The present global population is around 7.5 billion, with just a small percentage of it in your area. This explains why many local e-commerce enterprises are attempting to expand globally.
In reality, just approximately 1% of enterprises in the United States have grown abroad, while the remaining 99% have not. Many of the 99% of businesses undoubtedly don't know how to bring their product or service in front of a larger audience.
Continue reading to learn about the advantages of extending your e-commerce business and how to do so internationally.
Why Do You Need to Globalize Your E-Commerce Business?
Taking your e-commerce brand worldwide offers various advantages. The population of the United Kingdom, for example, is projected to be over 65 million people. When you trade within the EU's 28 member states, you have access to a market of over 821 million people.
Here are some advantages to expanding your e-commerce business globally:
- Increased revenue
- Allows you to stay ahead of competitors
- Increase in business growth
- It gives you entry to new market
- Opportunity for recruiting new talents
How Can You Go Global With Your Local E-Commerce Business?
With so many associated benefits, it is exciting that you want to put your business out there. But how do you go about it?
Here are a few tips that will help you expand your local e-commerce brand globally:
1. Conduct Market Research
You have to carry out detailed research about your business. Knowing your competitors, understanding your customers, and identify the suitable business targets is crucial. Knowing the difference between local and international businesses will also help your decision-making. It is advisable not to be in haste; this will help you understand the target market. This way, you can decide whether the market is profitable or not.
2. Choose the Best Technology
E-commerce is reliant on technology. You must select the most recent and cutting-edge technology, as this will decide the success of your e-commerce venture. Many e-commerce systems, such as Shoplazza and Shopify, combine with new technology, allowing your business to become safer and faster.
A data security system, customer service system, and inventory management system are required for the efficient operation of the firm. To provide excellent service to your consumers, you must also use cutting-edge technologies.
3. Obtain the Legal Right
Once you have selected the countries you would like to expand your business to, you need to get the necessary documentation. The most important one is the license that gives you the right to do business in such countries. Adequate research will help you here because different countries have different requirements.
4. Establish a Glocalised Plan
Glocalisation refers to a service or product that caters to the local market. Glocalisation is critical in global e-commerce. Different individuals in distinct regions of the world have different needs and interests, therefore you must tailor your services to their specific requirements.
A corporation that sells chicken, for example, cannot sell to every area of the world since certain individuals are vegetarians in various parts of the world. You must first perform market research and then examine what your competitors are offering. All of these will aid in the growth of your e-commerce firm.
5. Offer Diverse Payment Methods
Many nations accept a variety of payment methods. Some nations accept credit and debit card payments, whilst others prefer cardless transactions such as Apple Pay, Pay Pal, and Google Pay. The more payment alternatives you have, the easier it is for customers from all over the world to buy goods and services from your e-commerce site.
6. Offer 24/7 Customer Services
Customers may have challenges reaching out to your company during business hours due to different worldwide time zones. The United States, for example, lags 13 hours behind China. So you anticipate that people in China will be sleeping when people in the United States will be awake.
There are various approaches to improve communication services, including developing a chatbot. When you are sleeping, the chatbot will assist you in responding to consumers. You may also hire someone to communicate with consumers after business hours.
Expanding your e-commerce brand globally could be quite challenging, but it is worth the risk. Global e-commerce expands your audience, enhances your profit, and provides several other advantages that you would not receive if you sold locally. Follow the advice given above and you will be on your way to developing your e-commerce business.
(Contributed by Ayotomiwa Omotosho; Co-author: Clair Feng)