Localization begins with translation, but is more extensive, including cultural and regional differences such as currencies, names, date formats and slang words. It is a process that requires both local knowledge and cultural awareness.
Globalization is the process of redesigning a document or product for markets beyond the boundaries of one nation, culture or language, enabling it to reach audiences worldwide. If you aim to reach an international audience, you may need to consider both localization and globalization.
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