The pandemic has actually converted this world into a global village where people have converged to the internet in different ways. Conventional shopping from local retailers is not the first choice as online shopping is the new trend. International eCommerce is a great opportunity at such time for businesses to expand their outreach to the global consumers.
What is international eCommerce?
International eCommerce is cross-border online trade among global partners. Its concept is so vast and allows extensive growth in the field. It is expected to expand even more and open broad growth opportunities for businesses. According to Statista, the eCommerce trade rate was around 18% of the total trade, and this number is expected to reach 21.8% in the year 2024.
Areas to focus on
Now that we are aware of a great growth opportunity for our business, how exactly can we make it happen?
Here are a few areas of global eCommerce that you need to focus on before taking your steps.
The new pool of resources for international market
You don’t need to get a completely new pool of resources and start all over. You can start by using the ones you already have in the right way. It takes a lot of commitment and skill set to do that.
Your employees must come with an international experience or be willing to learn in the new environment. Otherwise, you would need to hire new staff with a unique skill-set in marketing at the international level.
You must set a dedicated budget for your international marketing separate from the domestic budget depending on the type of your target market and the strategy you will be going for.
The range of growth
The company that has determined its needs and how much it should expand is more likely to succeed in the market. It’s easier to expand your business by using international eCommerce as a platform as it offers more opportunities. Every business has a set of demands and you need to determine yours in order to understand how much expansion is required. You can go for physical outlets in foreign countries for a full scope expansion. Otherwise, you can just stick to opening shipments for the international market and creating internationally available web designs for a virtual presence all around the globe.
Several global SEO tools allow you to understand the demand for a certain product in foreign areas. You can measure the conversion rate of a particular area and how much of the target audience are interested in online shopping. This lets you design your eCommerce strategy accordingly and hit the right audience with the right campaign.
You need to find the empty spaces in your competitors’ marketing skillset and fill them up with your strategy to perform better. Most of the traders don’t focus on the importance of international eCommerce and just focus their efforts on physical operations instead of online. Even if you are a smaller company, you can still seize the online market and win yourself a strong position with cross border eCommerce.
Steps to succeed at International eCommerce
Global eCommerce is constantly expanding and is expected to grow even more. This offers a great opportunity for businesses to improve their outreach by using the best international e commerce practices.
Here are a few steps that you need to follow in order to offer your products to the whole world.
1. Plan your strategy
There are vast possibilities to grow with global eCommerce. But, as it offers a very huge market to step in, the competition is also extensive. You need to plan your eCommerce solutions before you open up your doors to the whole world. You can start small and build up your investment with time and experience.
2. Research the potential market
You must do your homework and learn the shopping trends of your potential customers. The market you are going to offer your products in must be researched upon. You need to gather the internal data to find foreign consumers and expand your reach into the related markets. Do your research to find the buying trends and demand of a certain product in the particular market.
3. Find the international payment methods
Many customers add products to the cart but abandon them at checkout due to payment issues. Find out the methods used by competitors, choose the most easy and trustworthy ones for your business. Try to give options to the customer for convenience. Generally, the local currency is mostly preferred by consumers so try incorporating that into your business as well. Also, make sure that you choose a reputable payment method so the security issues are not compromised.
4. Enter the market with a strategy
There are many ways you can enter a new market when it comes to international eCommerce. You can either extend your current business and start small by offering a few products in a few markets at a time. This allows you to analyse your risks and opportunities in a better way and check how you must expand them more. The other option is to go big with your investment and apply the right marketing strategies and use the popular marketplaces.
5. Optimise your website for an international audience
You can either make your already present website available for international users or create further sites for some particular markets depending on the needs. Apply the right eCommerce solutions to your website and make it fully functional for people around the globe. Make sure it shows the price in local currency for convenience. When you go for a new website, it allows you to experiment with new strategies that might not work in your country but be effective in others. There is a lot of flexibility that way.
International eCommerce can be a great platform to expand your business and grow it around the globe. It allows you to offer your products and services to bigger markets and generate greater revenue. There are a few areas that you need to consider before you enter a bigger market and a custom designed strategy that suits your business type. A dedicated team skilled in the international market can help you design your strategy and offer what you got to the whole world.