Owning an e-commerce business is more than just selling products and services online, and who’d know it better than you. You need to pump up your marketing initiatives every now and then, keep pace with changing trends, brainstorm with development team to improve your web presence, meet investors, and above all take your business to the next level, i.e. business expansion. The last one must have given you sleepless nights, and we can bet on that!
Lately, e-commerce has witnessed such a phenomenal growth that businesses today are faced with the opportunity to digress into markets that previously seemed impossible to penetrate into. According to a recent survey, the expected growth of e-commerce this year is 20% more than the last year with the Asia-pacific markets offering the highest sales gross.
ecommerce by Forbes
So if you’ve been planning to expand your business beyond local borders lately, then this is the time to do so! To help you sail through this seemingly-patchy period, we have charted out a few ways to help you with a successful launch into the global marketplace. Read on.
Wondering what glocal is? Global + Local = Glocal. The most crucial part of a successful business launch is the precise identification of the target markets. “One solution for all” strategy doesn’t work here. For instance, what works in America doesn’t work in India. So, while expanding your business abroad, it is important to remember to plan your global strategy keeping in mind your local target market.
Careful, Calculated Planning
The next step is to create and test a comprehensive plan that can be used to create credibility, brand trust and a robust local presence. This will ensure that the plan can be applied to similar regional markets targeted for expansion. The plan may include joint-ventures, partnerships or finding local help needed to provide you with necessary information about the market positioning and segmentation, characteristics and preferences.
Test the Waters
It is always better to first test a strategy and learn about the market by starting out slowly. One of the best ways is to form partnerships with local businesses and sell your products through those platforms to test the reception. It gives more insight into the customer base of that particular territory and the market characteristics.
Customize your Website According to the Target Market
Translating the website according to the local people’s culture and language could be a good way to go. This helps form a good first impression. Instead of direct translation, take the help of an expert and adapt the content and context as per what appeals to the new market. Online e-commerce platforms like Shopify have in-built plugins which can make translation easier.
Understand your Taxes
No matter which country you decide to expand in, it is necessary to follow the country’s laws and regulations. Develop a neat pricing strategy compliant with the local taxing policies and also have an infrastructure for accounting so that in case of audits, the liability of the business is reduced. Also, the pricing should be based on the affordability of the target market comparable with the regional realities.
In addition, the supply chain, transportation and shipping plans from placing an order to delivery should be planned with the help of local experts. A round the clock customer service offering effective support helps build a robust brand value.
Global expansion may sound like mission impossible, but with the right strategies and tools in your tow, you can handle it perfectly well.
Let us know in the comments what kind of tools and platforms for E-commerce Hosted Solutions you prefer.