7.965 trillion (2015 estimate)
GDP growth rate: 7.3 percent (2015 estimate)
Inflation rate: 4.9 percent (2015 estimate)
Per capita GDP: US$6,200 (2015 estimate)
Imports: US$432.3 billion (2015 estimate)
Why India?
With a population of more than 1.2 billion, India is the second-most populous country in the world. Approximately 30 percent of the country’s population resides in urban areas.
A hot tip for exporting to India: Indian society has a very strong belief system based on the family, and these beliefs extend to business, so get to know your business partner first before ever negotiating one ounce of business—do not rush the process. Adapting a laid-back approach with clear and direct communications is the best approach to dealing with Indian businesspeople.
The best export prospects are: crude oil, precious stones, machinery, fertilizer, iron, steel and chemicals. The hot industry sectors are: corrosion control; defense; architecture; civil aviation; education services; environment and water; health care and medical equipment; infrastructure/smart cities (roads, ports, and railroads); mining and mineral processing supply chain/logistics; power and renewables; and travel and tourism. xv
Note: As of 2015, India’s best trading partners are China, the United Arab Emirates, Saudi Arabia, Switzerland, and the United States.
China
The following statistics are relative to China’s exports: xvi
Languages: Standard Chinese or Mandarin (Putonghua, based on the Beijing dialect); Yue (Cantonese); Wu (Shanghainese); Minbei (Fuzhou); Minnan (Hokkien-Taiwanese); Xiang; Gan; Hakka dialects; and other minority languages
Population: 1,367,485,388—the world’s largest country (July 2015 estimate)
Population growth rate: 0.45 percent (2015 estimate)
Internet usage: 626.6 million, representing a 46.0 percent penetration rate (percentage of population; estmate 2014); Internet country code is .cn
Preferred online payment method: Cash on delivery (COD), credit cards (China UnionPay cards), and debit cards (China UnionPay cards), AliPay, WePay by TenCent and WeChat. Apple Pay and Samsung Pay will be new entrants – keep an eye out. xvii
Gross domestic product: US$19.39 trillion (2015 estimate)
GDP growth rate: 6.9 percent (2015 estimate)
Inflation rate: 1.4 percent (2015 estimate)
Per capita GDP: US$14,100 (2015 estimate)
Imports: US$1.596 trillion (2015 estimate)
Why China?
China’s sheer geographic size, population, and growth prospects offer unlimited possibilities. Building a large and profitable presence in China requires exporting top-quality products that are affordable to the masses. Small businesses that might not have the deep financial pockets that big companies do need to be extra careful on how they approach entering China. Be on heightened awareness at all times because one big China export misstep could cost you your business. As I write in an article for The Wall Street Journal, “You better put on your boxing gloves, for China can seem more like a sparring partner than a trading partner.” xviii I say this because of having had first-hand knowledge of conducting business in China and it being a tough nut to crack. As a result of my experience with China, its popularity, and its growth prospects, I am providing more information on the country.
Here are some hot tips for exporting to China (which might apply to the other countries in BRICS as well):
Create desirability. Get to know your customer in order to determine which of your products offers the greatest appeal for the Chinese consumer and fits best with the local culture.
Provide your product or service at your lowest price.
Have a negotiating strategy. The Chinese expect you to have a strategy, and if you don’t, they will take advantage of you. Know where you want to end up and how you plan to get there.
Build strong relationshipsnegotiating strategy becausethey are the lifeblood of business in China. It’s not how much you know but whom you know in China. Look for a partner who already has a Chinese presence and a great reputation in your industry. Take care of the people who take the time to make introductions for you. Thank them, thank them again, and thank them one more time.
Set the right course and slow your pace. Your success will be based not on how well you craft your strategy but on how well you execute the deliverables.
Be courteous.
Invest a significant amount of time and money to build and monitor sales, marketing, and distribution.
Prepare for a fierce competitor.The Chinese are known to flex their muscle relative to the sheer population size of the market they are dealing with, insist that you partner or form a joint venture together, learn everything you do and improve on it, and then turn around and compete against you. Do you have a strategy in place to combat that?
