Start Your Cross Border eCommerce Business Right!
Many big US brands have gone global over the last few years by launching their online stores. Global or Cross Border eCommerce does pose some challenges but it not impossible for smaller businesses to get in and go big. With easy Electronic Payment Solutions, Get Ready for Cross Border eCommerce!
Here are 3 Tips Start Your Cross Border eCommerce Business Right.
1. Choose the Best Region for your product.
Make sure you choose the best region that will have sufficient demand for your product. Best to start in a region which will ensure the best chance of survival and growth. If your product has good demand in a particular market, you could justify extra shipping costs, electronic payment or credit card fees, taxes, VAT, and custom duties. On the other hand, if your product doesn’t have much demand and doesn’t sell much, then your price point would have to be too high and you wouldn’t be able to really take off in that market.
Don’t forget to conduct feasibility studies of the foreign market to determine if it’s worth moving small (or large) amounts of inventory and storing it locally in the market or closer to it. You can check for the rent to own sheds which allow you to store your stock for a monthly rate. However, do compare its rates with a mini-warehousing rate (per square foot) to decide which is the better option. There are chances that storing your product in the host country will make it cheaper to ship and will cut down on customs duties and other tariffs or VAT.
2. Your eCommerce store must “speak” local.
In order to appeal to your local clientele in your new market, you must make sure that your eCommerce store design, text, language, and content marketing are localized. You will succeed if you can successfully communicate your brand’s message clearly.
For localization to be effective in driving engagement and sales, it is critical that every part of your eCommerce store/website is locale specific. Start the buying process off right by using free sales funnel templates to get you started. Focus on the content, product catalog, payment methods, and search engine results for any popular local search engines. You must understand the host country and deliver an experience that does not seem foreign to the locals. When you want to appeal to a greater audience, you’ll need to invest in some e-commerce seo to specifically target keywords within the global markets.
3. Give new customers Local Payment Options also.
One of the most important things is to be able to get paid for your products. So, it is important for you to accept payments for your goods using local payment systems that are popular. The more payment options you have, the better. Sure, credit cards are international and used by many, but in some emerging markets, Cash on Delivery (COD) is king. Many consumers in emerging markets do not have bank accounts or they do not have debit cards linked to their savings accounts. Some consumers new to online stores may also be wary of paying for goods before they actually see it. So, in such markets COD is key in successful sales.
Emerging markets in developing countries are heavy on COD and installments. In Europe, credit and debit cards as well as bank transfers are common. In Asia, credit cards and mobile payments are very popular along with monthly payments on credit cards.
Bonus Tip: Use Smart Payment Options for your Business
When selling online, you will need a way to accept online payments from your customers . For that you will need to know What Payment Options Do Consumers Want for eCommerce. Let Access Payment Systems help with our electronic payment solutions and merchant gateway. We provide a Virtual Terminal to make it easy for you to manage your merchant account. Let us help you with our FREE Merchant Account Analysis offer. We’ll analyze your merchant account rates and let you know how to Save!
Contact Us for more information on Identity Verification, Real-Time Check Verification, Credit Card Processing, or eChecks and ACH Transactions. Or take us up on our FREE Merchant Account Analysis offer. We’ll analyze your merchant account rates and let you know how to Save! If you are ready, you may be able to Switch and Save!