If you run an eCommerce business, the whole world is in your hands, and worldwide markets provide the enticing promise of greater visibility and sales. International growth is an excellent way to mitigate risk and dependence on a single market for all your earnings. However, selling online to international customers comes with its own set of challenges.
Finding payment processing and eCommerce merchant services that will accept international sales can be difficult to pin down.
Picking up sales from international markets is a great way to offset softer sales domestically in the event you sell products that are unique and in demand or you are in a position to compete with local players on delivery or price.
The following are a few ideas on how to grow your sales worldwide.
Know Why You Want To Go Global
Before moving away from your native market, it is important to understand why you’re doing it. This implies, in part, that you must have a sense that your merchandise will sell well everywhere.
Global growth for your eCommerce business is a fantastic way to grow your company as a whole. Having said that, don’t assume that just because you’re successful in your home market that you’ll be successful overseas. Do you have something unique or distinct enough that there’ll be an incredible amount of demand?
Research new markets to learn if they are ready for your goods and services and you have the right price-point for your wares. Though it may be time-consuming, doing your homework before expanding your eCommerce efforts globally will pay off in the end.
Plan for Shipping and Logistic Solutions
It’s important you know how you will make and provide products and services to eCommerce customers once you’ve got them in a new sector. Don’t wait until you’ve made your first sale to figure out what it is that you’re likely to do next.
A company faces many challenges when deciding how to market, meet, and support customer’s eCommerce needs outside the states in which they are accustomed to conducting business.
The very first decision an eCommerce company must make is whether to advertise out of their existing country and then send the items to the customer, or put up operations in target countries with a completely localized expertise in local currencies and under local tax requirements.
Research Your Market
Make sure that you spend time getting to know a nation’s culture before expanding to a market outside your home country. Those insights may make the difference between selling to clients and alienating them.
Understanding the local environment and its norms are a significant issue, and shoppers from different nations can easily be turned off if their regional traditions aren’t respected. For instance, Black Friday is a foreign concept in France, as Singles Day is a foreign idea to North Americans.
You will want to localize your advertising, sales, fulfillment and distribution efforts as far as possible, to make sure prospective customers feel comfortable buying from you.
Get the Right Payment Processing Solutions
It is important to know how you’ll be taking payments, particularly with eCommerce, credit card processing is key. You should also be certain that your payment processing is logical in the nation you’re targeting.
It is also essential to understand how customers prefer to make payments. While North Americans use credit cards broadly, other countries use direct debit, online transactions, and invoices more often. It’s important to open a credit card processing merchant account that will accept foreign currencies.
Understand International Fees and Taxes
Among the most common mistakes companies make when taking their eCommerce business global is failing to investigate exactly what the fees and taxes are in the markets they are entering.
The biggest mistakes you can make in business are the ones with the greatest financial impact. Don’t misunderstand local tax regulations or overlook the way to repatriate earnings to your business’s primary eCommerce platform.
For example, some places require a local partner to have a percentage of the authorized entity selling products in that country.
Get A Partner
Everyone knows that when you go abroad, you should go alone. Don’t be afraid to search for marketing, sales, fulfillment and supply partners that understand local international markets and can assist in improving your business there.
Even if you are within a large business and well staffed for entrance into new markets, the international eCommerce industry, locate a partner that will help you in understanding each major portion of advertising, selling, eCommerce, fulfilling orders, and customer support.
Emphasize Decent Customer Service
Success in selling globally—like selling anywhere—boils down to offering incredible customer support.
The greater your client service is for your eCommerce business, and the more your business provides, the further your ability to get over the inevitable challenges that come with the process of growing your own reach.
It’s all about customer service, and ultimately, you do not want folks to realize it is a worldwide eCommerce company selling to them.