Who would choose to live in a well when there is an ocean to be explored? We know every entrepreneur dreams and plans to take their store across the globe and make a mark in the mind and hearts of people across the world. Survey-based data supports the fact that companies start to gain 10% more in terms of revenue after expanding their business overseas. So, as an aspiring or accomplished domestic entrepreneur, it's obvious to plan a global flight for your business but it's also important to carefully craft the roadway to global success.
An international venture brings in a lot of advantages for the company such as -
- Portfolio diversification
- Reduction in cost
- Expanded customer reach
- Global opportunities
You just need to execute a planned strategy to take complete advantage of the international market.
Factors to consider while running an International business
You need to understand your international customer and adapt to their preferences and changes.
- Research every corner of the target market
The primary pain with going global is the legal challenges of the target market. So, you need to research, consult and keep track of the changes and applicable laws and terms. Venturing into the international market indicates new market regulations, labor laws, and implementation of the country-based tax system. So, you need proper registrations and expert advisors onboard to avoid all roadblocks and litigations for your business.
- Create a local brand value
Usually, local customers prefer local brands and local markets because it provides them with a sense of familiarity and reliability. You need to play in this space and create branding that prioritizes customer needs, preferences, and safety.
- Give importance to culture
Culture also plays a significant role. It dominates the way people see a business or buy any product. Thus, you need to try to understand the local culture and carefully blend it into your products, packaging, and branding efforts.
- Keep a time-based action
Take your time, do not rush. Remember that you are here to increase your revenue and not participate in some kind of race. Keep pace with your growth and dedicatedly commit to the target countries. There should be personalized touch for every country, while always maintaining control and compliance overseas. And, above all, be confident.
- Create branding that prioritizes customers needs
People build trust through your consistent and clear brand voice. When your brand voice encompasses your company’s mission and values, you humanize your brand so people can relate to you. Companies like Blanka help you build a brand that resonates with your customers
- Proper market planning
Lastly, the business needs a solid marketing plan to support international market growth. You can also plan a global social experiment and spread awareness about your brand and products, increasing your brand's global reach.
Shopify Markets - Your partner in creating a successful International Business
Considering the complexities of other businesses, taking an e-commerce store international is perhaps the easiest one. In 2020, the world had $4.28 trillion worth of retail e-commerce sales and it can be presumed that by 2024, the numbers would grow by 47%.
Shopify helps you be on the right path on this journey. and with Shopify Markets, perhaps the 8 billion struggles around international commerce are now sorted. Shopify Markets is the new global commerce hub that is changing the game by helping you reach new markets, speak the language of conversion, and scale and optimize your business. With a sharp focus on international parameters such as - currencies, domain names, payment methods, language, shipping and duties, Shopify Markets can take over most of your stress.
How to take venture international with Shopify?
Create landing pages
When you wish to expand your store to other countries, the first challenge you would probably face is with your domain and website. Purchasing a new domain name in the local language and rebuilding a new website in the native language is a challenge. Translation of the existing website content is another struggle in itself as there are no applications that can help you make a translated copy of your website without putting you in some kind of trouble. Further, Google penalizes websites that use Google Translate.
So, when you look around and see no help, look into Shopify. At Shopify Markets, you have Shopify Experts who can easily translate the pages for you while dodging all the search engine complications and protecting your site’s listing score.
Hire local experts
It's more likely for you to not have expertise in the local culture of every country where your e-store stands accessible. So, finding experts who can help you build campaigns and direct you towards the right prospects or create localized translated pages are immensely crucial in your go-global journey.
You also need to work with Adwords and SEO keywords. If you are looking for someone to lay the groundwork for your or even a long-term partnership around this, hire the super proficient Shopify Experts and relax. They help you collaborate with local agencies on your projects so that you sail in the right direction, always.
Build a network for communication
Moving to a new place, anytime, for any purpose, requires you to connect and communicate with new people. The best approach to introducing your business to a new region is through online communities. You can opt for Shopify groups run by merchants or, you can go for Shopify francais, which works as a partner in the local language. You can also look for groups that are specific to major cities or countries.
Always remember these groups are here to help you. So, always read the rules and do not drop any sales pitch in the group unless allowed. Try to be trustworthy, reliable and help others to build a two-way connection.
Create an email dedicated to fresh prospects
You will also need good email marketing software to help your store reach the right mailboxes. An application that can segregate data based on IP address, country domain and more. This should filter out the prospect based on language and should allow you to sell directly to the customers.
This is where Shopify comes with exclusive features to make your journey easier. Shopify has merchants in 175 countries, and it has identified France, Germany, Japan, and Singapore as priority countries for business growth. So with Shopify, you get exclusive country-based filters and tools to scale up in the international market.
Shopify Markets - Empowering Global Businesses
Currencies - Offer local prices to customers
Based on a survey, it was found that about 92% of the buyers prefer sites that sell products at the local market rate. And, customers would definitely abandon the store if the prices are based on a currency rate of some other country- for example - you are trying to sell a product at US dollar pricing in Dubai. With Shopify -
- You can convert 130+ international currencies automatically.
- The prices are based on current foreign exchange rates.
- The multi-currency experience is maintained throughout, from an online store to check out, and it includes notifications and refunds.
Payment methods - Security and safety is essential
Multiple payment options need to be made available in your store to ensure customer convenience. There must be a favourable payment gateway such as credit cards, Bank transfers, etc. For American countries, the digital payment systems required are - PayPal, Shop Pay, etc. In Germany and Austria, the EPS payment method is common. And, in the Netherlands, the payments are made through iDEAL which is their domestic payment method. With Shopify -
- You can set up payment options in - Klarna, Sofort, iDEAL, Bancontact, etc.
- Get to build trust through direct, secure and region-based payment methods.
- Track which payment method is mostly prefered by customers during checkout.
- Shopify ensures that the customers get a hyper-localized shopping experience.
- Shopify ensures to reduce cart abandonment.
Duty and Import Tax - Customers need to pay extra
Keep the customers well informed about the additional duties, taxes and fees that would be applicable on every purchase. There must be information about parcel refusals, chargebacks and what would be the total pay. Shopify Markets make it easy to deal with these aspects.
- You get a secured and reliable gateway for collecting duty and import tax
- Shopify ensures a trusted experience.
- It helps to stay compliant based on the local market for your business.
With Shopify Markets, you can view and control every business setting from one place and track the market performance. Also, with Shopify data, you can plan your next step and remove all ambiguities for your international business processes. Working through a configurable market area with Shopify, you also get to control international market prices to determine profit margin and have access to the benefit of inventory management for your online store.
You must remember that the international market is ever-changing, and you need to adapt to it so that you can take the lead. Shopify can help you keep pace with automatic changes and optimizations - Why wait! Create your e-store on Shopify to grab an excellent deal to hack your international growth with Shopify Markets.