If you are looking for a way to boost your profit and expand your reach, consider selling your e-commerce products to a global market. Moving from local to global is a big switch that scares a lot of people because they don’t know where to start. The good news is that you can reach a global market without much stress as long as you follow the right steps, and you will be pleased when you see the improvements to your bottom line.
Tip #1: Craft a Scaled eCommerce Plan
Making a plan is vital if you would like to have any hope of reaching your long-term goals. Without a solid plan in place, you won’t make a profit, and your effort could harm your entire business. Attempting to reach a global market without a plan can cause you to waste a lot of time and money on products that don’t sell.
You can begin by researching the market of the country to which you would like to expand. Next, decide if you will ship products from your country or outsource to an overseas factory. If you want to move forward with peace of mind, your plan should include the cost of expanding and how much profit you expect to make in the first few months.
Tip #2: Implement a Global Marketing Strategy
Having a global marketing strategy is a big part of taking your e-commerce business to a whole new level. Vital to your ongoing success, a global marketing strategy lets you get your message in front of prospective customers from around the world. It’s important you don’t assume the same approach that works in your home country will work in the places to which you expand. You can implement many of the same methods, but you will need to use a trial-and-error process to hone your global marketing strategy. Also, hiring a marketing team to give you a hand can improve your effectiveness and let you reach your goals much sooner.
Tip #3: Learn Local Laws
Learning local laws is critical for anyone looking to move into the global marketplace. Staying ahead of the tax laws and other regulations of the country in which you live is hard enough on its own, but keeping up with laws of other countries is even more challenging. The way you approach this issue depends on the size of your business.
If you have a large business with many employees, you can assign a team member to be in charge of the details for each country in which you operate. This regional manager will consult with lawyers familiar with the country and ensure you stay in compliance. Small-business owners will need to speak with a lawyer and do their own research before expanding.
Tip #4: Learn Local Customs
When you expand globally, you will need to meet with business professionals in other countries if you want to get the most from your business. Doing so gives you the opportunity to form partnerships that let you achieve much more than you can on your own, but you need to know the local customs.
In Asian culture, for example, a bow of the head is a sign of respect. But many western cultures expect people to make eye contact in meetings. No matter where you want to operate, making cultural mistakes can cost you a lot of money, so make sure you do your research.
Tip #5: Learn to Manage Remote Teams
As you move forward with your global expansion, you will need to set up remote teams to manage the sales and customer support for the various countries in which you operate. Doing so can be a bigger challenge than many people suspect.
Whether you send members of your current team or hire locals, keeping them motivated and on point is vital. Hold video chat meetings and request weekly status updates to ensure everything stays on the correct path. When you call remote teams, keep time zones in mind so that you don’t wake people up in the middle of the night.
Tip #6: Use a Quality Website
A vital component of global expansion is a quality website. A small website that is not optimized is no problem when you only serve local clients, but the increased traffic of global expansion requires you to have a professional website. You will need to make sure your servers won’t become overloaded by a sudden influx of traffic. If you don’t know where to begin when it comes to fixing your website, a web development company can give you a hand.
Tip #7: Secure Your Content
Increased attention and global expansion mean a higher risk of cyber threats, and you need to prepare. You can find a range of cybersecurity providers who will help you keep the latest threats at bay. Make sure you speak with the providers you are considering so that you can decide if they are a good fit for you and your company.
Global expansion is a great goal to set for your e-commerce business, and you can do it as long as you follow the right steps and keep your eye on your long-term vision. Make sure you have a solid plan and do what it takes to keep your business on track, and you will reach your goals one day.
You must remember that things won’t always go as you plan, but don’t let that discourage you. As long as you adjust your approach and remain committed to the path you have chosen, you will achieve global expansion and take your business to where you have always wanted it.