7 Keys to Global E-Commerce Success
January 11, 2019 | Financial Problems | Jessyka Lee
If you run an eCommerce business, the entire world is at your hands, and international markets offer the enticing promise of increased visibility and sales.
International growth is a great way to mitigate risk and dependence on a single market for all your earnings.
Picking up sales from international markets is a great way to offset softer sales domestically in the event that you sell products that are unique and in demand or you’re able to compete with local players on delivery or price.
How to begin may seem overwhelming, however. But PayKings has compiled a helpful list to get you started and keep your eCommerce business on track and flourishing beyond what your competitors are doing.
The following are some tips and must-knows about how to grow your sales worldwide.
Know Why You Are Going Global
Before moving away from your house market, it’s important to know why you’re doing it. This means, in part, that you must have a sense that your merchandise will sell well everywhere.
Global growth for your eCommerce business is an excellent way to grow your company as a whole. That said, 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 will be a good amount of demand?
Examine new markets to ascertain if they are ready for your merchandise, if your price-point resonates, then in the event that you can meet customers’ expectations for total customer adventures
Though it can be time consuming, doing your homework before expanding your eCommerce efforts internationally will pay off in the end.
Work the Logistics Out
It’s important that you know how you’ll make and provide products and services to eCommerce customers once you’ve got them in a new sector. Don’t wait until you have made your first sales to figure out what you are likely to do next.
A company faces many challenges when determining how to advertise, sell, meet and support customer’s e-commerce needs outside the countries where they are accustomed to conducting business.
The very first decision an eCommerce company must make is whether to market out of their existing country and then send the items to the customer, or put up operations in target nations with a completely localized expertise, taking local payments, in local currencies, under local tax requirements.
Know Your Market
Be sure 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 customers and alienating them.
Understanding the local environment and its norms are a major issue, and shoppers from different countries can easily be turned off if their regional customs aren’t respected. For example, Black Friday is a foreign concept in France, just as Singles Day are a foreign idea to North Americans.
You’ll want to localize your marketing, sales, fulfillment and distribution efforts as much as possible, to ensure prospective customers feel comfortable buying from you.
Work Out Payments
It is important to know how you’ll be taking payments, especially witheCommerce, credit card processing is key. You should also make sure that your payment processing is logical in the country you’re targeting.
It is also critical to know how customers prefer to make payments. While North Americans use credit cards extensively, other nations use direct debit, online transport, and even invoicing more frequently. For more on payment processing, click here.
Get Clear on Charges and Taxes
Among the most common mistakes companies make when taking their eCommerce business global is failing to investigate what the fees and taxes are in the markets they’re entering.
The highest-consequence mistakes are those with the biggest financial impact. Do not misunderstand local tax regulations or overlook how to repatriate earnings and revenue to your business’s primary eCommerce platform.
For example, some places need a local partner to have a percentage of the authorized entity selling products in that country.
You don’t have to go it alone when going global. Do not be afraid to search for marketing, sales, fulfillment and supply partners that know local 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, find partner that will assist you in understanding each major part of advertising, selling, e-commerce, fulfilling orders, and customer support.
Emphasize Good Customer Service
Success in selling internationally — like selling anywhere — boils down to offering incredible customer service.
The greater your client service is for your eCommerce business, and the more your company provides, the further your ability to get over the inevitable challenges that comes with the process of growing your reach.
It is all about customer service, and ultimately, you don’t want folks to realize it’s an international eCommerce business selling to them.
January 11, 2019 | Financial Problems | Jessyka Lee