How to succeed with international sales in 2023?
The pressure of the pandemic has forced all businesses to see a drastic change in their optimization. COVID-19 has allowed us to see physical restrictions on one side and digital barriers on the other.
Currently, we are better connected with the rest of the world than ever before, and if you are someone who is into e-commerce and thinking of expanding your business globally in 2023, then you must go through the factors for succeeding with international sales.
Today, going global is a necessity. Unfortunately, you need to think about several questions, like “Where to invest?” What countries are suitable for my eCommerce business? How do you attract non-local buyers as well as get to know your target audience abroad?
Other factors to take into account are translation, currencies, payment options, etc. In this article, we take a closer look at each.
Table of Content
Benefits of international sales in 2023
The growth of cross-border e-commerce is skyrocketing. It is estimated that it will exceed $1.9 trillion in 2022 and $2.1 trillion in 2023. Below are some advantages and benefits if you are thinking of your e-commerce business expanding globally.
- A diversified market adds value to the image of the brand
- Enhances and helps you to reach your potential customers.
- Helps in gaining global market share.
- Provides exposure, and improves the health of your economy.
- Increase in sales volume when you start selling in the international market.
- Opens the door to foreign supply markets with better prices, payment, etc.
- Provides access to new technologies, markets, foreign-competitor strategies, etc.
- Climate and seasons vary in every country. Therefore, you can sell your seasonal goods 24*7.
How to get started with international sales?
It is critical to prepare yourself for international sales when you begin to expand your business globally in 2023.
Have a plan
The idea of selling goods and services in all countries sounds tempting. However, selling in all countries at the same time is not possible.
In your initial stage, you need to have a plan and strategy for how you are going to start.
You need to do in-depth research about your target audience in that country. Along with that, you need to get to know about the mode of payment, language, culture, etc.
Presenting your online website in their native language would help bring more traffic. You need to plan your budget.
Conduct market research
It is very important to conduct market research to know the importance of your product in that market. You need to understand the necessity of your product among your target audience; know about the substitute of your products, their price, your competitors, quality, etc.
If you have many competitors in the product you are selling, then it can be very challenging for you. In this case, you need to make realistic goals so you can achieve them strategically.
Performance of your online store
International sales are a great way to bring in money in 2022, especially since the e-commerce market is growing every day.
But at the same time, you need to first go through your online store and its performance before thinking about expansion.
If your store is not performing well, then it could happen to stores across the nation. Try to improve your store based on the feedback of your existing customers.
You can directly get in touch with your customers with the help of various social media platforms, and your email marketing list.
When you ask your customers for reviews in their own language, it gives a good impression of your brand.
Buy now, pay later
If you are thinking of growing your international sales, you can apply this marketing strategy: “Buy now, pay later.” This strategy usually attracts customers, and they are willing to adopt the new methods of payment and shopping.
Think about the practical
When you are establishing your business globally, it is essential to be aware of the rules and regulations of other countries.
Other factors to be taken into account while running your online store for international sales in 2022 are insurance, VAT, accounting, payment methods, shipping, etc. Every country has different ways of doing payments that you need to be aware of.
Should I expand or should I not?
There are several reasons you may not have been aware of until now for expanding globally.
Reasons to expand internationally
- Target audience from global countries.
- Well-established brand in your own country.
- Consumers contact you to buy your product and ask about related information.
- The turnover of your company is enough to expand internationally.
Reasons not to expand internationally
- Absence of capacity to run more than one online store.
- Absence of time to get acquainted with the process.
- Do not have the budget to hire more employees.
- Your brand has just been established, and it is in its initial stage, so not a stable income.
The suitable market for expansion
Google Trends is a great marketing tool to collect and provide information and an overview of your customer’s interests. You need to become aware of your target audience and what they are searching for.
You can use tools like Ahrefs, and Moz to do in-depth research on keywords that your target audience is looking for.
You can also establish an online store in the market if you have good financial terms and relationships.
The goal is for your customer to purchase your products at the price you have set for each in order to earn a profit on the sale.
Offer a local shopping experience
Your international sales depend a lot on how foreign customers feel when they shop in your store. This is a strategy to drive more traffic to your website.
Along with that, the techniques of payment with which your foreign customer is comfortable, your website in their language, their culture, etc. are a few factors that help in the establishment of your brand’s presence among the foreign target audience.
The Takeaway
The above-mentioned reasons and tips are enough to give you an idea of whether you want to expand globally or not to increase your international sales in 2023. All the factors you need to take into account carefully before expanding internationally.
If you need any professional assistance with WooCommerce services, UX design, implementation, integration, or development, you can contact us.
