Consumers are increasingly buying online and are attracted to international retail brands resulting in a massive worldwide e-commerce sales growth year on year. According to Statista, E-retail revenues are projected to grow to 6.54 trillion US dollars in 2022. Cross-border retail is, therefore, a great opportunity for brands looking for growth. However, entering this market is not easy and requires a lot of preparatory work.
If you’re one of them who haven’t expanded overseas, or perhaps you don’t know how to begin, well, lucky for you, here’s your comprehensive guide to going international with your e-commerce store.
While every company is different, there are key steps to international e-commerce success:
Identify international market potential
You need to do some research and be very specific about your target markets by identifying the regions where your products and brand will perform. Evaluate different markets around the world, understand their consumers, determine the current market opportunity, and anticipate all landed costs before making the decision to take your brand there.
Localize by market
In order to go global, go local. Language is the most important consideration for localization. Research has shown that most online shoppers won’t purchase from a site that’s not in their own language or currency. Other factors include different address formats and varied checkout preferences.
Determine payment methods
Payment and tax are two of the most complex factors. Tackle these locally based on legislation, diversity of payment types, and consumer preferences. For example, consumers in some Asia-Pacific countries value convenience above all else. Those in the Netherlands prize consumer protections. Likewise, you could risk losing out on sales if you don’t allow people to purchase using their preferred payment method. US shoppers prefer credit cards (66%), while China prefers digital payment methods such as Alipay (86%). Analyze your target market to understand and offer the best payment mix.
Don’t overlook the importance of mobile commerce: Mobile commerce is an important part of international e-commerce and the global economy. With the recent pandemic and quarantine rules, social shopping has become even more widespread among consumers, which is why it represents a popular channel for many retailers to reach their global customer base. Hence, a mobile-friendly website is a must. It will put you in another league and catapult you far ahead of the competition.