In “The Linguist” (August-September 2012), Professor Hagen says that at least a quarter of export companies in England and Wales lost multilingual business due to language or cultural deficiencies, and “One estimate suggested a lack of language skills cost the UK up to 1.2 percent of GDP or £7.3 billion a year.” A study showed that “one in ten SMEs had lost contracts due to the lack of skills in foreign languages… 37 of which valued the loss of business to equate to between €8-13.5 million.”
The increase in multilingual business
Until a few years ago, English was the Internet’s lingua franca, but since then, with the world’s population growth and the emerging markets, there has been a better approach to the multicultural nature of trade which resulted in the growth of multilingual business and content.
Even though English is still the main business language, its growth is not as great as for other languages on the internet.
- Internet usage increased in the US by 40% in 2006
- at the same time, in Brazil by 200%
- in India by 300%
- and in China by 500%
Bearing in mind that half the world’s population speaks one or more of 12 languages, for you to stay ahead of the competition means you must adapt to the market’s demands which could boost your business to the next level.
A localised website will not only be more accessible to a specific country but will also show greater professionalism on your part. That is why website localisation has become a mainstream activity.
By using our multilingual business services, not only will you be understood by your customers, but you will also be able to reach out to them on a global level, thus expanding your business. Let ISO Translations help you generate global business. Send your files to us today.