We will take a look at the different steps involved in entering the international ecommerce market.
This decision is a very important one and shouldn’t be taken lightly. You will need to do extensive research into deciding whether or not global expansion is right for your ecommerce company:
Step 1: Choosing Your Target Market
There are a lot of important factors to consider when entering a global marketplace.
First, you need to learn how to act like a local. Depending on your product offering and sales volumes – you will have to hire local teams in each region or country you want to sell to.
Second, you will want to decide whether or not your products are suitable for selling in a foreign market.
At this point, it is important to consider both the pros and cons. If your ecommerce store sells a different range of products, you will have to adjust your entire product inventory to calculate the potential profitability of each item you have to offer.
When choosing your target market, you will also need to consider the following factors:
- Shipping Costs: It might not be the best option to ship large products abroad, especially if they need to be sent by ship or plane.
- Market Size: You are less likely to succeed in selling luxury items to people in poorer regions where the majority of them prefer cheaper alternatives.
- Competitor Presence: One of the main reasons to reach out to worldwide buyers is because there is no or little local competition in your country.
- Local Preferences: Keep in mind that consumer markets vary from one region or country to the next.
- Legal Restrictions: Some items might be legal in your country by not legal in the country you want to sell.
Step 2: Level of Internationalization
In terms of the level of service, you can provide everything from international shipping to local currency support.
The level to which you can get through an overseas marketplace mostly depends on how accessible you make your items.
There is a lot of work included and making a poor attempt is not going to win you a lot of customers. You need to invest a lot of effort in order to gain success in international markets.
Pay attention to:
- International shipping: You will need to be able to offer international shipping to get your products to the buyers.
- Localized product inventories: Your product inventory may need to be adjusted according to customers’ needs and demands.
- Payment systems: It is important to support the best payment systems in the targeted region or country. In the UK, for example, 90% of people prefer to pay with credit cards.
- Country-specific content: Translating your page content is not enough. You need to offer content that appeals to your local audiences.
Step 3: Localized Ecommerce Website
Once you will decide on which items to sell and which regions to sell them in, the next step is localizing your ecommerce website.
Before you start localizing your website, you will need to have a strategy or plan. This strategy must include different phases of global expansion and the people responsible for your worldwide marketing efforts.
Find people to help you internationalize your ecommerce site, it’s very important to build your website with a strong and international ecommerce platform.
Work with one region or country at a time and focus on succeeding in one market before acquiring a new one.
Step 4: Shipping and Payments
International credit cards are the best way to pay for items online. However, there are some countries such as Germany and China where credit card payments aren’t preferred methods of payment.
It is important to provide preferred local payment solutions or you may end up losing out on a large number of customers.
If you can store products locally, you will have to find local shipping solutions. The more shipping options you offer, the better for you and your customers.
Step 5: Localized Marketing
Adjusting your online store for the international marketplace is the final step.
Take steps to localize your marketing strategy and make your brand attractive to foreign audiences.
In order to show people that you are respecting their needs, adapting your digital marketing strategy is a must!
Your content (social media updates, blog posts, and more) needs to be in tune with the preferences and trends concerning your local target audience. Also, it needs to be posted at the right time and in the right place.
Get Global Today
By adopting a localized approach and showing your customers you are in touch with their habits, you will successfully conquer the international marketplaces.
Are you ready to get global and run your own successful ecommerce business?
Follow the 5 steps discussed above and expand your online venture into a foreign-language market!