5 Strategies For Building A Successful International eCommerce Business In 2022
/eCommerce opportunities around the world are virtually limitless. If there was ever a better moment to enter the global eCommerce market than now, it was yesterday since the international sector is growing twice as fast as domestic eCommerce.
However, there are a few things you need to take into account to create a successful international strategy.
Choose your domain name wisely
In the eCommerce sector, almost every part of your business must be distinctive.
You want to occupy space and establish a reputation for your brand and your company. Only if you take ownership of your location in the online market and build your website to the best of your ability can you do that.
The first step to achieving this is registering your eCommerce domain name. Your company needs an authentic and unique eCommerce domain name for a variety of reasons.
The first is that a domain name is the first and most important piece of data that your online business has. That’s why many online business owners select domain names that accurately reflect the nature of their operations.
Additionally, it shows your credibility. As a result, you are a business with greater authenticity. Remember, this name is what sets you apart from the rest and it’s the first thing potential customers learn about your business.
Once you start looking for an available domain name, try to find a unique one that suits your business nature. It’s best to find one that matches the name of your business 100%.
Also, be on the lookout for cheap domain names so you can avoid spending a fortune here. Keep in mind that quality doesn’t necessarily mean breaking the bank.
Translate your website
If you envision running a business in foreign markets, you need to make your product or service accessible to foreign users in their own language. For everyone who wants to know how to translate a website properly, there are three main approaches.
They include:
Human translation
Machine translation
Machine-translation post-editing
Hiring human translators to convert text from one language to another is a common method of translating a web page.
As long as you find competent, experienced translators who are knowledgeable about the site's subject matter and proficient in both the source and destination languages, this option can be extremely effective. Still, it’s somewhat slow and considerably costly.
Machine translation (MT), in which you utilize a computer program to translate the language on your website automatically, provides an alternative to human translation. Although this is significantly quicker and less expensive than human translation, the accuracy is often lower.
Finally, machine-translation post-editing (MTPE) is a third choice that combines human and machine translation. In this case, a draft translation is created using machine translation techniques, and then it is corrected and refined by a human translator to increase accuracy. This is unquestionably the best option.
Provide prices in local currencies
Along with offering content in the native language, it’s crucial to ensure that prices are offered in the local currency.
According to a recent study by Penton Research, eCommerce companies doing business overseas are losing out on sales and revenue potential because their websites are unable to display prices in local currencies.
They asked 30,000 online buyers about their purchasing habits on eCommerce websites in Canada, the UK, Australia, and Germany. The vast majority of buyers polled expressed dissatisfaction with websites that only displayed prices in American dollars.
Therefore, by just providing single-currency pricing, internet sellers may be losing a considerable amount of money. So, avoid making the same mistake with your business.
Take foreign cultures into account
Cultures might be very different from one country to another. When doing business in new places, it’s crucial to adapt adequately to local traditions and practices.
For instance, there are significant disparities between American and Chinese business cultures. In China, relationships are prioritized over economics when starting commercial engagements. On the other hand, in the U.S., income is typically given priority.
The Chinese have a propensity for haggling and think that there is an opportunity for negotiation in every deal. Even communication techniques vary. Americans are typically assertive and articulate in professional settings, while Chinese tend to be quiet and restrained.
Hence, it’s important to consider foreign cultures and customs before you expand your business there.
Be wise with your logistics and fulfillment process
An international supply chain is made up of various components. To accurately plan inventory and warehouse capacity and quickly meet these requests, you must predict the demand by stock-keeping unit (SKU).
To maintain operational competitiveness, it is essential to optimize international eCommerce logistics. Starbucks, H&M, and Nike are top examples of businesses that have done a great job with their logistics.
Selecting a fulfillment partner that services your target regions is a great way to test the market if you’re just beginning with global expansions. Even without making the initial capital investments in warehouse and fulfillment capacity, you still have flexibility to scale your fulfillment demands up and down.
Final thoughts
The largest business hurdle you may ever encounter is growing your company internationally. The benefit of it, however, can be quite profitable as it expands your consumer base significantly. Consider what you have just read here and do your best to expand properly and succeed in foreign markets.