Put people on the ground in China who are respected, know the market, the language, the industry, and the lay of the land.
Train staff at the national HQand locally in China to work with the country well in advance of developing business. Training helps your staff connect, become knowledgeable on what needs to be accomplished, and develop confidence in their ability to get things done.
Take extra precaution in protecting your intellectual property. Will it be sufficiently complicated for someone in China or other emerging markets to duplicate your product? Figure it out and then come up with a plan that acts like a Sun Tzu Art of War contingency plan. “The supreme art of war is to subdue the enemy without fighting,” Tzu says. xix
Tip
A great primer on operating in China is Doing Business in China for Dummies (2007). Robert Collins, my friend and colleague and the CEO of the Shanghai-based company Doing China Business, coauthored the book with Carson Block. The book is not just for dummies, as it covers everything we all want to know about how business is done in China. It also includes a cheat sheet on common business blunders and discusses Chinese business values and even fun ways to spend your downtime in China. The chapter “Managing Risks” is particularly insightful for those who are concerned at the outset over managing legal (intellectual property, for example) and environmental issues, if any. Another good book is Jeffrey Towson’s The One Hour China Book: Two Peking University Professors Explain All of China Business in Six Short Stories (2014). One hour with this and Collins’ books will make you an instant expert on business in China.
The best export prospects for China are: electrical equipment and other machinery, oil and mineral fuels, optical and medical equipment, nuclear reactor, boiler and machinery components, metal ores, motor vehicles, and a range of professional services. Note: The biggest trading partners on China’s imports for 2015 are Japan, South Korea, United States, Germany, Taiwan, and Australia.
South Africa
Here are the general statistics about South Africa: xx
Languages: IsiZulu, IsiXhosa, Afrikaans, Sepedi, English (9.6 percent—widely spoken in business circles), Setswana, Sesotho, Xitsonga, siSwati, Tshivenda, and isiNdebele
Population: 53,675,563—the twenty-sixth largest country (July 2015 estimate)
Population growth rate: 1.33 percent (2015 estimate)
Internet usage: 24.8 million, constituting a 46.9 percent penetration rate (percentage of population); country code is .za
Preferred online payment method: Visa, PayPal through First National Bank (FNB), Ukash, M-Pesa, Cell Pay Point, Zapper and FlickPay. xxi
Gross domestic product: US$723.5 billion (2015 estimate)
GDP growth rate: 1.3 percent (2015 estimate)
Inflation rate: 4.6 percent (2015 estimate)
Per capita GDP: US$13,200 (2015 estimate)
Imports: US$86.81 billion (2015 estimate)
Why South Africa?
The United States is a critical trading and technology partner for South Africa, and ranks annually as South Africa’s third largest partner in two-way trade by value.
According to Export.gov, “The African Growth and Opportunity Act (AGOA), renewed for a final 10 year period with last minute eligibility for South Africa in 2016, provides duty-free access to the U.S. market for most sub-Saharan African countries, including South Africa. The United States and South Africa signed a new Trade and Investment Framework Agreement (TIFA) in 2012. The United States and SACU concluded a Trade, Investment and Development Cooperation Agreement (TIDCA) in 2008.” xxii These agreements will eliminate tariffs and other trade barriers, which will enable trade to expand with South Africa.
A few hot tips for exporting to South Africa: Take it slow, start with trusting relationships (South Africans like sticking with known suppliers), and perform due diligence on the companies you are dealing with. South African companies are receptive to a range of partnering arrangements with U.S. companies that can range from licensing to joint ventures to acquisitions.
The best export prospects for commodities are: Machinery and equipment, electrical, chemicals, petroleum products, scientific instruments, and foodstuffs. Opportunities exist for a wide range of consumer products and services as well. Note: as of 2012, South Africa’s biggest trading partners are China, Germany, United States, Saudi Arabia, India, and Nigeria.
