Launching New Markets in eCom: The Ultimate Guide
eCommerce is growing worldwide at a yearly rate of over 30% – even over 70% in some countries. Is this the right time for your business to go international? Read on and find out all the insights and tips you need to get off to a successful start when launching new markets.
Should you invest in your international eCommerce business?
Why should you internationalize your eCommerce business?
Three reasons why international eCommerce is the next step for growing companies? You are increasing your revenue. Expanding also ensures sustaining your growth and therefore profitability. And moreover, you are able to explore new target groups!
Identify international market opportunities
Get to know the landscape but keep an open mind and a broad view. Foreign market analysis goes a long way in choosing a new market. Investigate the specific numbers for your target country and the region in general for crossborder sales.
How to internationalize your business
In international eCommerce, one thing is a must: You need a specific market entry strategy. What works in one country, won’t do in another. From legal compliance to marketing, localization is key. When you tailor your plan to the specific conditions, you are setting yourself up for success.
Major challenges and possible mistakes to avoid when going international in eCommerce
Avoid wrong order of steps
Begin by covering your legal bases, then set up operations and processes, translate and adapt your page, and then marketing – once you have a local-friendly, competitive product to promote in the first place.
Letting legal risks slip
Don’t assume that just because you’re compliant in one country, you’re fine in all of them. Start a legal workup early enough in your process. Investigate the local legislation, initiate your VAT registration process, and ideally – have a local legal counsel on your team.
Overlooking culture
Our ways of doing business – and communicating with businesses – change across cultures. Understand which style of service best suits your customers – whether that is formal or casual. Avoid translating your product descriptions word-for-word.
Ready to accelerate your international eCommerce ambitions?
Taking your business to a new market can be overwhelming. Download the full PDF to get more insights.