The increasingly digital world has bought and sold the business and is not exempt from it. But business owners how to cope with this change?
Cultural norms and habits Buy Learn to create a retail experience that is familiar to international audiences seem.
Is your company ready for global e-commerce? Global sales opportunities, important and growing. Although retail e-commerce businesses in the United States are on the rise and is expected to reach US $ 523 billion in 5 years. But this figure is increasing globally even faster.
Globally, online sales business to customer (B2C) is growing rapidly and is expected to exceed $ 2 trillion by 2017 would be rejected. Electronic sales in Asia and the Pacific at the 2017 North American sales will surpass this figure. The growing use of mobile devices in the area, as well as payment systems and shipping methods, advanced correlation with the progress and are increasing. Consumers in markets across the ocean can provide desired products in local markets. This is a golden opportunity for the United States provides retailers.
But starting a business is not easy on the other side of the ocean. If you think you are ready to expand the size of your retail across borders, so we must consider several important factors.
1. Assessment of Supply and Demand
To get a clearer idea of your chances of success in other markets. The new space to the local situation in terms of product, evaluate your business. A regional review of local competition, product demand, pricing and consumer behavior.
Organizations in international markets should have a thorough understanding of what you intend to sell their current state of demand. This knowledge will help you to fit the size of the market, the dynamics of supply and demand for the product and the price at which you can determine it.
For example, McKinsey knows more online purchases in China can be categorized in several online retail sectors, appearance, reconstruction, education, and household products. This situation creates a golden opportunity in these markets. Similarly, another study has shown that Australia is one of the strongest markets for online retail United States. Threshold and low supply local border tasks and make products with a reasonable price of their borders. The basic teachings make a successful e-commerce operation or abroad or be destroyed.
2. Localize Your Product
Businesses that offer Tangible products in international markets usually have their solutions to support the strengthening of local preferences or adapted. Many businesses in the United States failed to bring their products available to new markets, such as company leaders think marketing or attacked by aggressive pricing can control your cultural tastes.
Mattel is one of the most famous examples (a large toy manufacturer). The company a few years ago in the supply of Barbie dolls in China for such a wrong idea failed. According to reports, the Chinese Barbie for girls was charming. Mattel to local tastes, such as beauty and clothing that was fashionable in China by Hello Kitty dolls, attention did not respect. Barbie Western attractive at all and does not take into consideration. Mattel Barbie resources enter the market and since then not much in China’s favor. However, this type of error for smaller companies will be irrecoverable.
3. Find Your Local Site
Correct localization is a critical driver for product sales in a particular area. E-Commerce site experience you have spent time and importance to product customization, you reflect. If consumers can not understand the product or can not receive your message. 87 percent of consumers who can not understand the English language, products or services that are available on an English-language website, do not buy, while 60% of worldwide customers rarely buy their English-language sites.
Believe it or not, but some companies when they want to expand and upgrade its sale to the international level, to translate into different languages using Google translate. According to the words of Russell Goldsmith, CEO U.k.translation, this type of abuse in the construction of the website is a big mistake.
Goldsmith said: “If the audience in the local area care, may eventually things for yourself worse because anyone in that language speaks, will understand the language as machine translation is subject to their language is not good. ”
Hire a local team of e-commerce experience to help you adapt to the new market. Make sure your message as appropriate for consumers who use that language, translated. The use of, a vocabulary dictionary for translators is also a good idea because it makes your message more accurately be translated as.
4. Price based on the currency of the Region
When you enter a new market, you must give back to the local currency. But prices in the United States, they usually do not apply elsewhere. Pricing competition in any market is important and is determined by its environment and regional location. More than half of consumers in local prices pay more attention to an e-commerce site with products.
There are many factors involved in the pricing of local markets worldwide. Some of them include. Crop costs Fluctuations in foreign currencies International customers are willing to pay a price that is Pricing your competitor’s Local law or financial situation Also supports payment method for each area is also important. Track the buying habits very tedious and difficult, but it can have a positive impact on product sales. According to Ontraport, fifty percent of Germans prefer to pay fees by bank transfers, while many Chinese customers preferred payment method Alipay International.
If a customer tries to purchase an international product and can not find your preferred payment option, most likely leave your site and elsewhere will be followed by the product. Offer various payment instruments will increase the global reach of the product.
5. Focus on Privacy and Customer Data
Customers want to be assured their privacy is respected and protected. They need to ensure to ensure that personal information is not used for other purposes without their knowledge.
Cyber security is a big problem that plagues such as e-commerce has been modernized. According to Norton study, forty percent of mobile buyers in the Middle East and North Africa have been victims of cybercrime. It is reported that 71 percent of attacks were digitally in your area. In contrast, European consumers are extremely conservative about their online privacy.
Privacy priorities and focus on a strong note and give this message to consumers listen to their fear go away. Then invest in the technology needed to protect customers’ personal information to prove their characters. You have to manage this problem and other problems related to privacy, security, and costs to a team need. EU study refers to two of the biggest challenges in foreign trade: (1) costs associated with customer protection rules and the law of contract and (2) the costs of fraud and non-payment.
Business development in global e-commerce can be challenging, but it can be a new step for the development of brands and shine as well. Choose your priorities correctly to minimize damage and your success can speed up the edge of a new international online marketplace.