The US market offers huge opportunities for foreign enterprises, yet it can be a challenging and daunting process for a company owner without the relevant experience and know-how. This case study explains how our partner, James, helped a Singapore smart vending company, Cryowerx, enter the US market successfully.
About Cryowerx
CryoWerx is an automated retail (smart vending) company based in Singapore and has expanded to Indonesia, Switzerland, and the US.
They revolutionized the way ‘Grab & Go’ food kiosks operate by providing a simple and cost-effective way for savvy restaurateurs to share a common space through their Smart Fridge. Their high-tech food kiosks enabled restaurateurs to sell fresh, healthy, flavourful food unattended at multiple locations, anytime, anywhere at a fraction of the rental and manpower costs of a traditional outlet.
The Challenge: Expanding into America
Cryowerx saw great sales opportunities in the US, as unattended fresh food retail experienced explosive growth across the States in recent years.
After embarking on a series of preliminary market testing in 2019, Cryowerx decided to plan for an expansion into the US market, as they were persuaded by the positive feedback received from potential customers in the US. As a next step, Cryowerx sought to understand the market niches and the technical considerations before stepping into the US market.
The Solutions
Cryowerx sought help from our partner James, who possesses great knowledge of market entry into the US. James assisted Cryowerx in four aspects:
- Advice on the region-specific technicals and the market-niches essential for business owners to know before entering the US.
- Evaluation of Cryowerx’s existing supply chain and distribution channel, thereby suggesting to them the most effective logistical approach.
- Business-matching with various potential business collaborators across the US.
- Building a local team with a local operating director in the US, which serves to provide better management of the US team and more effective collaboration with their US partners.
The Outcome
With the help from James, the company has successfully incorporated and is currently building their manufacturing capacity in the US.
So how can you prepare for your expansion overseas?
We hope that this case study has helped you understand what it will be like entering the US market. If you still have any queries or would like to seek professional help, do schedule a check with us to assess your capacity for expansion and discuss your market entry strategy into your target market.
About James: James has been living in San Francisco for many years. He has been an adviser in many start-up companies based in Singapore and hoping to expand into the US, helping out with the region-specific technical, logistics, planning and business matching them with potential partners.