Cross-border SME exports, for example, accounted for nearly a third (32%) of all UK export activity in 2018, with a major percentage of this business taking place in European markets.
The lines between online and offline shopping are frequently blurred in eCommerce. Customers may now choose from a variety of sellers all over the world, making it necessary for brands and online retailers to present their items to a worldwide audience.
Exporting across different nations is an important component of many firms' growth strategies, big and small, but doing so successfully isn't always easy. With this in mind, we'll go through the importance of selling to a worldwide audience and some of the things you can do to make cross-border sales a success.
Why should I sell to a worldwide audience?
Before we look at some of the strategies you might use to sell online across borders, we'll start by laying out some of the most compelling reasons for expanding a local business into the worldwide market.
- Boosting visibility to a larger audience
- Supply in-demand items
- Better stability
How to get started:
If you're considering expanding your business online for the first time, you'll need to plan ahead before diving in. Here are five crucial points to consider:
- Choose the markets that are most appropriate for your company
According to PayPal research, cross-border purchasing is most common in Portugal, Ireland, and Peru, with China being the most popular destination for global online customers.
- Select the appropriate channels
If you want to sell to a Chinese audience, for example, you need to be aware that China's digital marketing landscape is very different from that of Western countries, with Baidu dominating rather than Google. If you want to get into the Russian eCommerce sector, you should know that Yandex is the most popular search engine, although it is fading in popularity in other Eastern European nations.
Local targeting is quite simple on Facebook and Google, but it's worth exploring alternative marketing channels that are popular in the nations you're targeting.
- Payment options
In Europe, for example, a majority of eCommerce payments are made with Visa, Mastercard, and American Express, but India and other Asian countries prefer cash on delivery.
- Understand different tax regulations
Determine whether or not tariffs and taxes will affect the landing cost (the total price you spend to deliver an item) of any products you want to sell overseas, and inform buyers of any additional payments upfront.
Tariffs may be decreased or abolished entirely if your country has a free-trade agreement in place with any of the countries you wish to sell into and your product category is covered.
Expanding your local or eCommerce business can be a very risky venture but it can be incredibly rewarding if done correctly with the right strategies.
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