Achieving Success Exporting to BRICS
Even the poorest markets in the world can generate revenue for small businesses provided they tailor their products and services to meet the needs of the consumers. If you target countries that have a healthy GDP, are Internet savvy, and have a population with a high percentage of people using the Internet, you will greatly improve your chance for success. Before entering a market, check with the World Bank Group ’s ranking of 189 economies to learn the ease of doing business in each country at http://www.doingbusiness.org/rankings and the full Doing Business 2016report at http://www.doingbusiness.org/~/media/GIAWB/Doing%20Business/Documents/Annual-Reports/English/DB16-Full-Report.pdf . A high ranking on the index means that the country’s regulatory environment is more conducive to the starting and operation of a local firm but is not necessarily representative of the ease of exporting there. Nonetheless, it will give you a good idea of the complexity or ease of entering into any given market.
Here is a blueprint for success in operating in BRICS. Consider these my export imperatives or immutable rules. Take these lessons with you on your journey and then use your own insight and intelligence to make good decisions.
Develop a distinctive quality productat a very low price. Many people in the emerging parts of the world are at the bottom of the pyramid living in poverty. They cannot afford many products, so price as low as you can while still making sure you will earn a profit, and use the pricing as a basis for entering other markets.
Tip
Develop products for emerging markets, which can serve as invaluable breeding grounds for innovations that were originally developed for these markets. These products will pioneer new uses when introduced back to the developed countries (the United States, for example). Authors Vijay Govindarajan, Chris Trimble, and Indra K. Nooyi describe the developing world as a fertile research and development lab for companies in any market in their provocative book Reverse Innovation: Create Far from Home, Win Everywhere (2012).
Tap into markets that have a healthy GDP, are creditworthy, are Internet savvy, and whose population has a high percentage of people using the Internet (in China, for example). You are seeking a tipping point where consumers and businesses are just getting a knack for e-commerce.
Determine your best BRICS market by comparing opportunities across borders within a particular industry based on a sector-specific methodology. Check with Top Markets: A Market Assessment Tool for U.S. Exporters http://trade.gov/topmarkets/?utm_source=blog&utm_medium=tradeology&utm_campaign=topmarkets . Each report is available for download.
Access theBureau of Economic Analysis (BEA)Data Tool to get a quick snapshot of statistics on trade and investment between the United States, BRICS and other countries by simply clicking on a world map: http://bea.gov/international/factsheet/ .
Tip
According to [the late] C. K. Prahalad , who created the “bottom of the pyramid” concept, “The dominant assumption is that the poor do not have money to spend and, therefore, are not a viable market. Certainly, the buying power for those earning less than $2 per day cannot be compared with the purchasing power of individuals in the developed nations. However, by virtue of their numbers, the poor represent a significant latent purchasing power that must be unlocked.” xxiii For an in-depth look at bridging the Internet gap and creating new global opportunities in low- and middle-income countries, read Intel’s “Women and the Web” at http://www.intel.com/content/www/us/en/technology-in-education/women-in-the-web.html .
Prequalify potential business partnersand maintain constant communications with them so you can rapidly respond to the whims of customers.
Take a long-term view on goalsand progress (five to ten years out) because that is where opportunity enters. By then, you will have acquired new knowledge and developed sufficient expertise to act on it.
Be patient—overseas business, especially in emerging markets, sometimes seems like it takes forever to get done.
Tip
Goldman Sachs has a complete 272-page e-book on the growth potential of BRICS and what the future holds BRICS and Beyond available for immediate download ( http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/brics-book/brics-full-book.pdf ). PWC offers The World in 2050: Will the Shift in Global Economic Power Continue? also available for immediate download ( http://www.pwc.com/gx/en/issues/the-economy/assets/world-in-2050-february-2015.pdf ).
