A 10 minutes Guide to sell Globally

Every human and their dog are online today. If you’re selling online on Shopify then you already know the power of e-commerce. And this power can be converted into super-power if you go selling globally.

1.66 Billion Of the worldwide internet user research products online, it’s safe to say that online shopping is only going to get bigger

There are different opinions on the e-commerce business model, one of them is: Entering the arena of cross-border trading is the fact that it is profitable.

Still, if you are not believing that going global could increase your sales then have a look at this picture.

It’s never too late to sell internationally. Prediction by Forrester says that between 2017 and 2022 cross-border transactions will exceed domestic ones by 17%.

Thus, as of now, you got the idea how much important overseas e-commerce business has potential.

Now let’s look at some essential things one by one you need to tick on your to-do list if you’re planning or doing the global selling.

 

Price Local while Global

Mathematical calculations while online shopping may always turn off your potential buyers. Thus it is suggested to make an online store’s pricing currency in your buyer’s native one.

  • A survey carried out by Shopify, 92% of the customers are more likely to do online shopping and purchase the product in their local currency.

So if you’re not listing products in the consumers’ local currency, then you are endangering your business with 92% of the online shoppers.

  • 33% are likely to abandon a purchase if pricing is shown in US dollar only.
  • Research conducted by Penton in November 2012, 30000 online shoppers from Canada, UK, Australia, and Germany indicated displeasure with sites that priced in US dollars (USD) only.

Thus as a store owner, you need your products listed currency local as per your customer’s native currency. To combat this query there is an app named “Auto Currency Switcher” in Shopify app store.

Auto Currency Switcher App automatically detects the IP of the user from whatever geographical location he/she is viewing your online store and displays all the prices in the home currency of the user. Even there is a flexible option to change the currency by the user as per his/her convenience.

This app will only change the product currency in the users home currency. But you must be knowing that different country has a different valuation for the same product.

So, now let’s discuss on setting different prices for different country and how you can offer free shipping.

 

Offer Free Shipping

Different country has different pricing, therefore it becomes essential for you as a store owner to set the products prices accordingly.

For example, you’re selling a product “A” in the US at ’$10’ and you’re already selling the same product in Germany at ‘8.5 €’ + ‘Shipping Charges’.

Now as you know the different country has different shipping rates and customs duties so the product that you are selling in the US may not have the same rates in another country. So you need different pricing structure for the same product for the different country

Among the millions of international online shoppers every day, 13% say they will abandon their cart without paying because the price is in a foreign currency.

One more e-commerce fact is that online shoppers don’t want to pay much for ‘Shipping’ and ‘Other extra charges’. These extra charges to your customers feel like as they’re paying more for without any reason.

So, what if you can offer your customer free shipping and no other charges? Yes, there is an app on Shopify app store which will allow you to :

  • Set different prices for a different
  • Automatically changes stores currency in users home currency.
  • Increase or decrease the prices of the product in a particular country anytime.
  • Include the shipping rates and other charges in the product price itself.

By including the shipping rates and other charges in the product price will create an impression like you are offering the product with free shipping (even if you’re not ;)).

Therefore having the capability of setting different prices for a different country, your shoppers can largely increase your global sales, revenue, and profit.

With “Multi-Country Pricing” app, you can achieve the same within your existing Shopify store without creating multiple Shopify stores. Hence, you will be saved from the overhead cost and headache of creating and running multiple stores.

 

Checkout in Local Currency

Ever happened?

You’re viewing a product in $10 (USD) throughout the buying process and suddenly at the checkout, it becomes 700₹ (INR).

As a user of the US (United States) you’ll either start converting it in USD or just abandon the checkout and leave the site.

A study even found that an online store manager can cut checkout abandonment rates by up to 50% by providing their customer a localized currency option at checkout.

For you, as a Store owner, it is very important to allow your customer to checkout in their local currency.

GALA (Globalization and Localization Association), studied the top four countries like Singapore, Taiwan, Czech Republic and India and found that online shoppers are expecting their checkout in local currency. If you’re a digital merchant with consumers in these countries, currency localization ought to be a priority.

For Shopify stores, there is a plugin especially developed for checkout localization named as Multi-Currency Checkout.

The Plugin is packed with all the features to make checkout more customer-friendly and allow them to make payment in their desired local currency.

 

Final Thoughts

Regardless of whatever your business size is, these are some of the basic things which you need to consider when you sell globally.

If you’re fascinated towards international market you can read more on strategies for harnessing Cross-Border Commerce Success.

Let me know by your comments that whether these guidelines helped you or not. If you have any suggestion or way to sell internationally, let my readers know.

Top mid-market considerations for cross-border commerce

For mid-market brands, it is tough to prevail in many global markets since they are saturated with similar products. In this case, a full market evaluation before launch of cross-border is required, to identify competitors, take note of their activities, take note of what they fail to do and even understand the direction of the market and its perfect fit.

Winning globally for most companies is to acquire market share and retain customer interest consistently. Here are the top mid-market considerations for cross-border commerce that will ensure its success:

  • Make Technology an Enabler of Success

Automation is the key to be lean in international selling, with enough team time and space for promoting innovation.

Here are a few workflows for automation:

  1. Email Marketing – Create audience segments, and revisit them seasonally to ensure the pitch is aligned with brand messaging and as per the regional sensibilities.
  2. Product Information Management – Invest in a streamlined product information management (PIM) system to manage local content that will increase as you scale your operations. Be sure to include a repository for product information, content and media. Keep each country’s product catalog and content separated from each other.
  3. Order Processing – Do not let countries and markets get disintegrated into silos. Invest in connecting channels with strategic planning across the organization. One can even invest in ERP solutions or Shopify to get the order processing streamlined.

