5 Essential Steps to Expand Your eCommerce Empire Internationally
Once you have established your eCommerce business in your local market, you will likely start looking to take your business to the next level. When you consider the over 200 million paid Amazon Prime members, hundreds of millions of active online shoppers worldwide, and the ease of modern international shipping, there is no excuse not to take your e-commerce business global. We have compiled five essential steps to take your e-commerce business from local to global success.
- Market Analysis
- File the Paperwork
- Learn and Adjust
Return rates are also very low, varying between 3 – 5 percent, compared to the US’s 30 percent. Before securing inventory and deciding what to offer in your new market, you need to research your new audience as their needs may be completely different from your local market.
DataHawk’s Amazon data analytics tools offer competitive insights to steer your business towards success. How? DataHawk collects millions of data points from both your and your competitors product listings. You can also set up custom alerts on products and search queries.
File the Paperwork
- Will my entity be compliant?
- Will my product be compliant?
- Will my product be compliant for sale in that market?
- Research and experience are the best tools in making sure you are compliant.
Just because you are compliant in one marketplace does not mean you will be compliant in another. Because you are entering a new geographical area, many factors can influence imports. It is essential to assess any restrictions levied on a foreign importer in every place you intend to expand. Websites like Amazon Seller Central are helpful tools in determining the possible requirements of a new marketplace. However, Amazon will not assume any responsibility for a non-compliant entity or serve as an active tool in warning a new seller against this risk.
When you take your business global, it is essential to note that you are no longer working alone. You are now part of a well-oiled machine.
This is where third-party suppliers come in, not to be confused with Amazon third-party services. These suppliers are companies and people whose sole focus is your international e-commerce success. An example of a third-party supplier you will need include:
An Importer of Record
- If you ship your products with the intent to sell from your home country to another, you must have an Importer of Record (IOR).
- The Importer of Record is the owner, purchaser, or consignee who has ownership of imported goods at the time of importation.
- Essentially, the IOR signs all legal responsibilities and pays duties and taxes on your behalf.
- This is important because many e-commerce platforms do not take responsibility for any import duties, taxes, collect freight, or miscellaneous charges associated with import. While bringing a third-party supplier onboard may seem expensive initially, having a professional on your side will save costs on stuck, returned, or destroyed shipments and time delays. It is advisable, where possible, to find a partner who can do it all. This reduces back and forth and allows you to focus on selling what you’re good at. Zee is a Compliance, Importer of Record, and Logistics specialist that offers a one-stop-shop solution for the global expansion of your e-commerce business.
Amazon is the fastest-growing digital ad revenue platform in the US and shows no sign of slowing down. Other eCommerce platforms, such as Shopify, are not far behind. This means that competition is fierce, and you need to defend your brand to stop your competitors from stealing your sales. To stay ahead of your competition, you need to ensure you go the extra mile with a well-thought-out marketing strategy. This can include elements such as:
- Search Engine Optimization
- Good quality photos
- Bulleted and descriptive descriptions
- Competitive pricing
- Discounts and promotions
- Social media campaigns
- Emails and newsletters
- Marketing videos
- Paid advertising as per your chosen e-commerce platform
Learn and Adjust
We live in a world of ‘adapt or die,’ and it is no different in the world of eCommerce. As with most things on the Internet, change is swift and all-encompassing in online shopping. Staying ahead of trends and developments means being ahead of your competition. This is again where online data and product analysis tools such as DataHawk come in handy.
Contact hel[email protected] for more information on how to make global feel local.