Useful Guides on Doing Business with BRICS
The US Commercial Service, part of the US Department of Commerce, has already taken initiatives to help you learn about, and take advantage of, the new and existing opportunities for your business in BRICS. The following reports offer rich, in-depth looks at different countries’ political and economic environments and selling US products and services to those countries and discuss their trade regulations, investment climate, contracts, market research, trade events, and even market entry strategies. To understand the challenges and opportunities BRICS present, it is important to read these publications. The reports are the latest available.
Doing Business in Brazil:2016 Country Commercial Guide for U.S. Companies:
Doing Business in Russia:2016 Country Commercial Guide for U.S. Companies:
Doing Business in India:2016 Country Commercial Business Guide for U.S. Companies:
Doing Business in China:2016 Country Commercial Business Guide for U.S. Companies:
Doing Business in South Africa:2011 Country Commercial Business Guide for U.S. Companies:
Caution
As you drill down on the information, look for each country’s credit rating to determine how fluid the market is. In other words, can capital flow in and out freely? Consult with your banker. Also look at “Global Online Payment Methods Report 2015—Second Half 2015” ( http://www.researchandmarkets.com/research/zndp9d/global_online ) to determine each country’s preferred method of e-commerce payment. There is a fee.
Challenges of Operating in Emerging Markets
With any opportunity comes a host of challenges . When entering into BRICS, there is no single cookie-cutter approach because each market varies along with the individual companies. But this I can guarantee: You will face unpredictable market conditions; limited human resource capabilities; corruption; high-income inequality; weak infrastructure (poor transport systems that make shipping goods particularly problematic, for example); spotty retail systems (small local retailers and kiosks vs. small number of big chains); lack of credit card penetration (the vast majority of purchases, including online ones, being made in cash); electrical shortages; and weak fixed line telecommunications. The bottom line: In many instances, the countries are too underdeveloped to get into. Still, it is worth a try to beat your competitors from getting the first-mover advantage on new customers. Take your conquest of BRICS in steps or stages and you will fare best.
Caution
Trade and technology regulations and standards vary from country to country, which makes life difficult for manufacturers and exporters. Always check with a variety of sources to determine whether the regulations and standards specific to a country can become obstacles to trade. The “Technical Barriers to Trade” section on the World Trade Organization site ( http://www.wto.org/english/tratop_e/tbt_e/tbt_e.htm ) is a good place to start.
Other Opportunities in New Frontier Markets
Frontier markets or next-generation emerging markets often have shakier economies with a much younger labor force, yet in the next five years, growth could become much faster for frontier markets than in the established emerging markets. For now, monitor the following markets closely for growth and development: Indonesia, Malaysia, Mexico, Columbia, Poland and Kenya (Africa’s other growing economy). Some will grow so fast that they move into the emerging-market category.
Tip
For addiitional emerging markets, read, “The Top 20 Emerging Markets: Global Emerging Markets http://www.bloomberg.com/slideshow/2013-01-30/the-top-20-emerging-markets.html#slide1
While these markets are still in their early stages of growth and development, they can be attractive export opportunities that offer long-term economic growth with strong profit-return potential, provided you actively manage this area. There is nevertheless great risk, volatility, and inefficiencies in frontier markets, so tread carefully.
Summary
A successful export business revolves around satisfying customer demand. If you want to succeed in BRICS and other second-tier fast-growth markets, you must make extraordinary efforts, understand the operating environment and consumer trends, have the financial capacity to sustain the journey, offer products that are in demand at low prices, take a risk, and get the right people on board to execute your strategy. Nothing feels more satisfying in the business world than claiming your place as a high-powered export player in BRICS, especially if you are improving billions of lives in the process. If you are up to the challenge and persist, you will reap the benefits for years to come.
After venturing into BRICS and other second-tier countries , what’s next? The world is larger than you think for opportunity! In the next chapter, I will look at ten export markets that are possibly the most attractive for selling your products.
Notes
“5 Reasons Your Startup Isn’t in Emerging Markets (And Why It Should Be),” Huffpost Business, June 1, 2016, accessed June 12, 2016,
http://www.huffingtonpost.com/young-entrepreneur-council/5-reasons-your-startup-is_b_10166316.html .
