In the upcoming years, online retailers may anticipate seeing significant growth from the quickly expanding cross-border e-commerce market. Just have a look at the facts if you have any concerns that doing business internationally and selling online presents a sizable possibility for your company.
According to a recent McKinsey report, 1.8 billion individuals will join the consumer class by 2025, spending $30 trillion yearly. With more people having access to the internet, customers will have easier access to companies like yours operating globally.
Establish a plan
You need a plan before you invite the world inside!
Selling a few goods in an international B2B marketplace is a good place to start if you’re new to the global economy. When you are ready to expand after testing a few important items and markets, you can invest more money.
Here are three essential planning areas and some tools to get you started, no matter where you are.
- Find your markets of interest
- Think about several international payment options
- Make a market entry plan
Find your markets of interest
Doing your research pays off, just like with any new effort. Discovering who, what, and how to sell to overseas customers should be your first step.
Compile market intelligence
Start by checking your internal statistics to see which nations are currently purchasing your items. Attempt to reach out to more people in these markets, even if it’s just to try out some particular product sales.
Studying local buying trends and demand
Research the top nations that have a high demand for your products or particular specialty to assist you to establish your target markets. Is there a demand or a market gap? While you’re doing it, attempt to find out as much as you can about consumer spending habits and where they normally source their goods.
Think about several international payment options
After doing your preliminary market study, start considering your payment methods. This is crucial since overseas customers frequently give up on their purchases during the checkout process.
Either because their chosen payment method isn’t accepted or because they don’t have faith that their money will be handled properly.
Study the preferred payment methods of neighborhood buyers
It’s critical to determine what works best for the marketplaces in which you’re marketing because these differ greatly by country. For instance, in the Chinese B2B platform, direct debit accounts for 60% of payments, however, online bank transfers account for 46% of payments in Germany.
People like to make purchases in familiar currencies, especially their own. You can offer products in a variety of currencies with some worldwide payment processors.
Pick a payment processor known for its security
Choose a payment processor with a solid international reputation. For instance, PayPal consistently ranks among the top payment options for cross-border transactions because of its security, purchase protection, and convenience across a variety of platforms.
Make a market entry plan
You have a few possibilities for breaking into a new market: you can start small on an already-established online marketplace, optimize your present website, or create a local web presence in specific nations.
Start modestly on an active online market
Frequently, well-known websites can provide you with a broader reach at a reduced cost. They enable you to gauge demand for your goods before investing a significant number of money in redesigning your current website. Think about additional online marketplaces that might be well-liked by your target market.
Improve your existing website
The slightly more sophisticated choice is to make your current website international buyer-friendly. You can start by merely emphasizing your ability to accept orders from other nations and providing details on the countries you service and the shipping charges.
For customers with non-US IP addresses, you can consider displaying your products in local currencies once you have more experience. You might also consider installing a multi-language toggle for your website in the future.
Build custom websites for specific markets
The most sophisticated alternative is to create a website that is targeted at particular international buyers. This may entail making a domain name purchase locally.
A tailored website provides you with complete freedom to experiment with various items and presentations. Moreover, the products and techniques that are successful in the United States might not necessarily be successful in other nations.
To conclude, similar to international travel, selling overseas is a challenge with the potential to change your business and career. Your business will be exposed to new nations, cultures, and, most crucially, customers. In light of this, don’t be hesitant to start selling internationally.