Borderless eCommerce has maintained an upward trajectory despite the COVID-19 pandemic, while businesses that depended heavily on brick-and-mortar marketing have continued to suffer. And with many customers worldwide likely to continue shopping online, chances of this trend slowing down are low. There is even a possibility of buyers never going back to the old way of buying in-store. About 22% of global retail sales by 2024 will be a result of eCommerce.
As the name suggests, borderless eCommerce refers to the ability of an eCommerce retailer to sell their products to a worldwide audience. With this approach, a local business can sell products globally without significant investment or huge financial risk. Before, businesses were constrained to their streets, towns, or cities to find new customers.
In addition, if a business owner was interested in selling abroad, they needed a physical location, which was a huge risk and required significant investment. The advances in eCommerce order fulfillment services and a wide array of payment methods and currencies used by buyers in different parts of the world have opened doors for online retailers to enter new markets with ease.
So how can you leverage borderless eCommerce now that it is here? What are you doing to get the most out of this new norm? If you're still unsure of what exactly you need to do to sell globally, our 3PL eCommerce experts explain.
Different marketplaces have different currencies. Most customers tend to be more comfortable paying for products in the currency they are used to. They aren't always ready to use currency converters to know how much they need to buy products. Don't put off potential customers by limiting them to a few options. Give them as many options as possible. Fortunately, that is something you can implement comfortably on your site.
The easier you make it for buyers across the world to check out and pay for your products, the easier it will be to maximize sales and remain competitive.
Language is more than a tool of communication. You need to master and use the language of each marketplace you have a presence in or have an interest in to stay ahead of the competition. How would you sell to customers if you cannot communicate with them in a language they understand?
The best approach would be to have separate websites set up for each country to account for the different languages. Working with a native speaker for each country is better, as that will ensure your website sounds appropriate to your foreign audience.
Alternatively, just have one website and give your foreign audience the flexibility to choose their language of choice. You can also use Google to do a decent translation job for you.
Different regions and countries have different tax regulations. For that reason, it is crucial to understand these regulations to avoid surprises. Establish what sales and import taxes you are required to pay and when. This will help avert scenarios where your customers are slapped with import bills they weren't aware of in the first place.
If there is anything regarding taxes buyers need to know, make sure it is clear to them before check out and payment. That way, even if they feel inconvenienced, they won't be charged without their knowledge.
Your dream of global domination will continue to get closer to reality the more you export and sales volumes increase. You need a good system to ensure this is a success. Unless you want to create confusion, such a system will ensure you can capture payments made in different currencies, keep track of all taxes, maintain an up-to-date inventory, and more.
A streamlined fulfillment process also comes in handy any time you need to make some tweaks. How are you going to improve what you haven't measured? An intelligent eCommerce system will surely help you here. How? By using its raw data to get insights.
For deliveries, you may need to consider working with a freight service that clearly understands your eCommerce needs and has a good track record. Take time to find out how the company has been handling eCommerce fulfillment before. The best freight company is one that can keep unsuccessful deliveries as low as possible, keeping your customers happy and satisfied.
COVID-19 has accelerated the growth of borderless eCommerce. What retailers were once content with, such as a single-payment option, one currency, and a single language, is no longer enough. Selling globally today comes with a new set of demands that must be met to run a profitable eCommerce business and remain ahead of the competition. What are you doing to address the emerging borderless eCommerce demands?
Interested in learning how you can take advantage of our fast delivery times and low shipping costs? Request a quote today to find out more about Rakuten Super Logistics eCommerce supply chain services.