“How Smart Businesses Are Winning in Emerging Markets,” Reuters, February 22, 2013, accessed June 12, 2016, http://blogs.reuters.com/great-debate/2013/02/22/how-smart-businesses-are-winning-in-emerging-markets/ .
“BRICS Nations Plan New Bank to Bypass World Bank, IMF,” Mike Cohen and Ilya Arkhipov, Bloomberg, March 26,2013,
http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html .
“Beyond the BRICS: Emerging Markets Opportunity,” Vanguard, March 23, 2016, accessed June 12, 2016, https://personal.vanguard.com/us/insights/article/beyond-brics-032016 .
“Coca-Cola ‘Still the Largest Brand’ As Local Players Apply Pressure, FoodBev, June 9, 2016, accessed June 12, 2016, http://www.foodbev.com/news/coca-cola-still-the-largest-brand-as-local-players-apply-pressure/ .
“The World Factbook; Country Comparison: Population,” Central Intelligence Agency, July 2015, https://www.cia.gov/library/publications/the-world-factbook/rankorder/2119rank.html?countryname=Brazil&countrycode=br®ionCode=soa&rank=5#br .
“The World Factbook; South America: Brazil,” Central Intelligence Agency, last modified October 25, 2013, https://www.cia.gov/library/publications/the-world-factbook/geos/br.html .
Patrick Bruha, “Payment Methods in Brazil,” The Brazil Business, January 19, 2015, accessed June 12, 2016, http://thebrazilbusiness.com/article/payment-methods-in-brazil-1421683322 .
“Brazil,” Office of the United States Trade Representative, accessed June 12, 2016,
“The World Factbook; Central Asia: Russia,” Central Intelligence Agency, last modified June 7, 2016, accessed June 12, 2016, https://www.cia.gov/library/publications/the-world-factbook/geos/rs.html .
Anna Kuzmina, “An Introduction to Online Payments in Russia,” Internet Retailer, June 30, 2015, accessed June 12, 2016, https://www.internetretailer.com/commentary/2015/06/30/introduction-online-payments-russia .
“Doing Business in Russia: Market Overview,” export.gov, last modified June 7, 2013,
“The World Factbook; South Asia: India,” Central Intelligence Agency, last modified October 31, 2013, https://www.cia.gov/library/publications/the-world-factbook/geos/in.html .
“Global Online Payment Methods Report 2013–First Half 2013,” Wall Street Journal, May 30, 2013,
“India Country Commercial Guide,” Export.gov, last updated October 13, 2015, accessed June 12, 2016, http://www.export.gov/ccg/india090814.asp .
“The World Factbook; East & Southeast Asia: China,” Central Intelligence Agency, last updated June 7, 2016, accessed June 12, 2016, https://www.cia.gov/library/publications/the-world-factbook/geos/ch.html .
Oren Levy, “Where In the World Are the Mobile Payment Users?” ATM Marketplace, June 10, 2016, accessed June 12, 2016, http://www.atmmarketplace.com/articles/where-in-the-world-are-the-mobile-payment-users/ .
Laurel Delaney, “Trade Routes to China,” The Wall Street Journal, June 12, 2000, http://www.wsj.com/articles/SB960218205555337004 .
“The Art of War Quotes,” Sun Tzu, goodreads,
“The World Factbook; Africa: South Africa,” Central Intelligence Agency, last modified June 9, 2016, accessed June 12, 2016, https://www.cia.gov/library/publications/the-world-factbook/geos/sf.html .
“Crossborder-Ecommerce | Payment Methods South Africa,” The Paypers, accessed June 12, 2016, http://www.thepaypers.com/payment-methods/southafrica/25 .
“South Africa Market Overview,” Export.gov, last updated June 7, 2016, accessed June 12, 2016, http://apps.export.gov/article?id=South-Africa-Market-Overview .
C. K. Prahalad, Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits, Revised and Updated 5th Anniversary Edition (Philadelphia: Wharton School Publishing, 2009), 35.