Cross- Border eCommerce strategies would come into place when customers buy products that are sold by the merchant outside their home country. There is a myriad of reasons for customers buying products overseas, such as specific shipping options, payment modes, quality of the product, price of the product, and product details that are showcased on the site.
When it comes to cross-border eCommerce, it is imperative to have a detailed strategy so you can manage and localize the information before making the products go live in the new market. The right eCommerce strategies will ensure the products of merchants outside the country are shown to the customers. The retailers can then improve the visibility of their products and thus increase sales.
It is a challenging task for businesses to introduce the products to a new market without a detailed strategy. If there is no proper strategy, the products will go obsolete soon in the new market. Therefore, there should be concise planning in place before cross border trading can commence. We’ve compiled 10 tips to help you succeed:
10 tips to help you create a Cross-Border eCommerce strategy:
- Recognise Your Global Competition
When you are planning to introduce your products to the global market, you must identify your competitors in that country. It is important to analyze your competition to acquire a powerful marketing approach.
- Identify Relevant Channels
There is a myriad of channels that have gained a good name in the global market, but the popularity of those channels is not the same everywhere. If you want to sell your products in a new market, you must identify the lucrative and powerful marketing channels.
- Identify Suitable Marketplaces
Pay attention to the channels that you have been using currently and have a presence across the globe, such as Amazon, eBay, Etsy, Rakuten etc. These platforms will let you introduce your products to millions of customers and get product visibility in the global market.
- Consider Google Shopping
As well as using eCommerce giants to gain global customers, you can also use Google Shopping to reach an international audience. Google Shopping helps its advertisers to promote their brands internationally, with the added help of currency conversions.
- Utilize Social Media
Social media platforms such as Facebook and Instagram will break the geographical barrier and allow you to reach customers globally with your customized ads.
- Ensure Competitive Pricing
Nobody wants to sell the product at a higher price when they are stepping into a new market. You must learn about the price of the product similar to the one you are selling in the global market and set the price accordingly. The pricing should be less than or equal to your competitors. If you are finding it tough to learn about the product prices of your competitors, you can integrate your feed management with the Price API. This allows you to import the product pricing of competitors to your product feed in real-time.
- Use Key Terminology
It is key to distinguish the keywords used by your competitors to describe products that are similar to yours. By paying attention to this, you can gather the keywords and embed those in your product to make it visible when customers are searching for it.
- Test The New Market
It is important to test how customers will receive your products in the new market. Introduce a few at a time to gradually learn how the market operates, and eventually use this knowledge to optimize other products before making them available on the eCommerce stores.
- Adapt of Your Products
Being able to adapt your product information, price and language quickly and easily is key. This information should be changeable based on market trends and customer behaviour. Using capable feed management software will allow you to accomplish this process with ease.
- Localize Your Product Information
Besides promoting and showcasing your products in different channels, you also must focus on the local and channel ready product feeds. The product feed rules and requirements would also vary from one channel to another channel and from country to country. The rules and requirements would differ in terms of the length of the title characters, specifications of the image that you want to upload to the store, currency, and formatting. The product feeds must be customized according to language, sizing, pricing and location.
When it comes to cross border eCommerce, you need to have a detailed strategy that needs to be followed. Taking your online business to the international arena can be one of the best strategies to make your business fruitful and to gain extra profit. But to have a profitable business, you need a plan and strategy that can help your business grow.