As technology and consumer behavior evolve and shift, the cross-border ecommerce industry has experienced massive growth in the last few years.
As an ecommerce retailer, you may be interested in expanding into new markets and audiences to continue growing your business. Selling internationally guarantees increased sales, more brand visibility, and even a competitive advantage over online stores that haven’t jumped into global selling.
So, are you ready to leap into cross-border ecommerce? Let’s find out how in this post!
The Rise of Cross-Border Ecommerce Industry
Constantly evolving technology and consumer behaviors are the key drivers of cross-border ecommerce trends. Rising prices due to inflation have driven many consumers overseas to find similar products at a more affordable price.
Juniper Research projects that cross-border ecommerce growth will reach never-seen-before numbers in the coming years. Transactions are expected to grow by 107% by 2028, creating robust opportunities for new businesses to expand and increase sales significantly.
According to Statista, the cross-border ecommerce market (B2C) is expected to reach $7.9 trillion by 2030. If you want a piece of the pie, there’s no better time to explore cross-border ecommerce logistics for your online store. The sooner you jump in, the greater your advantage over your competition.
Are you still wondering if your business should jump into international selling? Some data shows that over 70% of online consumers purchase from global companies, so the answer is a resounding yes!
Before You Start: The Basics of Preparing Your Business for Cross-Border Ecommerce
It’s a significant undertaking to start selling across international borders, but it can be a fruitful strategy for any business. Before you dip a toe into cross-border ecommerce, here’s what you need to know.
Perform Channel Research
As you research where you’ll be selling, be sure to research where locals shop online in these regions. Residents in some countries use Facebook Shop or Instagram, while others across the world use Amazon and eBay. Knowing as much as possible about each market will help you invest in the right marketplaces to target each unique audience.
Check if your ecommerce platform integrates with selling channels popular in countries you want to expand in. For example, Ecwid by Lightspeed sellers can seamlessly connect their online store to marketplaces and other platforms while managing all products and orders from one centralized hub.
Optimize Your Website
Update your website with translated product descriptions that are easy to understand. Also, product listings should be updated with prices in the appropriate currency, depending on where customers are shopping, to make product and shipping prices as transparent as possible.
Localization of your website will play a significant role in gaining customers’ trust and increasing conversions. Luckily, robust ecommerce platforms like Ecwid by Lightspeed offer built-in multilingual store tools so that you can easily translate your website into multiple languages to accommodate global customers.
Offer Security and Transparency
Make international customers feel like their data is secure by offering secure payment options on your website.
It’s best to offer payment providers with which shoppers are familiar, so look for well-known global options like PayPal or Stripe. Plus, offering local payment methods like Alipay in China or iDEAL in the Netherlands can make all the difference when trying to appeal to local shoppers.
With Ecwid, you can choose from over 80 payment options, including global and local ones, to provide a secure and convenient experience for your international customers.
Offering multiple shipping options and carriers can also help cater to different customer preferences. Some customers prefer faster delivery, while others prioritize cost-effectiveness.
Be upfront about your shipping times and provide accurate time frames for when they should expect shipment notifications.
Using Ecwid by Lightspeed, you can display real-time shipping rates in your online store, so you don’t have to pay extra for international shipping costs. Plus, you can show estimated delivery times on checkout and product pages. This way, shoppers know when to expect their order.
Read the article below for more information on how to prepare your online store for cross-border ecommerce:
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Essential Strategies for Cross-Border Ecommerce Growth
Similar to any market out there, cross-border ecommerce comes with its unique set of challenges. Every business must explore several strategies and approaches to triumph in global sales. Let’s dive into those.
Optimizing Cross-Border Ecommerce Logistics
Partnering with a trusted logistics company is mission-critical for any brand wanting to expand to cross-border selling. Rather than handling shipping and logistics independently, an international 3PL company can manage all tasks related to order fulfillment, inventory management, returns, and more.
Harnessing Market Research and Cross-Border Ecommerce Statistics
Before you decide where you want to sell internationally, it’s crucial to identify the regions where your brand would make the biggest splash and the shopping patterns of the residents of those areas.
Performing international market research will help you make informed decisions about what markets and areas are ideal for your business to sell.
Navigating Regulatory Hurdles
Every country has specific tax laws and regulations you must understand before selling there. These regulations can impact shipping and the cost of any product you sell. You’ll also need to be aware of exchange rates and tariffs in each location.
Additionally, some countries require specific labeling or packaging for certain products. Researching and understanding these regulations is critical to avoid any legal issues.
Taking Advantage of Free Trade Agreements
Free trade agreements (FTA) reduce the hurdles and obstacles that ecommerce sellers must navigate as they import or export between international borders.
There are minimal tariffs, subsidies, or prohibitions under a FTA between two countries to stimulate both country’s economies and encourage international trade. If you’re a US seller, explore the Free Trade Agreements with various countries listed here.
Key Players in the Cross-Border Ecommerce Industry
Curious how the best cross-border ecommerce companies navigate this approach so successfully? Let’s explore how a few leading brands do it with finesse.
Amazon
You are probably not surprised to see the ecommerce giant Amazon at the top of this list. Amazon’s dominance on a global scale is likely because of its emphasis on customer experience above all else. Amazon Prime is available in many countries, not just the United States, showcasing that the customer is the retailer’s #1 priority. 2-day shipping and free returns always set the tone for a highly positive customer experience.
Whether you’re an Amazon seller, a customer, or both, the marketplace offers a user-friendly approach nearly unmatched by any other ecommerce retailer.
Amazon continues to innovate its shipping processes, sustainability, accessibility, and operational processes across the board. The company’s various services and advantages make it a leading cross-border ecommerce example that many brands try to emulate in small but significant ways.
If you sell online with Ecwid, you can connect your online store to Amazon using apps like Channable and Koongo to capitalize on the marketplace’s international reach.
eBay
As a pioneer in the retail and ecommerce industry, eBay remains a top contender for global sales. Like Amazon, eBay’s success can undoubtedly be linked to its emphasis on customer satisfaction and experience.
Ecommerce retailers can use eBay to sell globally simply by offering international shipping on their product listings. eBay allows buyers and sellers to connect in over 190 markets across the globe, making eBay one of the largest companies in the ecommerce industry.
Ecwid sellers can also connect to eBay, as long as local and niche marketplaces like Leroy-Merlen or Decathlon. This way, merchants can expand their reach and attract new customers from different countries.
Alibaba
The ecommerce giant Alibaba offers sellers an easy platform to sell products internationally without investing in their infrastructure. With its robust network of suppliers and customers, Alibaba is a leading ecommerce platform for simultaneously shopping and selling.
Ecwid sellers can dropship products from Alibaba, eliminating the need for inventory management and upfront costs. It allows small businesses to compete with larger companies on a global scale.
Start Selling Internationally with Ecwid
How about expanding your online store into international waters? Ecwid has everything you need for your cross-border ecommerce business.
Empower your online store with our platform, allowing you to showcase it in multiple languages and currencies. Tailor payment methods and shipping choices to create a seamless shopping experience for customers worldwide.
With Ecwid, it’s never been easier to expand into new markets and build an international business. Sign up today to create a new online store for your business or migrate your existing one to Ecwid.
The post Mastering Cross-Border Ecommerce: Key Tips to Success first appeared on Ecwid | E-Commerce Shopping Cart.
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Anastasia Prokofieva, Khareem Sudlow