  • Defining Key Domains – Product Delivery, Logistics and Shipping

The core foundation of cross-border commerce is ensuring product delivery in-country. Logistics should be a vital function that needs to be addressed right from the first day. Mid-market merchants do it themselves, using warehouses or ship from a warehouse. Some use an affiliate, for the same.

Shipping shouldn’t affect profit margins. Hence it is important to localize management efforts with a dedicated resource on the ground within the region. When evaluating hiring personnel, do check how professionals understand building global teams. A key stakeholder in the place with global experience is useful in this regard.

Managing global resources from long distances means that there should be constant communication between stakeholders about the product, the brand’s tone, marketing message, vision, and the like so that specialists can mitigate any issues with localization with brand experience.

The in-country team needs to be conveyed about company’s top-level goals and how the market can help meet the goals.

Conclusion

Adequate localization, key stakeholders in-country, a local logistics provider with affordable shipping, and other regional factors need to be in place for mid-market organizations who are looking for success in cross-border commerce.

Retain More Customers by Providing Multiple Currency Options For Checkout

When everyone seems to shop online, why are 67.45% shopping carts abandoned? This is about people. Different people, different approaches! You may have made peace with the fact that you cannot satisfy every buyer. However, you can follow a certain set of established tactics to grow your international business to highest bounds.

Experts keep telling you that localizing your global business is very important. It is, for two obvious reasons.

  1. To make people buy products from your online store.
  2. To keep people stuck to your store so they keep coming back.

So, why do people want your international store to look and feel like their local online store? Because, this provides them a comfortable, easy to browse user experience. Research shows that 20% of people abandon their carts because price is presented in foreign countries.

Buyers Behavior Chart

Of course, this is not the only motivation for localizing your store, there are many others. One being the headache of converting foreign currency prices unto your own currency, and other being the issue of its acceptance with banks. We have a solution for this problem, so let’s dive deeper into it.

Switching between currencies

One thing is for sure- People want their buying experience to be simple and convenient. You show them product prices in foreign currencies. It is the feasible way since you are selling in multiple countries. Here you are ignoring one simple possibility. Not all the people may care about converting the price every time just to figure out how much they are paying. Also, all banks have different policies when it comes to accepting payments in foreign currencies. The return and refunds become another severe issue.

Shipping and Tax charges are the extra money

Figuring out the amount is not the only problem. Sometimes it is about buyers feeling that they are paying more than they should. And it gets worse when your store is showing prices on products page in customer’s local currency.

If the buyer saw a product’s price on product page in his local currency, and is all geared up to buy and went to checkout. How heart breaking it must be for him to realize that he has to calculate shipping rates and taxes on his own? Moreover, the psychological effect of this currency auto-switch is that they feel you are charging extra under the sheets of foreign currency. This is where the feeling of being deceived comes in picture. And a customer lost once, is a customer lost forever!

What is the solution?

There are many apps to show the prices on your store in buyers’ local currency. These apps critically locate buyers and show currency accordingly. But as soon as they proceed to checkout, the prices get converted into store’s default currency.

You have to ensure that buyers see prices in their local currency at checkout. This can be achieved in many ways. The one obvious way is by establishing multiple stores. When you set separate store for each country, you can set currency under that country. Setting up and maintaining many stores come with its own set of issues as shown here.

Shopify currently has no other app that lets you display price in buyers’ local currency at checkout. There are many apps that can let customers set currency on product page. Then at checkout page, the prices get converted to store’s currency. Hence, the ideal situation implies one store, one currency (store’s default currency) at checkout.

Our mCheckout App lets you do one simple job of providing prices in buyers’ location currency at checkout page.

Along with this, it takes care of refund and returns in the same currency previously used by the buyer. Also, you may wonder that for all the different currencies, you will need various coupon codes and discount offers. Wonder no more! All Shopify coupon and discount code generators are compatible with our app.

This app supports custom credentials with USPS, Canada Post, UPS, or FedEx to display calculated rates at checkout. The app works on all plat.forms (operating system) without needing any modifications

How does our app work?

It is important to note that the visible work of our app essentially starts from Cart page.

At cart page, buyer gets two options in terms of currency. Either he can choose to proceed with store’s default currency or the alternate currency that was selected by the app (through location) or the user (manual input).

The working of the app is not limited by just setting the price in particular currency. It also lets buyers pay in that currency. And why is this an added benefit? When users pay in foreign currency, they end up paying additional amounts to bank for foreign exchange.

As mentioned above, not all banks support money exchange in all currencies. This serves as a hurdle in your store growth as it drives foreign buyers away from your store. But with our app, as you are offering them to accept payment in their currency, this issue is eliminated.

How can our mCheckout App help your international business?

People are reluctant to buy when they see prices in foreign currencies. We provide you with an app that lets you set country wise currency at checkout. What’s more? If for once, a customer is hooked up at your store, he is bound to come back. This ensures long term buyers for your store.

Let us know how you have been tackling this multi currency issue at checkout till now. And if you are still waiting for an ideal solution, use our app and convert more buyers today.

If you have got any issues with our app, we are always here to help you.

 

A Brief Guide To Selling Globally

Are you planning to go global with your current local online store? Or, have you already taken this step forward and now are stuck with various issues? Whether you are the former case or the latter one, your game in the international market needs a timely and continuous update. Continue reading “A Brief Guide To Selling Globally”