Localization is a process of content transformation with a focus on local peculiarities. There are two key types of localization: the first one is closely bound to translation, and the second one includes changing content type to make your offer attractive for every market.
The main difference between localization and translation relates to the target audience culture. Translation usually conveys the same words and meanings in another language; localization can sometimes be called ‘a really good translation’. It demands changing units of measure, currencies, fonts, capitalizations, etc., so that the final text would match every local culture and its customs. However, localization is not limited to these details.
It has already become a separate industry. Thanks to widespread technology, localization is now one of the principal elements of the IT field: websites, apps, video games, software need to be localized for future users from all over the world.
Localization allows you to multiply the number of your potential clients by opening new markets for your product. Nowadays, the audience prefers exclusive content that is produced precisely for them. Everyone enjoys personal approach, and localization is the solution.
Once you have decided to go global, you should avoid unintentional insults to any cultures and communities. Localization is meant to consider all cases when you need to be careful.
The key to global success is as simple as that: Localize your content. It does require some money and time, but if your localization strategy is well built, the results will be seen very soon.
You may read more on the topic here.