The ecommerce industry is expanding at an alarming rate. According to the latest figures from some of the world’s leading research institutions, it is projected that by 2022 ecommerce sales will exceed those of brick-and-mortar establishments like department stores as well as online and physical locations combined – resulting in a staggering $2.3 trillion global market!
Despite what seems like an insurmountable challenge, there are plenty of opportunities for businesses looking to enter the global online retail marketplace. This guide will provide you with all the information you require to achieve success in international trade – from navigating local regulations to establishing successful marketing strategies for your business abroad.
If you’re seeking to enter the global ecommerce market, what are these opportunities?
The potential is immense! And by combining your local expertise with vast reach across borders, it can be easy to garner success.
To gain an understanding of the ins and outs of this phenomenon, let’s take a look at some of the most prominent locations in which ecommerce is thriving around the globe:
Luxurious consumers in China continue to represent well over half – 55% – of online expenditures in 2017. This country has rapidly expanded its e-commerce sector over the past decade, leaving many international players scrambling for a piece of that lucrative pie. In fact, Chinese consumers’ penchant for luxury goods and services has resulted in Europe becoming one of Asia’s premier markets for sales from within their own cultural sphere; this trend appears likely to continue into the foreseeable future!
1. Establish a Trustworthy Payment System
Ensuring a secure payment gateway, or payment system, is essential when expanding into foreign markets.
Payment gateways are essential if you’re selling internationally. These systems ensure that all transactions are executed with absolute ease and security; enabling retailers to rest assured about making payments when necessary. Luckily, there are several outstanding options from which to choose!
The most popular payment processors are PayPal, credit cards and Stripe. Each of these systems has its own advantages, but it’s an excellent idea to utilize several of them simultaneously in order to offer the most comprehensive convenience possible for your customers.
When establishing the payment methods available during checkout, merchants can make it easy for their clients by selecting pre-arranged options rather than requiring them to input any identifying data themselves.
2. Implement a Global Logistics Strategy
To successfully penetrate foreign markets, it is essential to establish a global logistics strategy. This entails establishing a network of suppliers in your target country and organizing transportation between these countries – all in order for products to be promptly delivered to customers!
All successful businesses must have a solid understanding of the needs of their consumers overseas; this necessitates not only a localization plan but also an international logistics strategy. Navigating these nuances can prove quite challenging, but with the right support it can be achieved successfully!
