There's no doubt about it – international ecommerce markets are growing. This means there are more opportunities than ever before for online retailers to join in on the action, expand their business, and rake in more profits and revenue. Technology makes it easier than ever to reach customers from all over the globe. In fact, all it takes is a few clicks of the mouse and you can be on the way to bringing in audiences from every continent on the planet!
If you run an online business, there may come a point where you're ready to take things further and branch out internationally. Thankfully, we've got some excellent practices and tips you can try out today that can help you tap into foreign markets, get your brand out there, and most importantly, achieve more success.
Research International Markets
Before you start selling your products or services in international markets, it's crucial you do your homework first. You need to spend time researching to understand who your new potential customers are, the types of products they will purchase, and what their buying behaviour is like. Once you gather this information, you can identify if there are already some international buyers in the mix. It's wise to gather market research in areas these customers live in since you've already experienced success in that region. The bottom line is you'll want to be confident you're reaching out to the right audiences.
Handle Legal Needs
After you establish the foreign locales to sell in, the next step is to obtain appropriate documentation to conduct business in such countries. You may need to obtain a business license for specific countries. Alternatively, you may require documents that show you're legally compliant. This is going to take some time to research. You'll find each country is different in terms of their requirements. Don't fall at the first hurdle either. If you want to tap into huge markets like North America or Asia, fully understanding how they operate will definitely pay off.
Develop a Fulfilment Strategy
Next, it's time to come up with an order fulfilment plan. Fulfilling global orders is different than doing so domestically. You may wish to consider using suppliers located in the countries where you sell. Taking this step can certainly simplify things. Also, using local suppliers will cut down on shipping time which is a major issue for online shoppers. Make sure to find shipping providers who are local to the locations you wish to sell. Spending some time researching local shipping providers will help you figure out what is best for both you and your audience.
Set Competitive Pricing
Staying on the topic of money and payments, you need to set competitive pricing for your products. However, making a profit in the process too is essential. When selling internationally, you'll need knowledge of what pricing is like in countries where you plan to sell. One of the main considerations is understanding how consumers value their money in areas you want to sell your products. For instance, spending £50 for an online purchase in the UK may be normal enough. But, for a buyer in India, £50 may be a huge portion of their income and they may not be able to afford it. The key to successful international pricing is altering your prices in different regions to stay competitive locally.
Market Products for Local Audiences
Marketing for international sales must be localised too. You could be selling in locations where you must reach buyers who do not speak English. Even though you've got various detailed photos of your products, many non-English speaking consumers won't purchase products from pages they cannot read. This means you need to provide foreign customers with marketing and websites in their native language. Investing in multilingual marketing will show how much you value and appreciate international customers. It can also be great for boosting your business reputation and staying on top.
Invest In Performance Marketing Tools
Once you start offering your services globally, it's vital you monitor how things are going. One of the best things you can do is invest in performance marketing tools. You will quickly figure out whether the region offers a viable market by monitoring the correct metrics. Some of the common metrics to track include conversion rates, cost per client acquisition, and customer retention rates.
Offer Global Payment Methods
Following on from your fulfilment strategy, you need to make sure customers from all over the planet can make payments quickly and easily. Therefore, offering global payment methods is a must. Whether it's credit cards, debit cards, or e-wallets, giving customers plenty of choice is essential. You should look into using a UK multi-currency account too which Silverbird can help you with. If you need to pay suppliers from around the world, their multi-currency account is built for quick and straightforward international payments with no limits.
For business owners who are ready to expand their audience reach and venture into new territories, following our suggestions will help elevate how you do things and bring customers on board from around the world.