Top Market considerations to go Global through Cross-Border Commerce

Never in the history of the international commerce, trade has taken such a commendable leap in the sales and profits. This boosts the job opportunities, enhances the company’s prestige and offers a beneficial way for the businesses to expand. This also provides the businesses tonnes of opportunities and global exposure on a global platform. Whether it is a large scale business or an emerging startup aiming to go global, there is always a constant challenge to survive in this evolving market. However, there are certain factors that the businesses going international should take into consideration.

Prior to kicking off these factors, always consider key points:

  • Consumers: How can brands connect with intended consumer’s life?
  • Product: What value will the product add to their lifestyle?
  • Technology: Are you making the right choices in terms of technology?
  • Location: Are you making the right selection in the countries with the right set of investment?

So, before you embark on the journey of entering the cross-border trades, always consider these factors.

  • Conduct proper market research

Market research is an effective tool for identifying and exploring the best market that fits your product. Look at investing maximum time into a market evaluation. This gives you sufficient data and market insights while strategizing your go-to-market plans.

  • Define your business plan for entering the global markets.

Discussing, strategizing and planning is essential in order to define the business status, commitments and goals. This helps to enter the competitive global market and understand the strategies of your rivals. Determine which localized marketplaces you want to enter in. For instance, B2C, C2C or O2O fashion.

  • Choose the best product to hit the international markets

This is the most crucial factor in your company’s future depends on it. Choose your product or service diligently and wisely. Consider all the pros and cons of the product and its market analysis. Once done, plan and go for it.

  • Find cross-border customers.

First thing first. Without targeting your base customers you cannot proceed further. You should know who your customers will be. To start a business overseas, it is crucial to know them and where they reside.

  • Understand the consumer’s behaviour

A consumer rules the market. It is quite necessary to keep a track on their moves. If your target audience is youth, understand the trends and make investments accordingly. For instance, if the target is a 20-year old crowd, then in the U.S., merchants prefer more of Amazon than other eCommerce plans. But in China, it would not be the same. You might have to invest in a WeChat store or TMall.

  • Determine the investments for international expansion

Determine how much investment could you make? Strategize upon the ROI and the profit margins. Leverage all your market and data insights and analytics to make the right business investments in various international markets.

  • Do data analysis to predict how your product sale

Perform precise analysis of product sales as per specific geographic location. Understand the product rates and demands in the local markets of the countries. Decide how many units you would want to sell in a particular geographic location.

  • Build a website for a global purpose

Develop a website that has multilingual support. This helps to attract international customers and traders and communicate with them. Preferably, you can decide to choose English as the prime language and later on as you expand in the other geographical markets, you can add support for other languages.

  • Establish a method of export

Establishing a direct or indirect method of export matters a lot in the international business.

Businesses have to exercise over their ventures. Additionally, it is very important to seize an opportunity and plan a whole strategy.

  • Focus on pricing and determine the landing costs

Get customer reactions by testing out the product quality and price on them. Determine the landing costs, analyse later and negotiate if necessary.

  • Set up terms, conditions, policies and other financing options.

Set up terms of payment prior to product selling. Great businesses recommend not to sell an open account to a brand new customer. It is better to focus on the market policies for both local and global markets. And it is essential to check the financial options on the basis of the geographical areas.

Once you have a proper knowledge of these factors, the next step is syncing with the digital and physical experiences. This helps the merchants and consumers to get familiar with the brand and engage new buyers in the international market.

Conclusion

Regardless of the business size, cross-border commerce requires a significant investment of money or time and sometimes both. It is quintessential to focus on the landscape of where you are going to set up your business and what factors you will take into consideration. Together, these will aid to the critical components of success.

 

 

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.