When most people think of an international business, they imagine a vast conglomerate with impressive offices worldwide. No matter the size of your business, though, creating a global market and selling internationnaly is well within the realm of possibility.
With the advances in technology, the global market is closer to businesses of any size and scope. In 2020, eCommerce sales accounted for 18 percent of all retail sales worldwide. That number is expected to grow to almost 22 percent in 2024. Changes in consumer behavior have fueled the need for more natural consumption experiences online. Advances in machine translation capabilities have allowed companies to speak to international customers in their native language. Machine translation now allows for any business to accurately translate their entire website in a matter of minutes and, on top of that, support their customer service needs internationally at scale.
Now that we understand that international eCommerce is possible, here are some reasons you should consider selling in new global markets:
Ditch the Competition
Do you sell in a competitive market? Many eCommerce stores struggle with saturation. When businesses compete, it can become a race to the bottom for many. To maintain manageable ROI, look to other countries. Most US businesses don’t sell internationally. In fact, fewer than 1 percent of the 30 million companies in the US export their products and services to other countries, presenting a significant opportunity to explore an untapped market.
Look at your competitions’ websites. Are they offering to sell outside the US? If they don’t have services outside of the US, you have a chance to beat them and explore a whole new market. If they are, it’s a sign that those are pre-identified target countries for your industry.
eCommerce is the New Easy Choice for Shoppers
COVID-19 has changed the retail world. While the popularity of eCommerce was rising even before the pandemic, its convenience made it a permanent fixture for most of us during the pandemic shutdowns. Online shoppers spent $861.12 billion online with US retailers in 2020, a 44 percent increase from 2019.
Even as vaccination becomes widespread and businesses can open again, far fewer people will get in their cars to hit the mall anytime soon.
Cashinon US-Made Cachet
If your product is US-made or you advertise as a US-based business, you might be able to increase the demand for your product in other countries. What many American consumers take for granted can be a big selling point in other countries.
There is a demand worldwide for US products. It can add to the “cool” factor of your product on the international stage. You can automatically find a selling point in your favor when you start to appeal to consumers in other countries.
Don’t Throw Away Your Seasonal Items
If you have seasonal items, international selling is the perfect opportunity to continue moving products even after a season ends. For example, if you have swimsuits on your website and winter sets in the US, it’s summertime in Australia. Instead of wasting product, you have the chance to sell even more.
When it comes to international sales, there is no season. You can take advantage of the climates around the world to continue selling all year round.
A Microscope on Fraud Reduction
One main reason entrepreneurs hesitate to expand internationally is the perceived risk. They worry about fraud and the security of their websites. However, there’s never been a safer time to sell.
Technology breakthroughs are on the rise in the area of consumer protection and fraud reduction. These innovations make shopping and selling online even more secure. Credit card fraud is less dangerous for businesses as security apps and card companies develop better solutions for the international market.
Social Media as Your International Brand-Building Secret Weapon
Social media shopping gives eCommerce companies a new way to advertise and sell their products. Consumers love it because it is convenient: three out of four consumers say they buy from their cell phone because it saves time. When someone sees a product that catches their eye while scrolling Instagram or Facebook, they can now purchase a matter of a couple of clicks. The process is smoother and more accessible.
Open your social media ad targeting to the same international audiences you sell to on your website and begin reaping the rewards of social purchasing worldwide.
Selling internationnay no longer must be an intimidating prospect for eCommerce businesses. It can provide a broader and more eager market away from the competition that could stifle your growth. Advances in technology not only make it safer, but it is also more accessible than ever!